CHICAGO, Jan. 23, 2024 /PRNewswire/ -- The global microinverter market is expected to be valued at USD 4.9 billion in 2024 and is projected to reach USD 14.5 billion by 2029; it is expected to grow at a CAGR of 24.1% from 2023 to 2028 according to a new report by MarketsandMarkets. The growth of the micro-inverter market is propelled by increasing energy prices that contribute to the installation of solar panels and rising energy demand across the globe. However, limited power handling capacity and high installation and maintenance costs restrain the market's growth.
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Browse in-depth TOC on "Micro-inverter Market"
170 - Tables
56 - Figures
204 - Pages
Micro-inverter Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 4.9 billion |
Estimated Value by 2029 | $ 14.5 billion |
Growth Rate | Poised to grow at a CAGR of 24.1% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Offering, Communication Technology, Power Rating, Connection Type, Sales Channel, Application |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Complexity during installations |
Key Market Opportunities | Government incentives and policies for renewable energy |
Key Market Drivers | Increasing energy prices across the globe |
The wireless segment is expected to have the highest CAGR during the forecast period.
The wireless segment in the micro-inverter market is expected to grow at the highest CAGR during the forecast period. Wireless communication technologies, such as Wi-Fi and Zigbee, provide enhanced flexibility and simplified installation when compared to conventional wired alternatives. Moreover, wireless communication facilitates greater scalability in solar installations, aligning with the increasing trend of distributed energy resources. The growing preference for intelligent and interconnected energy systems made possible through wireless communication is a significant factor contributing to the growth of this segment.
The grid-tied segment in micro-inverter is anticipated to dominate during the forecast period.
The grid-tied segment is expected to dominate in the forecast period. Currently, most micro-inverters associated with solar panels in residential, commercial, and PV power plant applications are linked or connected to the electrical grid. In numerous urban and suburban settings, residences and businesses maintain a connection to the electrical grid. Furthermore, grid-tied micro-inverters support energy sustainability without necessitating the use of energy storage solutions. Surplus energy generated during abundant sunlight can seamlessly be fed back into the grid, effectively serving as a distributed power source for the community.
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North America to dominate the micro-inverter market during the forecast period.
North America is expected to dominate the micro-inverter industry during the forecast period. This is due to numerous installations in countries like the United States and Canada. The United States, in particular, stands out as one of the pioneering nations in the widespread adoption of micro-inverters. Additionally, the region benefits from the presence of several major companies, including Enphase Energy, Altenergy Power System, and Chilicon Power.
Key players
The micro-inverter market includes significant Tier I and II players like Enphase Energy (US), Altenergy Power Systems (US), Hoymiles (China), Ningbo Deye Inverter Technology Co Ltd (China), Chilicon Power LLC (US), AEconversion GmbH & CO. KG (Germany), Envertech (China), ZJBENY (China), Bluesun Solar Co., Ltd. (China), and Solar Panels Plus (US), are some of the key players in the micro-inverter companies.
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