Leading market players are focusing on merger and acquisition operations to strengthen their market position. Prices have been falling on a regular basis in the worldwide solar micro inverter market, and this trend is projected to continue during the forecast period. Embedded micro inverters can be entirely incorporated into a module's junction box to make a more dependable and less expensive AC module. Customers benefit from significant cost savings as a result of this, which replaces the traditional junction box layout. The increasing use of DC optimizers is likely to impede the growth of the global solar micro inverter market over the forecast period. During Covid-19 the micro-inverter market has been significantly hit by the Pandemic breakout, with this government imposing different laws and restrictions globally, resulting in the closure of several production sites owing to a lack of trained workers and raw materials. Additionally, such a circumstance has a negative impact on the market, resulting in a significant income loss due to fewer demand for power supply in the market.
According to Coherent Market Insights, the Solar Micro Inverter Market was valued at US$ 311.5 Mn in 2022 and is expected to reach US$ 715.7 Mn by 2030, growing at a CAGR of 18.3% between 2022 and 2030.
Prominent Companies in the Solar Micro Inverter Industry:
1. SunPower Corporation
SunPower Corporation, a solar technology and energy services provider, offers solar, storage, and home energy solutions primarily in the United States and Canada. The company was incorporated in 1985 and is headquartered in San Jose, California. SunPower Corporation is a subsidiary of TotalEnergies SE. In 2014, SunPower Corp. acquired VC-funded SolarBridge Technologies, Inc., to expand its product offerings by including factory-integrated AC modules.
2. Enphase Energy Inc.
Enphase Energy, Inc., together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. Enphase Energy, Inc. was incorporated in 2006 and is headquartered in Fremont, California. In October 2022, Enphase Energy, Inc., launched an all-in-one Enphase Energy System with IQ8™ solar microinverters. This microinverter was capable to provide homeowners & business owners with power for running appliances during a grid outage.
3. Altenergy Power System Inc.
AP Systems develops and manufactures solar micro-inverter technology for residential and commercial systems. The company was founded in 2010, headquartered in The Netherlands.
4. Chilicon Power
Chilicon Power manufactures microinverters for 60/72/96 cell PV modules (CP-720) and complete energy generation and control systems for residences and commercial buildings. The compay was founded in 2010, headqurtered in Los Angeles, U.S. Generac is to acquire Chilicon Power in a deal which will see the company take aim at the solar microinverter market, announced in July, 2021.
5. SMA Solar Technology AG
SMA Solar Technology is a german solar energy equipment supplier. The company was founded in 1981, headquartered in Hessen, Germany. In April 2022, SMA Solar Technology AG, launched the Sunny Tripower X, the innovative inverter solution for commercial as well as residential use which providing three MPP trackers with SMA ShadeFix string optimization technology for optimal PV array design flexibility and maximum energy yields.
6. Sparq Systems
SPARQ Systems Inc designs and manufactures next-generation single-phase microinverters for residential and commercial solar electric applications. The company was founded in 2009, headquartered in Ontario, Canada.
7. Northern Electric and Power Co. Ltd
Northern Electric Power develops microinverters, solar power conversion solutions, and rapid shutdown MLPE products. The company was founded in 2010, headquartered in California.
8. ABB Ltd.
ABB Ltd manufactures and sells electrification, automation, robotics, and motion products for customers in utilities, industry and transport, and infrastructure in Switzerland and internationally. The company was founded in 1883 and is headquartered in Zurich, Switzerland.
9. LG Electronics
LG is a South Korean multinational company which includes LG Electronics. LG Englewood Cliffs is a new building initiative that protects the palisades and creates homes for the growing U.S. workforce. The company was founded in 1958, headquartered in Seoul, South Korea.
10. Darfon Electronics Corporation
Darfon specialist in eco-friendly technologies delivers innovative IT peripherals, passive components and green energy solutions. The company was founded in 1997, headquartered in Taiwan, China. In August 2020, Darfon acquires majority stake in TD HiTech Energy, a maker of lithium ion battery packs for electric bicycles.
*Definition- A solar micro inverter is a piece of plug-and-play equipment that transforms direct current generated by a single module to alternating current in photovoltaic arrays.
