Acumen research and consulting estimates that the global solar microinverter and power optimizer market is anticipated to reach market size of around US$ 3,000 Mn by 2027 and is anticipated to grow at a CAGR of around 9% in terms of revenue during the forecast period 2020 – 2027.
Micro-inverters and power optimizers are currently one of the fast-growing segments of the global market for solar electricity generation, collectively known as power electronics modules (MLPEs). Although consolidated or stream inversors continue to be the world's favorite and most deployed choice of technology for solar roof systems, the promise of optimal efficiency and comparatively higher production (approximately 25% higher than traditional photovoltaic systems), particularly if the PV systems are mounted in shady or complicated areas ( e.g. with two or more orientation systems). Interestingly, there was some sort of MPLE in 2014 in over half of all U.S. residential Solar PV facilities.
Improved power point tracking and monitoring of panels will have a positive impact on the market. Some other additional features that will further enhance business growth include flexibility, compact size, low DC voltage demand. The increased adoption of commercial and residential photovoltaic systems is driving the global market for solar micro inverters and power optimizers. High demand for upgraded electricity-collecting systems embedded in features like the independent power generation panel monitoring is also catalyzing industry growth. Also leading companies are catalyzing market share by investing more and more in R&D for single product development.
Rise in installation of PV systems
Solar microinverters and energy optimizers are commonly used in infrastructure, industrial and business sectors. Solar micro inverters and power optimizers are projected to reach the threshold of sales of USD 300 million in the commercial sector by 2024. High energy efficiency and increased protection controls will make a major difference to consumer demand. The expectation is to see strong growth in residential projects, which have won USD 400 million in 2015. Raisings will be driven by the expanded deployment of PV systems in residential building rooftops. In addition to features such as the improved conversion efficiency paired with high circuit density compared with their counterparts, three-stage solar microinverters and power optimizers boost system downtime. Throughout the coming years, strong demand for continuous electricity will power solar microinverters and energy optimizer in the utility market.
In order to promote green energy that positively impacts the market share, the US government has initiated many opportunities, such as Suit, investment tax credit, net metering and discounts. In 2019 over 10% of global sales were accounted for by UK, the UK solar micro-inverter and power optimizer market, which in the next few years will grow dramatically with expanded penetration of residential and commercial rooftop solar systems. The government's supportive clean energy policies would have a positive impact on market development over fossil coal. For 2019, China was more than 50 million USD in scale. In order to satisfy the increasing demand for electricity, government emphasis on renewable energy primarily solar would accelerate the development of the sector. With a 40% subsidy on initial expenditure of capital in the growth of urban and rural PV program, the Indian Government is establishing subsidy schemes. Despite these optimistic policy measures, India will pose a steep CAGR of more than 20% over 2016-2024 despite solar microinverters and power optimizers industries. The Chilean solar micro inverter and power optimizer market share in Latin America accounted for 20% in 2019. A abundance of solar energy available, stable political environments and low interest rates are some of the factors for rising business scenery. The nation plans to use renewable energies to 70 percent of overall electricity by 2050.
Major players included in this report are Enphase Energy, Tigo Energy, SolarEdge Technologies, Altenergy Power System, SunPower Corporation, Delta Energy Systems, Ampt, Petra Systems, KACO New Energy, Array Power, Alencon Systems, i-Energy, Solantro, Chilicon Power, Sparq Systems, and others. For photovoltaic devices, direct current is converted by microinverters into alternating current. They rely on MLPE technologies to reduce the detrimental effect of module variance and to improve total device performance. This is based on MLPE technologies. Modern systems promote deployment, tracking module speeds, increase design efficiency and enhance protection over traditional systems. It is used in the energy, retail and industry industries. Public awareness about the value of green energy in comparison to traditional sources would ultimately contribute to improved demand for goods, which would have a beneficial impact on solar micro inverters and power optimizers.
The global solar microinverter and power optimizer market is segmented as below:
Solar Microinverter and Power Optimizer Market By Type
Solar Microinverter and Power Optimizer Market By Application
Solar Microinverter and Power Optimizer Market By Geography
Middle East & Africa
The market value of solar microinverter and power optimizer is anticipated to be around US$ 3,000 Mn in 2027.
It is anticipated to grow around 9% CAGR amid the forecast period.2020-2027
Asia Pacific held maximum share in 2019.
North America is projected to grow at a fast pace during forecast period from 2020-2027.
Increasing rooftop PV installation is expected to drive the growth of the solar microinverter and power optimizer market.
High initial cost over other alternatives is a major factor expected to restraint the growth of the market.
Enphase Energy, Tigo Energy, SolarEdge Technologies, Altenergy Power System, SunPower Corporation, Delta Energy Systems, Ampt, Petra Systems, KACO New Energy, Array Power, Alencon Systems, i-Energy, Solantro, Chilicon Power, Sparq Systems, and others are the prominent players in the solar microinverter and power optimizer market.