Global Micro Inverter Market

Global Micro Inverter Market Size, Share, Growth Analysis, By Phase(Single Phase, Three Phase), By Connectivity(Standalone, On-grid), By Application(Residential, Commercial) - Industry Forecast 2024-2031

Report ID: SQMIG55E2032 | Region: Global | Published Date: March, 2024
Pages: 182 | Tables: 87 | Figures: 76

Global Micro Inverter Market News

  • In February 2024, Sparq Systems Inc., headquartered in Canada, announced the execution of a manufacturing and supply agreement with Jio Things Limited, a prominent technology entity in India and a subsidiary of Jio Platforms Limited (JPL). This collaboration entails joint efforts in the development, production, and global distribution of microinverters in India, integrating Sparq’s advanced microinverter technology into Jio Things’ solutions worldwide.

     

  • In January 2024, Enphase Energy began shipping its updated IQ8 microinverters: the IQ8HC and IQ8X. Both have a peak power output of 384 WAC and can pair with solar modules with ratings up to 540 WDC.

     

  • In December 2023, Spitzer Energy, the innovative developer of affordable residential and commercial solar energy products, announced a new line of microinverters with increased AC production capability that reduces clipping, allows for longer daytime production, and provides greater DC to AC throughput.

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Global Micro Inverter Market size was valued at USD 2.2 billion in 2022 and is poised to grow from USD 2.42 billion in 2023 to USD 5.1 billion by 2031, growing at a CAGR of 9.8% in the forecast period (2024-2031).

The global micro inverter market presents a competitive landscape characterized by several prominent players striving for market share and innovation. Companies such as Enphase Energy, SolarEdge Technologies, SMA Solar Technology AG, and ABB Ltd. are at the forefront of the market. These key players focus on product development, technological advancements, strategic collaborations, and mergers and acquisitions to maintain their competitive edge. 'Enphase Energy (USA)', 'SolarEdge Technologies (Israel)', 'ABB Ltd. (Switzerland)', 'SMA Solar Technology AG (Germany)', 'Chilicon Power LLC (USA)', 'APsystems (USA)', 'Solis Energy Solutions Inc. (USA)', 'Delta Electronics Inc. (Taiwan)', 'Ginlong Technologies (China)', 'Darfon Electronics Corp. (Taiwan)', 'SunPower Corporation (USA)', 'Yaskawa - Solectria Solar (USA)', 'Huawei Technologies Co., Ltd. (China)', 'Altenergy Power System Inc. (USA)', 'SolaX Power (China)', 'Fronius International GmbH (Austria)', 'Green Power Technologies (USA)', 'Growatt New Energy Technology Co., Ltd. (China)', 'Sungrow Power Supply Co., Ltd. (China)', 'Power Electronics (Spain)'

The increasing global shift towards renewable energy sources, particularly solar photovoltaic (PV) systems, drives the demand for micro inverters. Micro inverters enable individual panel-level optimization, enhancing the efficiency and performance of solar installations.

Emergence of ML and AI: Machine learning (ML) and artificial intelligence (AI) are being employed to optimize the performance of micro inverters. ML algorithms can predict and prevent faults, enhancing system reliability.

North America stands as a significant player in the micro inverter market. The United States has witnessed robust growth in the adoption of solar photovoltaic (PV) systems, both in residential and commercial sectors. Favorable government policies, such as tax incentives and net metering programs, have incentivized solar adoption, propelling the demand for micro inverters. Moreover, the trend towards decentralized energy generation and the increased focus on sustainability further drive the adoption of micro inverters in this region. Canada, too, has embraced solar energy, contributing to the growth of the North American micro inverter market.

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