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Global Solar Microinverter and Power Optimizer Market – Industry Trends and Forecast to 2029

  • OIL, GAS & ENERGY
  • Upcoming Report
  • Jun 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Solar Microinverter and Power Optimizer Market – Industry Trends and Forecast to 2029

Market Size in USD Billion

CAGR - % Diagram

Diagram Forecast Period 2021–2029
Diagram Market Size (Base Year) USD 960.00 Million
Diagram Market Size (Forecast Year) USD 2149.38 Million
Diagram CAGR %

Global Solar Microinverter and Power Optimizer Market, By Type (Solar Microinverter, Power Optimizer), Connectivity (Standalone, On-grid), Application (Residential, Commercial, Utility) – Industry Trends and Forecast to 2029

Market Analysis and Size

The micro inverters and power optimizers have been successful in small scale roof-top installations such as residential and commercial installations due to their ability to generate extra energy yields by minimizing the impact of multi-pitch roofs, soiled or mis-performing modules, and shading mismatch. The growing adoption of higher power modules (300 W+) in residential installations has helped MLPE solutions become more cost-competitive over the years. These determinants will significantly aid the market traction over the forecast timeframe.

Global Solar Microinverter and Power Optimizer Market was valued at USD 960.00 million in 2021 and is expected to reach USD 2,149.38 million by 2029, registering a CAGR of 10.60% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes technological advancements, regulatory framework, PESTEL, porter's five forces analysis, industry standards-at a glance, raw material costs/ operational expenditure-overview, supply chain analysis, vendor selection criteria, pricing analysis, production analysis, and climate chain scenario.

Market Definition

A solar microinverter and power optimizer is a mechanical device that uses thermal energy to perform mechanical work from a rotating output shaft. A solar microinverter and power optimizer is made up of a boiler, turbine, condenser, feed pump, and numerous other components. Solar microinverter and power optimizers are powered by a heated, gaseous stream that flows from the turbine's revolving blades. The steam spins the blades continually, transforming the bulk of the steam's energy into kinetic energy. It is used to generate electricity by powering a generator. Thermal energy, the most frequently used energy source for electricity generation worldwide and has the biggest installed capacity of any other source, is used to power solar microinverter and power optimizers.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2019 - 2014)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Type (Solar Microinverter, Power Optimizer), Connectivity (Standalone, On-grid), Application (Residential, Commercial, Utility)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Poland, Norway, Finland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa

Market Players Covered

 SunPower Corporation (U.S.), Enphase Energy Inc. (U.S.), iEnergy Co. Ltd. (Saudi Arabia), Altenergy Power System Inc. (U.S.), Chilicon Power, LLC (U.S.), SMA Solar Technology AG (Germany), Sparq Systems (Canada), SMA Solar Technology AG (Germany),  Northern Electric Power Technology Inc (U.S.), ABB (Sweden), LG Electronics (SouthKorea), and Darfon (Taiwan)

Market Opportunities

  • Favourable government initiatives
  • Growing adoption of photovoltaic systems

Solar Microinverter and Power Optimizer Market Dynamics

This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

  • Surging Installations of Solar Products

The number of solar photovoltaic installations has expanded tremendously around the world over the years. Total solar PV installed capacity climbed from 6.6 GW in 2006 to 227.1 GW in 2015, according to Coherent Market Insights' study. ACCORDING TO THE INTERNATIONAL ENERGY AGENCY'S (IEA) ROADMAP, solar PV capacity is predicted to reach 4,600 GW by 2050, accounting for 16 percent of worldwide power output, according to the International Energy Agency's (IEA) roadmap. Furthermore, solar installation costs have decreased by more than 70% in the last ten years, providing new opportunities for industry competitors. As a result, the worldwide solar microinverter and power optimizer market is likely to rise over the forecast period due to an increase in solar installations.

Furthermore, factors such as rapid industrialization and rising electricity demand, particularly in developing economies, will drive industry growth. Moreover, with the ever-growing electricity consumption, annual thermal capacity additions are increasing, boosting overall market growth. Another factor increasing demand for solar microinverter and power optimizers is the growth of the renewable energy market, notably in biomass. Additionally, the increased government focus on sustainable energy primarily solar to meet the growing electricity demand will further accelerate the overall market growth.

Opportunities

  • Surging Adoption and Government Initiatives

Furthermore, growing adoption of photovoltaic systems among residential and commercial applications further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, favorable government initiatives such as feed in tariff, tax benefits and subsidy towards the adoption of solar power systems generate various market opportunities.

Restraints/Challenges

  • Strict Electrification Regulations

The strict regulatory policies regarding electric safety across the globe are expected to restrict the market growth can further become a major disadvantage for the solar microinverter and power optimizer market. This factors is anticipated hamper the overall growth of the market.

  • Surging Rising Adoption of DC Optimizer

The DC optimizers are less expensive than solar microinverter and power optimizer systems, which gives them a significant advantage over micro inverters. The overall cost of a micro inverter system is only 10–20 percent greater than that of an optimizer system since an optimizer system requires a central/string inverter and sophisticated DC wirings. As a result, DC optimizer's cost-effective solutions are projected to stifle market expansion, which will further pose as a serious challenge to the growth of the solar microinverter and power optimizer market.

This solar microinverter and power optimizer market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the solar microinverter and power optimizer market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Global Solar Microinverter and Power Optimizer Market Scope

The solar microinverter and power optimizer market is segmented on the basis of type, connectivity and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  • Solar Micro inverter
  • Power Optimizer

 Connectivity

  • Standalone
    On-grid

 Application

  • Residential
  • Commercial
  • Utility

Solar Microinverter and Power Optimizer Market Regional Analysis/Insights

The solar microinverter and power optimizer market is analyzed and market size insights and trends are provided by country, type, connectivity and application as referenced above.

The countries covered in the solar microinverter and power optimizer market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Poland, Norway, Finland, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the solar microinverter and power optimizer market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the numerous incentives such as FITs, investment tax credits, net metering, and rebates, which will favorably influence market share within the region.

On the other hand, Asia-Pacific is estimated to show lucrative growth over the forecast period of 2022-2029. This is due to the rising adoption of rooftop solar systems in the region's residential and commercial sectors.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Solar Microinverter and Power Optimizer Market Share Analysis

The solar microinverter and power optimizer market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to solar microinverter and power optimizer market.

Some of the major players operating in the solar microinverter and power optimizer market are

  • SunPower Corporation (U.S.)
  • Enphase Energy Inc. (U.S.)
  • iEnergy Co. Ltd. (Saudi Arabia)
  • Altenergy Power System Inc. (U.S.)
  • Chilicon Power, LLC (U.S.)
  • SMA Solar Technology AG (Germany)
  • Sparq Systems (Canada)
  • SMA Solar Technology AG (Germany)
  • Northern Electric Power Technology Inc (U.S.)
  • ABB (Sweden)
  • LG Electronics (SouthKorea)
  • Darfon (Taiwan)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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Global Solar microinverter and power optimizer Market is expected to show a value of USD 960.00 million in 2021.
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