Solar Microinverter and Power Optimizer Market Poised To Hit CAGR of 13.4% By 2032

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18 Sep 2024

Table of Content

The global solar microinverter and power optimizer market size was evaluated at USD 4.3 billion in 2022 and is expected to be worth around USD 14.5 billion by 2032, growing at a strong CAGR of 13.4% during the forecast period from 2023 to 2032.

A solar microinverter is a piece of electronic gear used in photovoltaic cells to alter the current's waveform. Direct current is converted into alternating current using an inverter, which typically operates in a parallel circuit. A microinverter is a component of each of the many single solar panels that make up the PV cell system. Each panel's power output may be separated by the device, which can then transform it into grid voltage. They have a number of benefits over conventional string converters, including the ability to keep the power flowing steadily even when panels are shaded, incredible design flexibility, the ability to maximise the power from solar panels thanks to the Maximum Power Point Tracking technology, and a lower risk of fire.

The market is being propelled by the expanding use of solar microgrids as well as the rising need for energy in the commercial and industrial sectors. Another significant aspect driving development is the rise in residential solar rooftop installations. Additionally, the industry is expanding due to the growing use of building-integrated photovoltaics (BIPV). The BIPV is the integration of PV power generators, which serve as a secondary or primary source of electrical power, into the building envelope materials. Microinverters help to regulate the building's temperature while safeguarding it from numerous fire risks. Additionally, factors such as rising research and development (R&D) activities, rising product demand due to its remote monitoring capabilities, and the adoption of government programs to promote the usage of renewable energy are further propelling the market's expansion.

Regional Snapshots:

North America is the world's largest market for solar microinverter and power optimizers, with a significant portion of the market attributable to residential solar PV installations. However, the industry may soon experience development in other geographical markets, such as Asia Pacific, as falling prices for power optimizers and microinverters aim to entice cost-sensitive countries with untapped growth prospects.

Solar Microinverter and Power Optimizer Market Report Scope:

 

Recent Developments:

• S-Series Power Optimizers, a new line of Power Optimizers, were released by SolarEdge in December 2021. The new product line sought to boost energy output and system uptime by providing module-level visibility into site performance. Additionally, the new line of products includes SolarEdge Sense Connect features, a technology that guards against any thermal abnormalities.
• Mar-2021: The TS4-A-O optimizer was updated by Tigo Energy. The firms sought to provide the maximum per-module wattage possible in any optimizer on the market with this product extension. The TS4-A-O optimizer would be able to function with the most recent PV modules thanks to this expansion.
• Delta unveiled the high-capacity string inverter M250HV in February 2021. The new approach aims to facilitate flexible planning for large-scale solar power facilities and expedite their design, construction, and operation. The new inverter also has a 250kW power output, 12 sets of MPP trackers, and is more efficient.

Major Key Players:

• SunPower Corporation
• Enphase Energy Inc.
• iEnergy Co. Ltd.
• Altenergy Power System Inc.
• Chilicon Power, LLC
• SMA Solar Technology AG
• Sparq Systems
• SMA Solar Technology AG
• Northern Electric Power Technology Inc
• ABB
• LG Electronics
• Darfon

Market Segmentation:

By Type

• Solar Microinverter
• Power Optimizer

By Connectivity

• Standalone
• On-grid

By Application

• Residential
• Commercial
• Utility

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