Significantly improve the efficiency and reliability of solar power systems is expected to drive market expansion in the near future at a CAGR of 21.30% during the forecast period 2023 to 2032

Market Research Future (MRFR) has published on the “Global Micro Inverter Market”

The Micro Inverter market is estimated to register a CAGR of 21.30% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Micro Inverter market— SunPower Corporation, P and P Energy Technology Co Limited, Enphase Energy, Inc, SolarEdge Technologies Inc., Siemens AG, Involar, ReneSola, ABB Group, Delta Energy Systems GmbH, SMA Solar Technology AG.

Micro Inverter Market Highlights

The global Micro Inverter market is accounted to register a CAGR of 21.30% during the forecast period and is estimated to reach USD 15.91 billion by 2032.

The global Micro Inverter market exhibits dynamic and evolving characteristics driven by various factors. Micro inverters, which convert direct current (DC) to alternating current (AC) at the individual solar panel level, have gained prominence in the renewable energy sector. Key market dynamics include the increasing adoption of solar energy systems, driven by the need for clean energy sources and the desire to reduce electricity costs. Micro inverters offer advantages such as enhanced energy harvest, monitoring capabilities, and design flexibility, making them a preferred choice for residential and commercial solar installations. Additionally, technological advancements, improved grid management, and favorable government policies that incentivize solar power generation further stimulate the market's growth. As the world transitions toward sustainable energy solutions, the global Micro Inverter market is expected to witness continuous expansion and innovation, making it a pivotal component of the solar energy ecosystem.

Segment Analysis

The global Micro Inverter market has been segmented based on offering, communication technology, type, power rating, connection type, sales channel, and application.

Based on offering, the global Micro Inverter market has been segmented into Hardware, Software & Services. The hardware segment was expected to hold the largest market share in 2022. This is related to how the need for micro inverters has grown in the commercial, industrial, and other sectors due to expanding demand.

Based on communication technology, the global Micro Inverter market has been segmented into Wired, and Wireless. The wired segment was anticipated to hold the major market share in 2022 because DC wire directly connects Microinverters to every single solar panel.

Based on type, the global Micro Inverter market has been segmented into Single Phase, and Three Phase. The single phase segment was anticipated to hold the major market share in 2022 due to the scalability of single-phase microinverters, homeowners may begin with fewer solar panels and gradually increase their solar array.

Based on power rating, the global Micro Inverter market has been segmented into Below 250 W, between 250 W and 500 W, above 500 W. The Between 250 W and 500 W segment was expected to hold the largest market share in 2022. This is associated with the rising demand for industrial & commercial and other sectors have led to increased adoption of Micro Inverter.

Based on connection type, the global Micro Inverter market has been segmented into Stand-alone, and Grid-tied. The stand alone segment was anticipated to hold the major market share in 2022. These are autonomous microinverters that are frequently built into every single solar panel. They maximise the performance of the individual solar panel they are attached to by working directly with it, independent of a central inverter.

Based on sales channel, the global Micro Inverter market has been segmented into Direct, and Indirect. The direct sales channel segment was anticipated to hold the major market share in 2022. It involves producers or vendors offering their microinverters for sale straight to consumers or clients. Certain producers of microinverters opt to market their goods directly to consumers. Either their own sales staff or an internet platform can be used for this. Manufacturers have more control over the customer experience and price when they sell directly to consumers.

Based on application, the global Micro Inverter market has been segmented into Residential, and Commercial PV Power Plant. The commercial PV Power plant segment was anticipated to hold the major market share in 2022. In order to convert the direct current (DC) power produced by solar panels into alternating current (AC) electricity for usage in residences or commercial buildings, microinverters are devices that are utilised in solar PV systems. Because of their benefits over conventional string inverters, they are especially well-liked in commercial installations.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Micro Inverter Market Research Report

Regional Analysis

The global Micro Inverter market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Micro Inverter market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Micro Inverter market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Micro Inverter market comprises of Middle East, Africa, and Latin America.

North America is a significant player in the global Micro Inverter market, driven by the rapid adoption of solar energy systems in the United States and Canada. The region's strong emphasis on renewable energy and sustainability, coupled with government incentives and net metering policies, has led to a surge in residential and commercial solar installations. Micro inverters, with their ability to optimize energy production at the individual panel level, are well-suited to the growing demand for reliable and efficient solar power systems. Leading manufacturers, technological innovation, and the presence of well-established solar companies contribute to North America's prominence in the global market.

Moreover, the Europe market has been persistently growing over the forecast period. The European Union's ambitious clean energy targets and feed-in tariff programs have driven significant investments in solar power. Micro inverters, which improve energy yield and system monitoring, have gained popularity among residential and commercial users. The region's focus on reducing carbon emissions and transitioning to clean energy sources further supports the growth of the Micro Inverter market.

Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. The region's rapid urbanization and increasing energy demand have driven the adoption of solar power. Technological advancements, cost reductions, and government initiatives promoting renewable energy have boosted the demand for micro inverters. China, in particular, with its enormous population and growing solar industry, is a key contributor to the Asia-Pacific market.

Furthermore, the rest of the world's Micro Inverter market is divided into the Middle East, Africa, and Latin America. This growth is attributed to rising economic development and industrial growth. As these regions develop their solar energy infrastructure and address energy access challenges, micro inverters are expected to play a pivotal role in optimizing energy production.

Key Findings of the Study

• The global Micro Inverter market is expected to reach USD 15.91 billion by 2032, at a CAGR of 21.30% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the huge consumer electronics market and robust manufacturing sector.


• Based on offering, the hardware segment was attributed to holding the largest market in 2022, with an approximate quarter of the market share.


• SunPower Corporation, P and P Energy Technology Co Limited, Enphase Energy, Inc, SolarEdge Technologies Inc., Siemens AG, Involar, ReneSola, ABB Group, Delta Energy Systems GmbH, SMA Solar Technology AG.