Global Solar Microinverter And Power Optimizer Market is projected to exceed USD 1.4 billion by 2024. Growing demand for continuous and reliable power harvesting systems will stimulate the solar microinverter and power optimizer market. Increasing adoption of PV systems for residential and commercial applications will propel the industry growth. Favorable government incentives including financial assistance, tax rebate, soft loans and low import duty will further complement the business outlook.
Decreasing component price coupled with innovative technologies will drive the solar microinverter and power optimizer market. Major players including SolarBridge and Tigo are developing the smart technology to strengthen the PV architecture, thereby positively impacting the ROI of end consumer. Higher initial cost as compared to the traditional inverter may hinder the business growth.
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.
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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.
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.
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China is predicted to exceed 1.4 GW by 2024 owing to growing adoption of sustainable energy. In 2016, China introduced a strategy to lighten poverty by increasing the income of underprivileged households through installation of solar systems. The National Energy Agency (NEA) is framing policies for the deployment of PV technology across off-grid areas.
Abundant solar resource availability, low interest rates and stable political environment are the factors responsible to augment Latin America solar microinverter and power optimizer market. Chile aims to harness 70% of total energy through renewable sources by 2050.
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.