Micro-inverter Industry worth $14.5 billion by 2029
According to the new market research report "Micro-inverter Market by Offering, Communication Technology (Wired, Wireless), Type (Single Phase, Three Phase), Power Rating (Below 250 W, Between 250 & 500 W, Above 500 W), Connection Type, Sales Channel, Application - Global Forecast to 2029" The global Micro Inverter Industry Size 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. The growth of the micro-inverter Industry 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.
Browse 170 market data Tables and 56 Figures spread through 204 Pages and in-depth TOC on "Micro-inverter Market by Offering, Communication Technology (Wired, Wireless), Type (Single Phase, Three Phase), Power Rating (Below 250 W, Between 250 & 500 W, Above 500 W), Connection Type, Sales Channel, Application - Global Forecast to 2029"
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Micro-inverter Industry Segmentation
By Segment, Micro-inverter Industry for Wireless is expected to have the highest CAGR during the forecast period.
The wireless segment in the micro-inverter industry 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.
By Segment, Micro-inverter Industry for grid-tied 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.
Regional Analysis of Micro-inverter Industry
By Region, Micro-inverter Industry for North America to dominate 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 Industry 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 Industry.
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