Solar Microinverter and Power Optimizer Market Size

Solar Microinverter and Power Optimizer Market Size

Solar Microinverter and Power Optimizer Market size surpassed USD 4.9 billion in 2023 and is projected to grow at a CAGR of 13.3% during 2024 to 2032. The residential sector has been a key driver for micro inverter adoption, as it offers advantages such as panel-level optimization, system design flexibility, and potential improvements in energy yield.

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The increasing espousal of residential solar PV systems is expected to drive the demand for micro inverters and power optimizers. Moreover, power optimizers have also gained traction in utility-scale solar PV installations. Power optimizers allow for panel-level optimization, mitigating the effects of shading, soiling, and panel mismatch, thus increasing energy production and system efficiency, which will further boost the product demand.

The increasing awareness of clean energy generation and the adoption of advanced technological solutions are driving the growth of the solar microinverter and power optimizer market. These technologies are developed to enhance the energy output from solar PV cells and wind turbines. Moreover, the growing global population, ongoing urbanization, and the rapid development of commercial and residential infrastructures are fueling the product demand.

The global deployment of solar PV has shown significant improvement; however, micro inverter and power optimizer manufacturers have faced challenges in the supply of raw materials and components due to the widespread pandemic. The disruptions caused by COVID-19 have led to the cancellation of long-term supply agreements as supply chains were realigned. These constraints have resulted in price hikes for components and products that are in high demand. As a result, the product requirement by end-users may be affected, potentially restraining the growth of the industry.