Micro Inverter Market Size to Surpass USD 14.90 Billion by 2032, at a CAGR of 18.97% | SNS Insider

Austin, May 12, 2025 (GLOBE NEWSWIRE) — Micro Inverter Market Size & Growth Insights:

According to the SNS Insider Report, “The Micro Inverter Market was valued at USD 3.12 Billion in 2023 and is projected to reach USD 14.90 Billion by 2032, growing at a CAGR of 18.97% from 2024 to 2032.”

Key Drivers and Innovations Shaping the Microinverter Market

Technological advancements including enhanced efficiency, energy conversion and integration capabilities with energy storage systems to provide backup power for standalone and off grid networks are factors that will stimulate the micro inverter market. Furthermore, there is an interest in micro inverters because of their reliability and long life with lower maintenance compared with conventional inverter. The market is further supported by a growing market for modular and customized solutions, enabling scalable solar installations. The US market Size, was valued at USD 0.61 Billion in 2023 is projected to reach USD 2.94 Billion by 2032 at a CAGR of 19.07%. SMA’s cutting-edge Sunny Central Storage UP-S inverter, with increased power output for large-scale storage applications, also contributes to market development.

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Leading Market Players with their Product Listed in this Report are:

• Enphase Energy (U.S.): Enphase IQ Series Microinverters (IQ7, IQ7+, IQ7X)
• Altenergy Power Systems, Inc. (China): APS YC600, YC1000
• Hoymiles (China): HM-500, HM-600, HM-700 Series
• Deye Inverter (China): Deye Hybrid Micro Inverters
• Chilicon Power, LLC (U.S.): Chilicon Micro Inverter
• AEconversion GmbH & Co. KG (Germany): AEconversion Micro Inverters (AE3 series)
• Envertech (China): Envertech EV Series Micro Inverters
• Zhejiang Benyi New Energy Co, Ltd. (China): BYD Micro Inverters
• Solar Panel Plus (U.S.): Micro Inverter Systems (various models compatible with solar panels)
• CyboEnergy (U.S.): CyboInverter Micro Inverter System
• Sparq Systems (Canada): Sparq Micro Inverters
• Sungrow (China): Sungrow SG5KTL-M and other hybrid inverters
• HiQ Solar (U.S.): HiQ Solar Micro Inverters.

Micro Inverter Market Report Scope:

Micro–Inverter Market Growth by Type, Power Rating, End-User

By Type

The Three-Phase segment dominates the micro inverter market, accounting for 58% of total revenue in 2023, Ruggedness, high system uptime or availability and support for three-phase systems are some of the major feature which has made the Three-Phase micro inverter, the dominant segment in the market followed by higher efficiency and power output compared to single-phase inverter. These inverters are designed for commercial and industrial use where better energy load management and more energy yield is required and can be added to large solar systems.

The Single-Phase segment is expected to grow the fastest from 2024 to 2032, owing to rising demand for residential solar installations. Cost-effective and easy to install and maintain, single-inverters remained the preferred systems of power generation for homeowners and small businesses.

By Power Rating

The Above 500 W segment leads the micro inverter market, accounting for 45% of total revenue in 2023, driven by demand for higher power output in commercial and large residential solar applications. These inverters offer enhanced efficiency, support multiple panels, and perform optimally in diverse conditions, making them ideal for large-scale solar projects.

The Between 250 to 500 W segment is the fastest-growing from 2024 to 2032., on account of rising requirement for medium-scale power products in housing and small business establishments. Cost-effective and performance-optimized, these inverters are already widely used in medium-sized installations.

By End-User

The Residential segment dominates the micro inverter market, accounting for 55% of total revenue in 2023, fuelled by increasing demand from homeowners for solar power as a way to save on electricity bills, and due to gradual cost reductions in such systems. The advantages of micro inverters such as the use of module-level monitoring, greater energy gain, and easy to install have led to them becoming popular for residential solar system.

The Commercial segment is the fastest-growing Over the forecast period 2024-2032, due to the growing use of solar electricity in commercial buildings for offsetting electricity costs and meeting green building targets with micro inverters ensuring high performance, scalability and safety.

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Asia-Pacific Dominates and North America Rapid Growth in Micro Inverter Market

The Asia-Pacific region holds the largest share of the micro inverter market, accounting for 40% of total revenue in 2023, The market is driven by strong government incentives, positive policies, and growing demand for renewable energy solutions in the residential and commercial sector in the region. Ease of installation, technological innovations and increasing concern for energy efficiency also act as market enhancing factors. With the rise of sustainable energy in the globe, Asia-Pacific will continue to maintain its supremacy in the market place and is estimated to witness a high growth in the use of micro inverters.

North America is the fastest-growing market for micro inverters from 2024 to 2032, propelled by the increasing adoption of solar energy systems in the U.S. and Canada. Supported by favorable government policies, tax incentives, and growing demand for off-grid and backup power, North America’s micro inverter market is set for rapid growth, driven by technological innovations and a focus on energy efficiency.

Recent Development

• In April 2025, Enphase Energy has launched it’s IQ® System Controller in France and the Netherlands which offers homeowners grid-tarrif resilience through integrated energy management. The system combines microinverters, energy storage, and monitoring and it provides dependable back-up power during grid outages.
• In June 2024, Hoymiles has introduced the MIT-5000-8T, a 5 kW microinverter for three-phase applications, the manufacturer’s biggest and most efficient one so far, with partners and installers. Intended for high-power residential PV systems or commercial usage, it can hold eight solar panels.

Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1 Technological Advancements

5.2 Integration with Energy Storage

5.3 Durability and Long Lifespan

5.4 Customization and Modular Solutions

6.  Competitive Landscape

7. Micro Inverter Market, by Type

8. Micro Inverter Market, by Power Rating

9. Micro Inverter Market, by End-User

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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