Decreasing component price coupled with innovative technologies will drive the solar microinverter and power optimizer market
Global Solar Microinverter And Power Optimizer Market is projected to exceed USD 1.4 billion by 2024. Growing demand for continuous and reliable power harvesting systems will stimulate the solar microinverter and power optimizer industry. Increasing adoption of PV systems for residential and commercial applications will propel the industry growth. Favorable government incentives including financial assistance, tax rebate, soft loans and low import duty will further complement the business outlook.
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Decreasing component price coupled with innovative technologies will drive the solar microinverter and power optimizer market. Major players including SolarBridge and Tigo are developing the smart technology to strengthen the PV architecture, thereby positively impacting the ROI of end consumer. Higher initial cost as compared to the traditional inverter may hinder the business growth.
Standalone solar microinverter and power optimizer market is predicted to witness significant growth subject to its compact by eliminating capacitor and transformer. Favorable government initiatives including tax rebate, feed in tariff and subsidies towards the adoption of solar power systems will positively stimulate the product penetration.
Growing adoption of solar rooftop systems will increase the demand for global solar microinverter and power optimizer. Increasing deployment of PV systems for commercial applications including SEZs and shopping malls will positively impact the business growth. Higher energy yields, module level monitoring and improved safety measures will drive the commercial solar microinverter and power optimizer market. Declining system cost coupled with rising demand for uninterrupted power supply will encourage the adoption across utility applications.
UK solar microinverter and power optimizer industry contributed to more than 10% of the regional share in 2015, and will witness substantial gains in the years to come, driven by high installation rate of solar rooftop systems. Government regulations pertaining to the increased adoption of renewable energy sources over fossil fuels will spur Germany solar microinverter and power optimizer market, which was valued at a revenue of more than USD 30 million in 2015.
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Abundant solar resource availability, low interest rates and stable political environment are the factors responsible to augment Latin America solar microinverter and power optimizer market. Chile aims to harness 70% of total energy through renewable sources by 2050.
SolarEdge Technologies Incorporation, KACO New Energy GmbH, Altenergy Power System Incorporation, Alencon Systems LLC, Chilicon Power, Enphase Energy Company, SunPower Corporation, Tigo Energy, I-Energy Corporation Limited, Petra Systems, Delta Energy Systems GmbH, and Sparq Systems are the key solar microinverter and power optimizer industry participants.
Some Points From Table Of Content: –
Chapter 5 Solar Microinverter and Power Optimizer Market, By Application
5.1 Global solar microinverter and power optimizer share by application, 2015 & 2024
5.2.1 Market demand in residential, 2013 – 2024
5.2.2 Market volume demand in residential, by region, 2013 – 2024
5.2.3 Market revenue demand in residential, by region, 2013 – 2024
5.3.1 Market demand in commercial, 2013 – 2024
5.3.2 Market volume demand in commercial, by region, 2013 – 2024
5.3.3 Market revenue demand in commercial, by region, 2013 – 2024
5.4.1 Market demand in utility, 2013 – 2024
5.4.2 Market volume demand in utility, by region, 2013 – 2024
5.4.3 Market revenue demand in utility, by region, 2013 – 2024
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