Micro Inverter Market Report and Forecast 2023-2028

According to the report by the publisher, the global micro inverter market attained a value of USD 2,559.1 million in 2022. Aided by the increasing demand for sustainable energy solutions and the rising adoption of solar power systems, the market is projected to further grow at a CAGR of 14.42% between 2023 and 2028 to reach a value of USD 5,454.7 million by 2028.

Micro inverters are a particular kind of solar inverter technology that transforms the direct current (DC) generated by solar panels into alternating current (AC), which may be used by home appliances and sent into the power grid. Unlike traditional string inverters, micro inverters are installed on each solar panel, enabling independent operation, and improving overall system efficiency. They offer several advantages over conventional inverters, such as increased power output, enhanced reliability, and simplified installation and maintenance.

The global micro inverter market growth is primarily driven by the increasing demand for sustainable energy solutions and the growing adoption of solar power systems. The need to reduce reliance on fossil fuels and growing climate change concerns have encouraged investment in renewable energy sources, particularly solar power. This, in turn, has helped the market adopt micro inverters more frequently.

Additionally, the growing focus on energy efficiency and the need to optimise power generation from solar systems have led to the development of advanced micro inverter technologies. The increasing adoption of these innovative products is expected to create new growth opportunities for the global micro inverter market during the forecast period.

The advancements in micro inverter technology and the increasing investment in research and development by market players are also expected to drive the growth of the market for micro inverters. The development of innovative micro inverter designs with enhanced efficiency, improved reliability, and better compatibility with various solar panel types is anticipated to further bolster the micro inverter market expansion.

Furthermore, the rising awareness of the benefits of micro inverters, such as increased power output, simplified installation, and enhanced system monitoring, is expected to contribute to the market growth. The increasing demand for smart and connected energy solutions, coupled with the growing consumer preference for reliable and efficient solar power systems, is anticipated to drive the micro inverter market growth during the forecast period.

Market Segmentation

The market can be divided based on technology, type, connection, end use, and region.

Market Breakup by Technology

• Wired
• Wireless

Market Breakup by Type

• Single Phase
• Three Phase

Market Breakup by Connection

• Stand-Alone
• Grid-Connected

Market Breakup by End Use

• Residential
• Commercial

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

This report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global micro inverter companies. Some of the major key players explored in the report by the publisher are as follows:

• Enphase Energy, Inc
• Siemens AG
• Chilicon Power, LLC
• Sparq Systems Inc
• Darfon Electronics Corporation
• Altenergy Power System Inc
• Others

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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.