Solar Microinverter And Power Optimizer Market Size, By Connectivity (Standalone, On-grid), By Application (Residential, Commercial, Utility), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Spain, France, Netherland, China, India, Japan, Australia, South Korea, UAE, South Africa, Brazil, Chile, Argentina), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: February 2017 | 174 Pages | Report ID: GMI289 Report Format: PDF
Solar Microinverter And Power Optimizer Market size was above USD 550 million in 2015 and is forecast to grow at over 10% CAGR by 2024.
Europe Solar Microinverter And Power Optimizer Market size, by application, 2013 – 2024 (MW)
Increasing demand for reliable and improved power harvesting systems will drive the global solar microinverter and power optimizer market size during forecast period. These are integrated to specific panels which helps to generate power independently which in case of failure does not affect the overall output of the system. Enhanced power point tracking coupled with panel level monitoring will positively impact the solar microinverter and power optimizer market growth. Flexibility, compact size, lower DC voltage requirement are some of the other additional features which will favor the business growth.
Growing adoption of photovoltaic systems among residential and commercial applications will propel the solar microinverter and power optimizer market share from 2016 to 2024. Favorable government incentives including tax rebate, low import duty, financial assistance and soft loans would further complement the business landscape. Higher initial cost when compared with traditional central inverter may hinder the industry growth.
Solar Microinverter And Power Optimizer Market, By Connectivity
Solar microinverter and power optimizer market demand from standalone is predicted to witness strong growth of over 10% by 2024 owing to its compact size as it eliminates the needs for fan, electrolyte capacitor and large transformer. On-grid solar microinverter and power optimizer market for 2015 was valued over USD 120 million and is expected to witness considerable growth during forecast timeline owing to favorable government initiatives towards the adoption of solar power systems. Initiatives including feed in tariff, tax benefits and subsidy may positively impact the industry landscape.
Solar Microinverter And Power Optimizer Market, By Application
The global solar microinverter and power optimizer market size revenue generated from residential was valued over USD 440 million in 2015 and is set to witness strong growth over forecast timeframe due to rising adoption of solar rooftop systems. Initiatives including subsidies, tax rebate and financial assistance in terms of low interest rate loans will further boost the business landscape. Commercial application accounted for over 15% of global volume share in 2015. Higher energy yield, improver safety measures and module level monitoring are some of the features making it attractive among commercial users.
Growing demand for uninterrupted power supply coupled with declining system cost may encourage its adoption in utility applications. Three phase solar microinverter and power optimizer market share is expected to witness strong growth owing to its increasing adoption among commercial and utility sector. It offers high circuit density with improving conversion efficiency when compared with other alternatives. Three phase can also improve the overall system downtime
Solar Microinverter And Power Optimizer Market, By Region
The Government of the U.S. has introduced various incentives including FIT, investment tax credit, net metering and rebate to encourage the adoption of renewable technology which will positively influence the solar microinverter and power optimizer market share over forecast period.
For Europe, UK solar microinverter and power optimizer market share accounted for over 10% of regional revenue in 2015 and is expected to witness considerable growth owing to rising adoption of rooftop solar system in residential and commercial sector. Favorable government norms towards adoption of renewable energy over conventional fuel will positively influence the industry growth.
China solar microinverter and power optimizer market and optimizer size for 2015 was over USD 50 million. Government focus on sustainable energy primarily solar to meet the growing electricity demand will favor the industry growth.
Chile accounted for over 20% of Latin America solar microinverter and power optimizer market share in 2015. Abundant availability of solar resource, stable political environment and low interest rates are some of the factor responsible to augment industry landscape. The country has target to harness 70% of the total energy through renewable resources by 2050.
Competitive Market Share
Some of the notable industry players are SolarEdge Technologies, Enphase Energy, Tigo Energy, Altenergy Power System, SunPower Corporation, Ampt, Delta Energy Systems, KACO New Energy, Array Power, Solantro, Alencon Systems, i-Energy, Chilicon Power, Petra Systems, and Sparq Systems.
Major players are investing heavily in R& D sectors to develop innovative product which is expected to positively influence the industry growth. For instance, in 2016, Altenergy Power Systems launched YC500i microinverter with trunk cable and EnergyMax technology. This technology enables dual module unit to produce 274 Wp output. This system is suitable for installer of trunk cable architecture where regulatory bodies prefer integrated ground.
Solar Microinverter and Power Optimizer, Industry Background
Microinverters are used to convert direct current into alternating current with photovoltaic installations. It works on module level power electronics (MLPE) technology which eliminates the negative impact of module mismatch and enhance overall system efficiency. These systems enable easy installation, module level monitoring and improve design flexibility and enhance safety over conventional systems. It finds its application in utility, residential and commercial sector.
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