Solar Microinverter and Power Optimizer Market Size worth $1.4bn by 2024
Published Date: February 23, 2017 Authors: Ankit Gupta, Aditya Singh Bais
Solar Microinverter and Power Optimizer Market size will exceed USD 1.4 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Strong adoption trends for clean energy technologies including PV systems among residential and commercial end consumers will stimulate the market share. The U.S. federal government has introduced Solar Investment Tax Credit (ITC) scheme under which 30% tax credit is provided for deployment of PV systems across residential and commercial complexes.
Technology innovation pertaining to power harvesting systems coupled with decreasing component prices will drive the solar microinverter and power optimizer market demand. Companies including SolarBridge and Tigo are working towards the development of integrated module-inverter smart technology to enhance the efficiency of PV architecture and thereby positively impacting overall return on investments of the end consumer.
On-grid connectivity segment is predicted to witness a substantial growth of over 15%. Initiatives including feed in tariff schemes introduced by regulators will positively influence the industry landscape.
Commercial applications will exceed USD 300 million by 2024. Growing deployment of rooftop PV systems in commercial complexes including malls, and SEZs will positively impact market revenue.
Browse key industry insights spread across 174 pages with 263 market data tables & 10 figures & charts from the report, “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” in detail along with the table of contents:
U.S. solar microinverter and power optimizer industry is predicted to grow at 15% from 2016 to 2024. Government programs to augment the installation PV systems across residential and commercial building will complement the market outlook.
For Europe, Germany market size for 2015 valued at USD 30 million. Directive 2009/28/EC has been introduced to promote and produce energy from renewable resources. It sets a target to fulfill 27% of its energy needs through renewable resources by 2030.
China solar microinverter and power optimizer market size is predicted to exceed 1.4 GW by 2024. In June 2016, China introduced a plan to implement PV poverty alleviation program for the next four years to increase the income of poor households through the installation of solar systems. The National Energy Agency is also framing policies pertaining to the deployment of distributed PV technology across remoted off grid areas.
Indian market is expected to witness over 20% growth in terms of volume. Indian Renewable Energy Development Agency Ltd. (IREDA) through National Bank for Agriculture and Rural Development (NABARD) has implemented a subsidy scheme under which 40% subsidy on capital cost has been provided towards the deployment of PV systems in rural and urban areas.
South Africa market will register 10% gains during the forecast period. Government favorable initiatives towards the development of distributed generation systems will positively influence the market size.
Key market players include Sparq Systems, Enphase Energy, SunPower Corporation, SolarEdge Technologies, KACO New Energy, Ampt, Delta Energy Systems, Array Power, Solantro, Alencon Systems, i-Energy, Chilicon Power, Petra Systems, and Tigo Energy, Altenergy Power System.