Solar Microinverter & Power Optimizer Market size worth USD 2 billion by 2023, to grow at a CAGR of over 25% from 2016 to 2023
"Solar Microinverter & Power Optimizer Market Size, Industry Analysis Report, Regional Outlook, Application Development, Price Trend, Competitive Market Share & Forecast, 2016 - 2023"
Solar microinverter & power optimizer market size was valued over USD 300 million in 2013 and is likely to grow at a CAGR of over 25% from 2016 to 2023 and exceed USD 2 billion. It is also referred as module-level power electronics (MLPEs) market.
Rising needs to enhance energy obtained by solar PV modules is estimated to drive industry demand over the forecast period. It also aids in condition or converting power at module level and enables in dropping the levelized electricity cost. Thus, these features offered are anticipated to propel industry growth over the forecast years.
Power optimizer market participants may witness tremendous growth avenues by partnering module manufacturers in order to compete with residential mircoinverter market players. Advent of solar PV is forecast to exhibit substantial growth avenues for microinverter & power optimizer market over the forecast period. Increasing usage of solar PV systems is expected to fuel the demand for these systems from 2016 to 2023.
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The spur in demand for these systems can be attributed to its property of converting direct current (DC) to alternating current (AC) which was utilized by most of the electric components. These equipments are likely to harvest more than 25% of the electricity when compared to traditional central inverter and string devices that covert the power with the help of multiple solar panels. Furthermore, power optimizers also perform the same function by executing module level maximum power point tracking (MPPT).
Despite of the presence of huge industry participants, huge growth industrial potential is likely to attract large number of industry players. For instance, foremost inverter suppliers namely Delta and Kaco are anticipated to launch new micro inverter model in order to diversify and expand their product portfolio.
Existing industry players are forecast to experience fierce competition from new industry participants. This might compel the existing players to focus on innovation by developing next generation modules along with designing new sales channels. Industry partners namely Tigo and SolarBridge are expected to undergo integration of their products to manufacture a Smart module or AC module to tackle the growing competition in the market. In addition, SolarEdge and Enphase are likely to derive success from solar lease firms such as SolarCity and Sunrun as a substitute sales channel in order maintain their existence in the industry over the forecast period.
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New industry players such as Maxim Integrated and others may develop partnership with various module vendors in order to consolidate market position, which would strengthen industry competition. Rising market competition might result in descending the power optimizer prices in the several forth coming years.
Potential growth regions such as United Kingdom, Australia and the U.S. are projected to drive MLPEs market demand. North America microinverter & power optimizer market is anticipated to witness significant growth from 2016 to 2023. Residential sector is likely to represent the largest industry share for these systems. In addition, commercial microinverter market is likely to exhibit potential growth prospects owing to increasing implementation of these devices in the region.
Japan microinverter & power optimizer market is likely to grow at a CAGR of over 7% from 2016 to 20203 and it is estimated witness remarkable growth. The surge in the regional demand can be attributed to descending microinverter and power optimizer prices over the forecast period. In addition, manufacturers in the region likely to gain certification from japan electrical safety & environment technology laboratories thus might the domestic manufacturers to ship these systems globally.
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Europe is also estimated to experience considerable growth from 2016 to 2023. The surge in the region can be subjects proliferating acceptance of these systems. Germany and France are anticipated to hold the significant industry share over the forecast period. Asia Pacific is projected to record substantial growth due to flourishing penetration of MLPE technology in the region. High potential countries such as china and Japan are likely to generate massive growth opportunities over the several forth coming years.
Major industry participants' accumulation substantial solar microinverter & power optimizer market share include Enphase, Tigo, SolarEdge, Kac, Ampt, Sunrun, Delta and SolarCity among others.
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