Features such as upgraded safety and high energy yield will boost solar microinverter and power optimizer industry in commercial applications, which contributed to more than 15% of the overall share in 2015. Government initiatives such as tax rebate, investment tax credit, net metering and FIT to increase the number of PV system installations across commercial buildings, will also subsequently propel U.S. solar microinverter and power optimizer market, which is anticipated to grow at a CAGR of 15% over 2016-2024.
Increasing deployment of solar rooftop systems across malls, buildings, and other commercial complexes will further augment solar microinverter and power optimizer industry in commercial applications, projected to cross a target revenue USD 300 million by 2024.
Three phase solar microinverters and power optimizers help enhance the system downtime, in addition to possessing features such as upgraded conversion efficiency coupled with high circuit density in comparison with their counterparts. High demand for uninterrupted power supply will fuel solar microinverter and power optimizer market in the utility sector in the years to come.
Owing to the rising adoption of rooftop solar PV systems, solar microinverter and power optimizer industry in residential applications is slated to witness healthy gains over 2016-2024, having recorded a revenue of more than USD 440 million in 2015. Government encouragement toward the utilization of solar rooftop systems in residential applications will subsequently stimulate on-grid solar microinverter and power optimizer market, which was worth more than USD 120 million in 2015. Favorable initiatives such as tax rebate, low interest rate loans, feed in tariff, subsidies, and other financial benefits will also drive on-grid solar microinverter and power optimizer industry growth over 2016-2024.
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Compact size and design flexibility are two major characteristics of standalone connectivity that help eliminate the requirement for an electrolyte capacitor, fan, and a large transformer. Driven by these convenient features, standalone solar microinverter and power optimizer market is slated to grow at a CAGR of more than 10% over 2016-2024.
China solar microinverter and power optimizer industry, having registered a revenue of more than USD 50 million in 2015, is expected to cross a target size 1.4 GW by 2024. This growth can primarily be attributed to the increased government programs for uninterrupted electricity supply across the region.
The Indian government is developing subsidy schemes, with a 40% subsidy on the initial capital investment toward the installation of PV systems in the urban and rural areas. Owing to such favorable government initiatives, India solar microinverter and power optimizer market will depict a steep CAGR of more than 20% over 2016-2024.
UK solar microinverter and power optimizer industry contributed to more than 10% of the regional share in 2015, and will witness substantial gains in the years to come, driven by high installation rate of solar rooftop systems. Government regulations pertaining to the increased adoption of renewable energy sources over fossil fuels will spur Germany solar microinverter and power optimizer market, which was valued at a revenue of more than USD 30 million in 2015.
Increased R&D investments and development of innovative products are key strategies adopted by major companies. Leading industry participants include Ampt, Enphase Energy, Petra Systems, SunPower Corporation, Sparq Systems, i-Energy, Delta Energy Systems, SolarEdge Technologies, Solantro, KACO New Energy, Tigo Energy, Array Power, Chilicon Power, Alencon Systems, and Altenergy Power Systems. Public awareness regarding the advantages of renewable energy sources over conventional energy sources will eventually lead to increased product demand, positively influencing solar microinverter and power optimizer industry.