Solar Microinverter and Power Optimizer Market Size By Connectivity (Standalone, On-grid), By Application (Residential, Commercial, Utility), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: Feb 2017 | Report ID: GMI289 | Authors: Ankit Gupta, Aditya Singh Bais
Solar Microinverter and Power Optimizer Market size was over USD 550 million in 2015 and is set to grow at 10% CAGR during the forecast period. Increasing demand for reliable and improved power harvesting systems will drive the global market revenue.
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Enhanced power point tracking coupled with panel level monitoring will positively impact the market. Flexibility, compact size, lower DC voltage requirement are some of the other additional features which will further favor the business growth.
|Base Year:||2015||Historical Data for:||2013 to 2015|
|Market Size in 2015:||550 Million (USD)||Forecast Period:||2016 to 2024|
|Forecast Period 2016 to 2024 CAGR:||10%||No. of Pages:||174|
|2024 Value Projection:||1.4 Billion (USD)||Tables, Charts & Figures:||273|
|Geographies covered (17):||U.S., Canada, UK, Germany, Spain, France, Netherland, China, India, Japan, Australia, South Korea, UAE, South Africa, Brazil, Chile, Argentina|
|Segments covered:||Connectivity, Application and Region|
|Pitfalls & Challenges:|
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Growing adoption of photovoltaic systems among residential and commercial applications will propel the 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.
Market by Connectivity
Standalone connectivity segment is predicted to witness strong growth of over 10% through 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 valued at USD 120 million in 2015 and is expected to witness considerable growth to 2024 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 market landscape.
Market by Application
The market revenue generated from residential applications exceeded USD 440 million in 2015 and will register strong gains in the coming years 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 market share.
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 phases 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 phases can also improve the overall system downtime.
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 market share.
For Europe, UK solar microinverter and power optimizer industry accounted for over 10% of regional revenue in 2015 and is poised to grow substantially during the next few years led by 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 market size for 2015 was over USD 50 million. Government focus on sustainable energy primarily solar to meet the growing electricity demand will drive the market growth.
Chile accounted for 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 market 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.
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.
The solar microinverter and power optimizer research report includes in-depth coverage of the industry with estimates & forecast in terms of Volume in MW and revenue in USD Million from 2013 to 2024, for the following segments:
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- South Africa
- Latin America
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