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 comprises micro inverters that convert direct current (DC) generated from a single solar panel into alternating current (AC) that can then be used by a home or fed back to the national grid. Micro inverters offer advantages such as module level monitoring, increased energy yields, enhanced safety, and design flexibility.
Market key trends:
One of the key trends in the solar micro inverter market is growing adoption of artificial intelligence (AI). AI is helping optimize solar energy output from photovoltaic systems using micro inverters. AI algorithms can monitor energy generation and consumption patterns to forecast daily and seasonal needs. This helps maximizing self-consumption by better coordinating generation and use of solar power. AI also enables predictive maintenance through machine learning models to prevent downtime and ensure operational efficiency of micro inverters and solar installations.
Segment Analysis
The solar micro inverter market is segmented on the basis of connectivity, system type, end-use, and region. Based on connectivity, the market is classified into standalone and grid-connected segments. The grid-connected segment dominates the market as these systems provide more power generation and are preferred for large installation of solar PV systems.
Key Takeaways
The Global Solar Micro Inverter Market is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing concern towards renewable energy sources and favorable government policies and initiatives supporting solar energy adoption.
Regional analysis
On the basis of region, the Asia Pacific region is expected to dominate the solar micro inverter market and is projected to grow at the fastest rate during the forecast period. This is due to rapid industrialization and urbanization, combined with rising demand for electricity from residential and commercial sectors in emerging countries such as China and India.
Key players
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. SunPower Corporation held the largest market share in 2023, owing to its diverse product portfolio and strong distribution network across major markets.
