Micro Inverter Market Size (2024 - 2029)

Micro Inverter Market Analysis

The Micro Inverter Market size is estimated at USD 3.15 billion in 2024, and is expected to reach USD 7.74 billion by 2029, growing at a CAGR of 19.70% during the forecast period (2024-2029).

The factors like enabling module-level monitoring, easier installation, enhanced design flexibility, removing the need for DC switching points, and better safety than conventional inverters are some factors that are fueling the growth of the micro inverter market.

• Constant R&D activities and significant reductions in the costs of microinverters drive the micro inverter market. Furthermore, the market also receives a considerable boost due to its compact size and versatility. Additionally, the increasing requirement of consumers, based on modularity, safety, and maximum energy harvest, will continue to drive the market at a considerable pace in the forecast period.
• The demand for micro inverters has enabled companies to develop increased battery storage. In April 2022, energy storage provider Yotta Energy, Austin, Texas, announced that it had been awarded a USD 1.97 million contract to install a solar + storage microgrid at Nellis Air Force Base in Las Vegas.
• Due to the varying use of micro inverters, they are widely adopted worldwide. They provide various benefits such as design flexibility and capabilities like producing the maximum power from solar panels through maximum power point tracking (MPPT) technology. These factors have helped the micro-inverter market gain an advantage over other inverters in residential and commercial applications.
• The demand for micro inverters has enabled companies to develop increased battery storage. In April 2022, Yotta Energy of Austin, Texas, was awarded a USD 1.97 million contract to install a solar + storage microgrid at Nellis Air Force Base in Las Vegas. The company believes batteries are headed in the same direction: module-level microstorage. The business is deploying a 52lb, 1kWh lithium-iron-phosphate battery on the same solar module racking gear, which holds the ballast.
• Worldwide renewable electricity capacity is predicted to expand by more than 60% from 2020 to over 4,800 (GW) by 2026, equaling the total global power capacity of fossil fuels and nuclear power combined, according to the International Energy Agency (an intergovernmental agency).

Micro Inverter Industry Segmentation

A micro inverter is a plug-and-play device used in photovoltaics that converts the direct current generated by a single solar module to alternating current. The micro inverter is segmented based on type (single phase and three phases), communication technology (wired and wireless), sales channel (direct and indirect), application (residential, commercial, and PV power plant), geography (North America, Europe, Asia-Pacific, and Rest of the world). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.