The global solar microinverter market size is expected to grow at a CAGR of 18.1% from 2022 to 2032, reaching a valuation of US$ 5,716.0 Mn by 2032. By system type, the integrated system category is set to make up over 8% of the global solar microinverter market share in 2022.
According to historical data, the global market for solar microinverters expanded at a CAGR of 14.2% between 2017 and 2021. According to FMI, the global market for solar microinverters is expected to reach US$ 1,177.2 Mn in 2022.
Global demand for solar microinverters is being driven by rising environmental awareness and the implementation of strict laws restricting the use of non-renewable power generation techniques to address power shortage issues. In contrast to standard string/central inverters, a micro-inverter operates on module-level power electronics, where power conversion occurs at the level of each module.
In emerging nations, the residential and commercial sectors have seen notable growth. Microinverters are regarded as being an essential part of solar energy systems. Solar microinverter sales are anticipated to increase during the evaluation period as a result of rising global solar panel installation rates and increased awareness of various environmental issues. The demand for stand-alone systems in the solar microinverter market is anticipated to increase over the coming ten years due to their adaptable design and elevated safety.
The growing use of solar photovoltaics in the residential sector of the U.S. is primarily fueled by electricity cost savings, surging demand for an alternative electricity source, the urgent need to reduce the risk of climate change availabilitylity of solar energy in abundance, and its great potential is also driving the demand for solar energy over traditional power sources in the U.S., which is anticipated to boost sales of solar microinverters. It is estimated that the U.S. will generate roughly 34.8% of the global solar microinverter market share during the projected timeframe.
By system type, the standalone segment is anticipated to reach a valuation of US$ 1,083.0 Mn in 2022 and is projected to expand at a CAGR of 15.8% from 2022 to 2032. Growth is attributed to various advantages of solar microinverters like low maintenance and upkeep costs. On the other hand, by 2032, the integrated segment is expected to grow at a CAGR of 31.2% in the solar micro inverter market.
- Enphase Energy Inc.
- Altenergy Power Systems Inc.
- SMA Solar Technology AG
- ABB Ltd.
- SunPower Corporations
- Darfon Electronics Corporation
- Northern Electric and Power Co. Ltd.
- Sparq Systems
- Chilicon Power, LLC
- Energy Co. Ltd