Global micro inverters market to grow at CAGR of 14.42% between 2023 and 2028

Aided by the increasing demand for sustainable energy solutions and the rising adoption of solar power systems, the global microinverters market is projected to further grow at a CAGR of 14.42% between 2023 and 2028 to reach a value of USD 5,454.7 million by 2028, according to ResearchAndMarkets.com.

Micro inverters are a particular kind of solar inverter technology that transforms the direct current (DC) generated by solar panels into alternating current (AC), which may be used by home appliances and sent into the power grid. Unlike traditional string inverters, micro inverters are installed on each solar panel, enabling independent operation, and improving overall system efficiency. They offer several advantages over conventional inverters, such as increased power output, enhanced reliability, and simplified installation and maintenance.

The global micro inverter market growth is primarily driven by the increasing demand for sustainable energy solutions and the growing adoption of solar power systems. The need to reduce reliance on fossil fuels and growing climate change concerns have encouraged investment in renewable energy sources, particularly solar power. This, in turn, has helped the market adopt micro inverters more frequently.

Additionally, the growing focus on energy efficiency and the need to optimise power generation from solar systems have led to the development of advanced micro inverter technologies. The increasing adoption of these innovative products is expected to create new growth opportunities for the global micro inverter market during the forecast period.

The advancements in micro inverter technology and the increasing investment in research and development by market players are also expected to drive the growth of the market for micro inverters. The development of innovative micro inverter designs with enhanced efficiency, improved reliability, and better compatibility with various solar panel types is anticipated to further bolster the micro inverter market expansion.

Furthermore, the rising awareness of the benefits of micro inverters, such as increased power output, simplified installation, and enhanced system monitoring, is expected to contribute to the market growth. The increasing demand for smart and connected energy solutions, coupled with the growing consumer preference for reliable and efficient solar power systems, is anticipated to drive the micro inverter market growth during the forecast period.