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
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Solar Microinverter, Power Optimizer), Connectivity (Standalone, On-grid), Application (Residential, Commercial, Utility)
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Countries Covered
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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
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Market Players Covered
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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)
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Market Opportunities
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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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