The Global Solar Micro Inverter Market is estimated to be valued at US$ 323.28 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The solar micro inverter market involves photovoltaic power conversion equipment that optimizes solar energy generation at the individual panel level by maximizing energy harvest, improving system efficiency and safety. Micro inverters translate direct current generated from solar panels to alternating current used by electric devices.
Market key trends:
One of the key trends in the solar micro inverter market is the growing adoption of micro inverters in commercial and residential solar installations. The advantages of micro inverters such as module level monitoring, higher energy yields, increased panel-level flexibility and built-in safety make them an attractive proposition for commercial establishments with large rooftop solar installations. Furthermore, micro inverters help optimize solar power generation from each individual panel which is driving their increased demand in the residential sector as well. The decreasing price of micro inverters is also supporting the growth of the market.
SWOT Analysis
Strength: Solar micro inverters provide module-level MPPT which helps maximize the energy harvest from each solar module. They offer module-level monitoring which helps detect underperforming modules.
Weakness: Solar micro inverters have higher upfront costs compared to central or string inverters. They require more installation time and labor.
Opportunity: Increasing solar rooftop installations across both residential and commercial sectors provide growth opportunities. Rising emphasis on renewable energy sources also supports market growth.
Threats: Availability of cheaper central and string inverters could limit demand. Declining solar panel prices may reduce margins for microinverter manufacturers.
Key Takeaways
The Global Solar Micro Inverter Market is expected to witness high growth, exhibiting CAGR of 18.% over the forecast period, due to increasing demand for rooftop solar installations. The distributed nature of solar micro inverters makes them well-suited for residential and commercial rooftop solar systems.
North America dominated the global solar micro inverter market in 2023, accounting for over 30% share. This was attributed to rising solar installations in the US driven by policy support such as tax credits. Asia Pacific is anticipated to be the fastest growing regional market due to increasing solar capacity additions in China and India.
Key players operating in the Solar Micro Inverter market are SunPower Corporation, Enphase Energy Inc., iEnergy Co. Ltd., Altenergy Power System Inc., Chilicon Power, LLC, SMA Solar Technology AG, Sparq Systems, SMA Solar Technology AG, Northern Electric and Power Co. Ltd, ABB Ltd., LG Electronics, and Darfon Electronics Corporation. Top players are focusing on product launches and facility expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
