Solar Microinverter And Power Optimizer Market
Overview and Scope
Solar microinverters and power optimizers refer to the devices used in photovoltaic (PV) solar energy systems to enhance performance and efficiency, especially in installations with shading or complex roof designs of solar panels. They convert DC (direct current) electricity generated by individual solar panels into AC (alternating current) electricity, while power optimizers maximize the overall energy output of the system by optimizing the performance of each panel.
Sizing and Forecast
The solar microinverter and power optimizer market size has grown rapidly in recent years. It will grow from $4.34 billion in 2023 to $4.97 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to integration with energy storage, increasing popularity and adoption of solar power, surging installations of solar products, growth of smart homes and smart energy management systems, demand for microinverters that can integrate with modern energy systems.
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Segmentation & Regional Insights
The solar microinverter and power optimizer market covered in this report is segmented –
1) By Product: Micro Inverter, Power Optimizer
2) By Connectivity: Standalone, On Grid
3) By Application: Residential, Commercial And Industrial, Utility
North America was the largest region in the solar microinverter and power optimizer market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar microinverter and power optimizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising demand for electricity is expected to propel the growth of the solar microinverter and power optimizer markets going forward. Electricity demand refers to the rate at which electricity is being consumed at a specific point in time. It represents the immediate amount of electrical power being used, as opposed to energy (kWh), which measures the total amount of power used over a period of time. Solar microinverters and power optimizers play a crucial role in maximizing the energy harvest and optimizing the performance of individual solar panels in a solar photovoltaic (PV) system. These are used to enable the conversion, optimization, and monitoring processes that contribute to the efficient utilization of solar energy in electricity generation. For instance, in 2022, according to the data published by Our World in Data, a UK-based scientific online publication organization, US electricity demand increased from 4,192.9 TWh (terawatt-hour) in 2021 to 4,338.1 TWh (terawatt-hour) by 2022. Therefore, the rising demand for electricity is driving the growth of the solar microinverter and power optimizer markets.
Key Industry Players
Major companies operating in the solar microinverter and power optimizer market are Huawei Technologies Co. Ltd., LG Electronics Inc, Schneider Electric SE, ABB Ltd., Infineon Technologies AG, Delta Electronics Inc., Sungrow Power Supply Co. Ltd., SolarEdge Technologies Inc., SunPower Corporation, Ginlong Technologies Co. Ltd., Array Power, SMA Solar Technology AG, Darfon Electronics Corp., Enphase Energy Inc., Fronius International GmbH, Ferroamp Elektronik AB, Altenergy Power System Inc., KACO New Energy, Tigo Energy Inc., FIMER S.p.A., nPower Corporation, Eguana Technologies Inc., Ampt LLC., CyboEnergy Inc., Northern Electric Power Technology Inc., Alencon Systems LLC, Chilicon Power LLC, PCE Process Control Electronic GmbH, Solantro Semiconductor Corp.
The solar microinverter and power optimizer market report table of contents includes:
1. Executive Summary
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