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Solar Microinverter And Power Optimizer Market By Growth Strategies, Rising Trends and Revenue Analysis 2024

Author : Ronak Bora | Published Date : 2020-09-11 

The U.S. solar microinverter and power optimizer market is witnessed to grow over 15% by 2024. Government has introduced tax credit schemes for the installing PV systems across residential and commercial centers availing 30% tax credit.

For Europe, Germany dominates the solar microinverter and power optimizer market subject to the introduction of Directive 2009/28/EC, promoting the production of energy from renewable sources. It focusses the target to fulfil 27% of energy needs through renewables by 2030.

Abundant solar resource availability, low interest rates and stable political environment are the factors responsible to augment Latin America market. Chile aims to harness 70% of total energy through renewable sources by 2050.

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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.

Increasing deployment of solar rooftop systems across malls, buildings, and other commercial complexes will further augment solar microinverter and power optimizer industry in commercial applications, projected to cross a target revenue USD 300 million by 2024.

Three phase solar microinverters and power optimizers help enhance the system downtime, in addition to possessing features such as upgraded conversion efficiency coupled with high circuit density in comparison with their counterparts. High demand for uninterrupted power supply will fuel solar microinverter and power optimizer market in the utility sector in the years to come.

Owing to the rising adoption of rooftop solar PV systems, solar microinverter and power optimizer industry in residential applications is slated to witness healthy gains over 2016-2024, having recorded a revenue of more than USD 440 million in 2015. Government encouragement toward the utilization of solar rooftop systems in residential applications will subsequently stimulate on-grid solar microinverter and power optimizer market, which was worth more than USD 120 million in 2015. Favorable initiatives such as tax rebate, low interest rate loans, feed in tariff, subsidies, and other financial benefits will also drive on-grid solar microinverter and power optimizer industry growth over 2016-2024.

Compact size and design flexibility are two major characteristics of standalone connectivity that help eliminate the requirement for an electrolyte capacitor, fan, and a large transformer. Driven by these convenient features, standalone solar microinverter and power optimizer market is slated to grow at a CAGR of more than 10% over 2016-2024.

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Key industry participants include Enphase Energy, SolarEdge Technologies, Delta Energy Systems, Solantro, i-energy, Petra Systems, Altenergy Power System, Tigo Energy, Kaco New Energy, Sparq Systems, SunPower Cormporation, Array Power and Chilicon Power.

Table of Contents (ToC) of the report:

Chapter 3   Solar Microinverter and Power Optimizer Market Insights

3.1    Industry segmentation

3.2    Industry size & forecast, 2013 – 2024

3.3    Industry ecosystem

3.3.1     Vendor matrix

3.4    Technology & innovation landscape

3.5    Regulatory landscape

3.5.1     U.S.

3.5.2     India

3.5.3     Europe

3.5.4     China

3.5.4     Japan

3.7    Industry impact forces

3.7.1     Growth drivers

3.7.1.1   Increasing rooftop PV installation

3.7.1.2   Cost effective and highly reliable

3.7.1.3   Higher efficiency

3.7.2     Industry pitfalls & challenges

3.7.2.1   High initial cost over other alternatives

3.8    Growth potential analysis

3.9    Porter’s analysis

3.10  Competitive landscape, 2015

3.10.1 Strategy dashboard

3.11  PESTEL analysis

 Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/solar-microinverter-and-power-optimizer-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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