Solar Microinverter and Power Optimizer Global Market Report 2024

The solar microinverter and power optimizer market size has grown rapidly in recent years. It will grow from $4.34 billion in 2023 to $4.97 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth observed in the historic period can be attributed to factors such as the integration of solar microinverters and power optimizers with energy storage solutions, the increasing popularity and adoption of solar power, a surge in installations of solar products, the growth of smart homes and smart energy management systems, and the demand for microinverters capable of seamless integration with modern energy systems.

The solar microinverter and power optimizer market size is expected to see rapid growth in the next few years. It will grow to $8.0 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. In the forecast period, growth can be attributed to factors such as the increasing demand for solar power, the growth of the residential sector, advancements in power harvesting systems, a rising adoption of photovoltaic systems, and favorable government incentives. Key trends expected in this period encompass the continuation of government incentives, ongoing technological advancements, the dominance of the residential sector, increased investments in the industry, and continuous product innovations.

The anticipated increase in electricity demand is set to drive the growth of both the solar microinverter and power optimizer markets. Electricity demand represents the real-time rate of electricity consumption, and with the rising need for electricity, there is a corresponding growth in technologies that enhance the efficiency of solar energy utilization. Solar microinverters and power optimizers play a crucial role in maximizing energy harvest and optimizing the performance of individual solar panels within a solar photovoltaic (PV) system. These technologies contribute to the efficient conversion, optimization, and monitoring processes that are vital for effective solar energy utilization in electricity generation. For example, data from 2022 published by Our World in Data indicates that US electricity demand increased from 4,192.9 terawatt-hours (TWh) in 2021 to 4,338.1 TWh in 2022, emphasizing the significant impact of rising electricity demand on the solar microinverter and power optimizer markets.

Leading companies in the solar microinverter and power optimizer market are actively developing innovative products with advanced technologies to meet the evolving demands of the solar energy industry. An example is the introduction of IQ8P microinverters by Enphase Energy, a US-based energy technology company. Launched in November 2023 in Mexico, these microinverters are designed to support newer, higher-powered solar modules, boasting a peak output power of 480 watts and the ability to manage continuous DC. These features position the IQ8P microinverter as a versatile, high-performing solution suitable for both residential and commercial solar energy systems. This innovation is crucial in addressing the growing global demand for solar energy, offering significant benefits in terms of energy production, efficiency, and reliability.

In June 2022, SolarEdge Technologies, an Israel-based smart energy technology company specializing in solar inverter systems and power optimizers, entered into a partnership with Shawton Energy. The collaboration aims to accelerate the adoption of solar energy in the UK's Commercial and Industrial (C&I) sector by making it more accessible, affordable, and efficient for businesses. Combining technology, financing, and project development expertise, SolarEdge Technologies and Shawton Energy provide a compelling solution to potential customers. Shawton Energy, based in the UK, is a provider of solar PV inverters, solar PV carports, and battery energy storage systems, enhancing the overall capabilities of the partnership.

Major companies operating in the solar microinverter and power optimizer market report are Huawei Technologies Co. Ltd., LG Electronics Inc, Schneider Electric SE, ABB Ltd., Infineon Technologies AG, Delta Electronics Inc., Sungrow Power Supply Co. Ltd., SolarEdge Technologies Inc., SunPower Corporation, Ginlong Technologies Co. Ltd., Array Power, SMA Solar Technology AG, Darfon Electronics Corp., Enphase Energy Inc., Fronius International GmbH, Ferroamp Elektronik AB, Altenergy Power System Inc., KACO New Energy, Tigo Energy Inc., FIMER S.p.A., nPower Corporation, Eguana Technologies Inc., Ampt LLC., CyboEnergy Inc., Northern Electric Power Technology Inc., Alencon Systems LLC, Chilicon Power LLC, PCE Process Control Electronic GmbH, Solantro Semiconductor Corp.

North America was the largest region in the solar microinverter and power optimizer market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar microinverter and power optimizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solar microinverter and power optimizer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Solar microinverters and power optimizers are devices employed in photovoltaic (PV) solar energy systems to improve performance and efficiency, particularly in installations with shading or intricate roof designs of solar panels. These devices play a crucial role in the system by converting DC (direct current) electricity generated by individual solar panels into AC (alternating current) electricity. Power optimizers specifically work to maximize the overall energy output of the system by optimizing the performance of each individual solar panel.

The primary types of products in solar microinverters and power optimizers are microinverters and power optimizers. A microinverter is a small inverter installed at the individual solar panel site, responsible for converting the electricity generated by the panel into usable electricity. These products are further classified by their connection types, including freestanding and on-grid configurations. Solar microinverters and power optimizers find applications in various settings such as residential, commercial, industrial, and utility-scale installations.

The solar microinverter and power optimizer market research report is one of a series of new reports that provides solar microinverter and power optimizer market statistics, including solar microinverter and power optimizer industry global market size, regional shares, competitors with a solar microinverter and power optimizer market share, detailed solar microinverter and power optimizer market segments, market trends and opportunities, and any further data you may need to thrive in the solar microinverter and power optimizer industry. This solar microinverter and power optimizer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The solar microinverter and power optimizer market consists of sales of standalone microinverters, integrated microinverters, and string inverters. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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