Escalating popularity of solar power systems due to rising ecological concerns and low costs will favor solar microinverter and power optimizer market expansion over the coming seven years. As per Global Market Insights, Inc., “Solar microinverter and power optimizer industry is projected to grow at a rate of 10% over the period of 2016 to 2024.” Beneficial government policies such as tax concessions, low tariffs, incentives, and loans will benefit the business over the next few years. The U.S. government has announced 30% solar investment tax credit for installing PV systems in commercial and residential constructions. High preference for clean energy technologies across residential, commercial, and utility business spaces will favorably impact the industry trends.
Solar microinverter and power optimizer market revenue generated through residential sector was worth USD 440 million in 2015 and is forecast to observe a huge surge over the next few years. Burgeoning demand for rooftop solar solutions is anticipated to drive the revenue. Commercial application is forecast to surpass USD 300 million by 2024, driven by rise in the deployments of solar power systems across shopping malls and special economic zones. Increasing need for uninterrupted supply of electricity plus diminishing costs of PV systems will contribute significantly towards the industry expansion across the utility business space.
Europe Solar Microinverter And Power Optimizer Market size, by application, 2013 – 2024 (MW)
Solar microinverter and power optimizers are connected through on-grid and standalone systems. On-grid solar microinverter and power optimizer industry, estimated at USD 120 million in 2015, is projected to record a CAGR of 15% over 2016-2024, driven by favorable government schemes such as feed-in tariff, discounts, and sops. Solar microinverter and power optimizer market revenue from standalone systems is forecast to grow at a rate of 10% over the coming timeline, owing to its compact size.
Regionally, U.S. solar microinverter and power optimizer market share will record significant gains of 15% over the forecast timeline of 2016-2024. Beneficial government policies such as net metering, tax credits, and refunds will boost the revenue.
Germany solar microinverter and power optimizer industry, which collected a revenue of USD 30 million in 2015, will expand significantly during the years to come. Consistent efforts by the regulators to encourage the production of renewable energy is anticipated to boost the industry growth in the region.
Bourgeoning demand for rooftop solar systems across commercial and residential projects will push UK solar microinverter and power optimizer industry size over the years ahead. Recurrent energy needs resulting in the elevating demand for green energy will contribute significantly towards the industry revenue.
China solar microinverter and power optimizer industry, estimated at USD 50 million in 2015, will register a significant development over the forthcoming years. Resurgent power supply needs along with supportive legislations related to solar power systems deployments across remote areas will boost the regional growth.
South Africa solar microinverter and power optimizer market is anticipated to register a CAGR of 10% over the coming timeline, driven by the high focus of the authorities to create distributed generation systems.
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.
Written By : Dhananjay Punekar