Power Optimizer Market size is set to surpass USD 2.9 billion by 2028, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the increasing concerns regarding carbon emissions along with the introduction of energy-efficient products. Power optimizers are connected to solar panels to adjust the voltage of PV modules and to increase the efficiency of the system. The high tracking speed and accuracy of MPPT to boost the output of the overall system will drive the market outlook. The effectiveness of DC optimizers in conditions, such as shading, is set to enhance the product adoption. Moreover, continuous advancements across the establishment of energy incentives and policies regarding a decarbonized economy will further aid the industry progression.
Easy installation, more efficiency in partially shaded conditions, solar panels monitoring are some of the key parameters supplementing the business landscape. Power optimizers provide increased energy yield by Maximum Power Point (MPP) tracking and reduce maintenance by monitoring the system-wide performance, significantly increasing their acceptance. Rising concerns regarding carbon emissions along with various government schemes and subsidies across the globe are poised to stimulate the market scenario.
Growing demand for efficient electricity units along with the development of advanced infrastructure will sway the demand of the on-grid connectivity segment
The power optimizer market for on-grid connectivity is anticipated to witness substantial gains on account of the rising focus on the expansion of sustainable energy systems in line with the advancement of distributed generation technologies. Simple construction, low maintenance & operating costs, and upgrade of manufacturing facilities will positively influence the market demand. In addition, the large-scale integration of renewables coupled with favorable government investments & norms will proliferate the industry dynamics. Furthermore, an increasing shift toward efficient power conservation measures along with operational revamps across the power sector will foster market expansion.
Browse key industry insights spread across 300 pages with 527 market data tables & 25 figures & charts from the report, “Power Optimizer Market Size, By End Use (Module Level MPPT, Advanced Power Line Communication, Monitoring Components, Safety Shutdown Components), By Connectivity (Standalone, On-grid), By Application (Residential, Commercial & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Rising carbon emission concerns coupled with an increasing shift toward the adoption of innovative optimizer technologies will accelerate the industry trends.
The commercial application is estimated to register a significant growth due to the positive outlook toward clean energy along with the growing demand for renewable energy across isolated areas. Several advantages of power optimizers including real-time optimization tools, enhanced stability, reduced operating costs, and operational flexibility, along with the development of innovative & advanced tools will propel the market progression. Additionally, stringent norms & incentives pertaining to the manufacturing of efficient technologies along with the growing demand for clean electricity across the commercial sector will augment the industry growth.
Increasing concerns regarding GHG emissions along with expiring term of Feed-in-Tariffs (FiTs) are expected to escalate the demand for power optimizers across European nations
Rising investments by private & public investors across countries, including Spain, the Netherlands, and Germany, will bolster the product penetration. Growing awareness regarding the benefits of optimizer tied panels will contribute to the growth during the forecast period. Some of the major reforms, including subsidies, incentives, tax rebates, and soft loans, are set to fuel the business scenario.
Major players operating in the power optimizer market include Tigo Energy, Inc., Ampt, LLC, Huawei Technologies Co., Ltd., SolarEdge Technologies, Inc., ferroamp, Alencon Systems, LLC, Fronius International GmbH, Altenergy Power Systems, Inc., Infineon Technologies AG, Sun Sine Solution Private Limited, and Suzhou Convert Semiconductor Co., Ltd.