On-Grid Micro Inverter Market is segmented by Offering (Hardware, Software & Services); by Communication Technology (Wired, Wireless); by Type (Single, Three Phase); by Power Rating (Less than 250W, 250W – 500W, More than 500W); by Sales Channel (Direct, Indirect); by Application (Residential, Commercial, PV Power Plant); by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2023-2032
On-Grid Micro Inverter Market Overview
On-grid micro inverter is used for converting DC solar power and feeding it to the main power supply. The inverter synchronizes output voltage and frequency to the main power supply to which it is connected. Micro inverters differ from string inverters as these inverters are attached to the back of each panel. Usually used for complex solar installations, on-grid micro inverters function in a parallel circuit and is tied to the local utility’s grid power supply. The growing installation of solar panels worldwide is one of the major factors anticipated to drive the growth of the on-grid micro inverter market. Enphase Energy, Altenergy Power Systems, and Hoymiles are some of the significant parties in the market for on-grid micro inverter.
The global on-grid micro inverter market was valued at USD 4.5 billion in 2023. The market is expected to expand at a CAGR of 23.5% from 2023-2032, and is expected to cross value of USD 16.8 billion by the end of 2032.
On-Grid Micro Inverter Market Drivers
Some key drivers for the on-grid micro inverter market are:
- Increasing Adoption of Solar Energy Globally: Users worldwide are shifting towards renewable sources of energy. One such energy source is solar energy, the demand for which is growing at a skyrocketed pace. With the growing adoption of solar energy globally, the demand for on-grid micro inverter would also increase.
- Growing Focus on Safety: On-grid micro inverters are known to provide better safety than conventional inverters. Hence, with the growing focus on product safety, the adoption of these inverters is increasing, which in turn, is contributing to the market growth.
- Growing Awareness for On-Grid Micro Inverters: The rapid surge in awareness for the benefits associated with on-grid micro inverters among the end users is also projected to boost the market growth in the coming years.
- Enhanced Design Flexibility and Easy Installation Process of On-Grid Micro Inverters: The on-grid micro inverters, due to its smaller size, offer greater design flexibility during the installation process of solar panels. Also, the easy installation process of micro inverters is poised to create significant opportunities for market growth in the coming years.
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On-Grid Micro Inverter Market Challenges
Some challenges facing the on-grid micro inverter market are:
- Higher Initial Cost of Micro Inverters: The higher initial cost of manufacturing on-grid micro inverters is expected to hinder the market growth during the forecast period.
- Greater Cost of Replacement: The cost of replacement of on-grid micro inverters is usually very high, which may also hamper the demand for the product in the coming years.
- Technical Challenges Associated with On-Grid Micro Inverters: As micro inverters are installed on the back of solar panels, hence, the installation process at times remains highly challenging. This also poses a challenge for replacing the micro inverters, which further, hampers the demand for the product.
On-Grid Micro Inverter Market Segmentation
Segmentation of on-grid micro inverter market are:
- By Offering
- Hardware
- Software & Services
- By Communication Technology
- Wired
- Wireless
- By Type
- Single
- Three Phase
- By Power Rating
- Less than 250W
- 250W – 500W
- More than 500W
- By Sales Channel
- Direct
- Indirect
- By Application
- Residential
- Commercial
- PV Power Plant
- By Region
- North America (U.S., and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Rest of Europe)
- Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
- Latin America (Mexico, Argentina, Rest of Latin America)
- Middle East and Africa
On-Grid Micro Inverter Market: Report Scope |
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|
Base Year |
2023 |
|
Base Year Market Size |
USD 4.5 Billion |
|
Forecast Year |
2023-2032 |
|
Forecast Year Market Size |
USD 16.8 Billion |
|
CAGR Value |
23.5% |
|
Segmentation |
|
|
Challenges |
|
|
Growth Drivers |
|
Timeline considered for all these studies will be:
2023 – Base Year
2023 – Estimated Year
2023-2032 – Forecast Period
On-Grid Micro Inverter Market Regional Synopsis
The on-grid micro inverter market in the Asia Pacific is projected to hold the largest market share by the end of 2032 owing to the rapid installation of solar panels in the region. The governments of the nations in the region are providing multiple schemes in terms of subsidies, which are aimed towards promoting the adoption of solar energy.
On the other hand, the market is projected to display rapid growth in North America, backed by the presence of several manufacturers of on-grid micro inverters, along with the presence of multiple service providers of these products and related solutions.
On-Grid Micro Inverter Market Key Players
Some key players in the on-grid micro inverter market are:
- Enphase Energy
- Altenergy Power Systems
- Hoymiles
- Ningbo Deye Inverter Technology Co Ltd
- Chilicon Power LLC
- AEconversion GmbH & CO. KG
- Envertech
- ZJBENY
- Bluesun Solar Co., Ltd.
- Solar Panels Plus
- DARFON
- Siemens AG
- ABB Group
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- Publication date: 17th February 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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On-Grid Micro Inverter Market
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