Press release
Micro Inverter Market Size, Industry Opportunities, Strategies, Overview And Forecast To 2033
Micro Inverter Market
The micro inverter market size is expected to see exponential growth in the next few years. It will grow to $7.27 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to reduced installation costs, agricultural applications, floating solar, hybrid microgrids, energy transition. Major trends in the forecast period include smart grid integration, micro inverter innovation, rural electrification, electrification of transportation, energy storage integration.
Market Overview -
Micro inverter refers to a small inverter that converts the direct current (DC) electricity generated by solar panels into alternating current (AC) electricity and is connected to each solar module in an array.
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Residential Solar Rooftop Installations Driving Microinverter Market Growth
The increase in residential solar rooftop installations is expected to propel the growth of the micro inverter market. Microinverters are installed behind each solar panel, to convert the direct current into an alternating current. These microinverters operate independently and perform at their fullest potential compared to conventional or string inverters. For instance, according to the study published by Solar Energy Industries Association, residential solar installations in the United States increased from 19,190.5 megawatts of direct current (MWdc) in 2020 to 23,315.3 MWdc in 2021. Thus, the rise in residential solar rooftop installation and shift in interest towards highly effective power conversion technologies is expected to boost the growth of the microinverters market during the forecast period.
Competitive Landscape -
Major companies operating in the micro inverter market include Enphase Energy Inc., APsystems Co. Ltd., Canadian Solar Inc., Chilicon Power LLC, Darfon Electronics Corp., FIMER S.p.A., Loom Solar Pvt. Ltd., P&P Energy Technology Co. Ltd., ReneSola Ltd., Sensata Technologies Holding plc, SPARQ Systems Inc., ABB Ltd., AEconversion GmbH, CyboEnergy Inc., Delta Electronics Inc., Eaton Corporation plc, Fronius International GmbH, GoodWe Power Supply Technology Co. Ltd., HiQ Solar, Huawei Technologies Co. Ltd., KACO new energy GmbH, Kostal Solar Electric GmbH, Magnum Energy Solutions LLC, Omnik New Energy Co. Ltd., Pika Energy Inc., Power-One LLC, Redback Technologies Pty Ltd., SMA Solar Technology AG, SolarBridge Technologies Inc., SolarEdge Technologies Inc., Yaskawa America Inc., Sungrow Power Supply Co. Ltd., Sunmagic Solar and Electronics Pvt. Ltd., SunPower Corporation, Tabuchi Electric Co. Ltd.
Enphase Energy Iq8 Microinverters Enhance Solar Power Solutions
Major companies operating in microinverters are focusing on innovating new products, such as the IQ8 microinverters, to provide reliable services to customers. IQ8 microinverters are used as powerful microinverters for residential solar solutions for customers. For instance, in October 2023, Enphase Energy Inc., a US-based energy technology company, launched IQ8 microinverters. IQ8 microinverters are microinverters designed to maximize energy production and can manage a continuous direct current (DC) of 14 amperes, supporting higher-powered solar modules through increased energy harvesting. IQ8 microinverters are available in IQ8HC and IQ8P models with output power of 384 Watt (W) and 480 Watt (W).
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Key Segments -
The micro inverter market covered in this report is segmented -
1) By Type: Single Phase, Three Phase
2) By Offering: Hardware, Software And Services
3) By Power Rating: Below 250 W, Between 250 W and 500 W, Above 500 W
4) By Application: Residential, Commercial, PV Power Plant
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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