The global micro-inverter market size was valued at USD 2.5 billion in 2020 and is projected to reach USD 6.5 billion by 2025; it is expected to grow at a CAGR of 20.8% from 2020 to 2025. The key factors fueling the growth of this market include increasing demand for micro-inverter solutions in residential applications, growing visibility regarding the inherent benefits offered by them, such as remote monitoring capabilities, upsurge in renewable energy investment, and government initiatives encouraging the adoption of renewable energy.
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Single-phase micro-inverters accounted for larger size of the micro-inverter market in 2020.
Single-phase micro-inverters are compact and suitable for residential and commercial applications. The residential segment operates on single-phase systems for the transmissions of electricity. European countries, along with the US and Australia, adopt single-phase micro-inverters for residential applications. Also, most of the micro-inverter manufacturers across the world offer single-phase micro-inverters. With all these factors, single-phase micro-inverters lead the market, and a similar trend is likely to be observed in the coming years.
Residential application expected to hold largest size of the micro-inverter market in 2020.
Micro-inverters are mainly adopted for residential applications. Residential solar rooftop PV installations have witnessed significant growth over the last few years. Towering energy costs, coupled with supportive government policies worldwide, have led to the increasing adoption of energy conservation measures for controlling energy expenditure in residential applications. Countries such as the US, Australia, and the Netherlands, which are among the prominent markets for residential rooftop PV installations, have widely adopted micro-inverters over conventional inverters. In addition, countries such as India, Mexico, the UK, and Brazil are currently witnessing significant growth in the residential solar market. These factors are expected to create a huge demand for micro-inverters.
North America projected to be the largest market for a micro-inverters from 2020 to 2025.
The high number of micro-inverter installations in the region, mainly in the US and Canada, can be attributed to the growth of the micro-inverter market in the region. The US was the first country to adopt micro-inverter technology at a large scale, especially for residential applications. Moreover, several companies, such as Enphase Energy, Altenergy Power System, Chilicon Power, and Sensata Technologies, based in this region offer micro-inverter technology-based products, which further adds to the growth of the micro-inverter market in North America. In addition, favorable economic conditions, the growing solar PV market, as well as supportive regulatory policies aiding solar electricity generation in the residential sector in the US and other countries of the region, encourage several domestic and international manufacturers to enhance their micro-inverter offerings.
The key players operating in the micro-inverter market include Enphase Energy (US), Altenergy Power System (US), Darfon Electronics (Taiwan), ReneSola (China), AEconversion (Germany), and Chilicon Power (US) among others.
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