Solar Micro Inverter Market Size, Share, Growth, And Industry Analysis By Type (Stand-Alone and Integrated) By Application (Residential (0-20Kw), Commercial (20Kw-1Mw), and Utility (1Mw and above)), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Solar Micro Inverter Market Report Overview

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The global solar micro inverter market size was USD 861.36 million in 2021 and market is projected to touch USD 1571.8 million by 2031, at a CAGR of 6.2% during the forecast period.

A compact, portable device called a solar micro inverter transforms the direct current (D.C.) produced by solar panels into alternating current (A.C.). This prevents electricity from being wasted on the system and enables it to be utilized in homes and businesses. They are accommodating in places with intermittent or erratic electricity, such as remote areas or islands. They're also a smart option for folks who wish to utilize their solar panels to run electric cars or small appliances in addition to houses or businesses.

Going solar is a fantastic method to lessen your carbon footprint and save money on electricity costs. However, you must pick the appropriate solar inverter type before going solar. The three most common varieties are direct-drive, gearbox, and A.C. solar inverters. The most straightforward and affordable inverters are direct-drive models, which work with regular solar panels. Although more expensive and complex, gearbox inverters are better suited for more extensive installations. The most common kind, A.C. inverters, gets power from the grid to run your solar system. The most crucial choice for residents without direct sunlight is one with them. Regardless of the kind of solar inverter you select, make sure to secure a warranty and a quality installation kit.

COVID-19 Impact: The Increased Demand for the Product in Automotive and Industrial Segments Fueled the Market Growth

The market benefited from Covid-19. The rise in demand for Solar Micro Inverters in the industrial and automotive sectors brought it on. They were predicted to perform better and require less fabrication time because of Covid-19. This led to a rise in end-user demand for these gadgets.

Latest Trends

"The Development of More Efficient Solar Inverters Boosts the Market Expansion."

Creating more effective solar inverters is the most recent trend in the market for solar micro-inverters. By boosting the amount of power that solar systems can produce, these inverters are intended to enhance their overall performance. This is especially crucial for systems that supply electricity to households or businesses. As the demand for solar energy rises, more people want to build solar systems that can produce more power. Reducing the quantity of electricity required to run your system is one of the critical advantages of having an effective solar converter. For households hoping to reduce their energy costs, this is excellent news. In addition, compared to conventional solar systems, solar inverters are considerably more environmentally friendly. Because they use less energy to produce the same power, they are less environmentally harmful. Be sure to consider one of the newest models on the market if you want to invest in a Solar Micro Inverter system. These devices are intended to boost your solar system's efficiency and probably save you money over time.

Solar Micro Inverter Market Segmentation

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• By Type Analysis

According to type, the solar micro inverter market can be segmented into stand-alone and integrated. Among these, the stand-alone is projected to experience rapid growth through 2031.

• By Application Analysis

The market can be divided based on application into residential (0-20 K.W.), commercial (20 K.W. – 1 M.W.), and utility (1 M.W. and above). Residential (0-20 K.W.) is expected to hold the most significant solar micro inverter market share in the upcoming years.

Driving Factors

"The Decreasing Cost of the Solar Technology to Propel the Market Expansion"

Numerous important factors are driving the expansion of the market. The decreasing cost of solar technology is one of the key motivators. Households and companies increasingly use solar energy to meet their energy needs as solar technology gets more inexpensive. Additionally, more nations and governments are providing subsidies and incentives to promote investment in solar energy. As a result, the solar industry is expanding and offering new business opportunities to these manufacturers.

"Rising Demand for Energy Efficiency Fuels the Market Growth"

The rising demand for energy efficiency is also driving the industry. Both businesses and homes benefit from solar micro inverters' ability to lower energy waste and increase efficiency. Solar technological advancements have also made the product more dependable and effective. This assists in further cost reduction and increasing the allure of solar energy. With these essential factors in place, the market is expected to grow.

Restraining Factors

"High Initial Investment and Lack of Skilled Labor Impede Market Growth"

The high cost of solar micro inverters is a market restraint. This is primarily because of the expensive initial investment and ongoing maintenance requirements. The scarcity of skilled labor in this sector is another barrier. The market, however, is projected to be driven by the growing demand for solar energy and the increased usage of renewable energy sources. In addition, rising government funding for renewable energy will probably help the market. The industry is also anticipated to benefit from the rising need for smart grids.

Solar Micro Inverter Market Regional Insights

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"U.S. to Dominate Market Due to the Decreasing Cost of the Solar Technology"

Between 2022 and 2031, the solar micro inverter market will be dominated by U.S. Factors driving the market growth in this region include the decreasing cost of solar technology.

Additionally, the market is anticipated to experience the fastest growth in European and Asian countries (India, China, Japan, and South East Asia). The rising demand for energy efficiency fuels regional market expansion.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Chilicon Power (U.S.)
• LeadSolar (U.S.)
• Enphase Energy (U.S.)
• SolarEdge Technologies (Israel)
• Involar (China)
• Cybo Energy (U.S.)
• ABB (Switzerland)
• ReneSola (U.S.)
• IEnergy (U.S.)
• Sparq Systems (Canada)
• SunPower Corp (U.S.)
• APS (U.S.)
• SMA Solar Technology (Germany)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.