Global Solar Microinverter and Power Optimizer Market to exceed $1.74bn by 2024

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Solar Microinverter And Power Optimizer Market to
grow at 10 CAGR from 2016 to 2024 Global Market
Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Industry Overview

• Rising adoption of photovoltaic systems in
  commercial and residential sectors will propel
  global solar microinverter and power optimizer
  market. In addition, high demand for upgraded
  power harvesting systems embedded with features
  such as panel monitoring for independent power
  generation will catalyze industry growth.
  Prominent companies, increasingly investing in
  RD for unique product development will also
  catalyze the market share. According to Global
  Market Insights, Inc., Solar Microinverter And
  Power Optimizer Industry is forecast to hit USD
  1.4 billion by 2024, increasing at a CAGR of 10
  over 2016-2024.
• Microinverters help convert DC to AC with the
  help of photovoltaic installations. Their
  functionality is based on MLPE (module level
  power electronics) technology, which improves the
  overall efficiency of the system, while
  simultaneously eliminating the adverse effects of
  module mismatch. With the benefits of enhanced
  design flexibility, convenient installation
  procedure, and module level monitoring, solar
  microinverter and power optimizer systems find
  widespread applications in the residential,
  utility, and commercial sectors, which will
  catapult solar microinverter and power optimizer
  market.

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• 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.

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• 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.
• 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 RD 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.

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Europe Solar Microinverter And Power Optimizer
Market size, by application, 2013 2024 (MW)

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