What Has Been the Progress and Growth of the Solar Microinverter and Power Optimizer Market in Recent Years?
The solar microinverter and power optimizer market has seen considerable growth due to a variety of factors.
• There has been a quick expansion in the market size of solar microinverters and power optimizers in previous years. The market is projected to rise from a value of $4.97 billion in 2024 to $5.67 billion in 2025, which represents a compound annual growth rate (CAGR) of 14.1%.
The historical growth is largely driven by integration with energy storage systems, the rising acceptance and usage of solar power, surge in solar product installations, the development of smart homes and intelligent energy management systems, and the demand for microinverters compatible with contemporary energy systems.
What Is The Expected Growth In The Solar Microinverter and Power Optimizer Market Size Evolve over the Forecast Period?
The solar microinverter and power optimizer market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations for the solar microinverter and power optimizer market are bullish, with a rapid expansion anticipated in the coming years. The market is poised to reach $8.94 billion by 2029, growing at a compound annual growth rate (CAGR) of 12.1%.
This optimistic growth projection is due to factors such as heightened demand for solar energy, expansion of the residential sector, progress in power harvesting systems, increased acceptance of photovoltaic systems, and government incentives. Further influencing this growth trend are factors such as public incentives, technological innovations, dominance of the residential sector, surging investments, and product advancements.
What Main Forces Are Fueling Expansion In The Solar Microinverter and Power Optimizer Market?
The forecasted increase in electricity usage is anticipated to drive the expansion of the solar microinverter and power optimizer markets. The term electricity demand is indicative of the rate at which power consumption is taking place at any given moment. It shows the instantaneous quantity of electric power utilization, unlike energy (kWh), which quantifies the aggregate power use over a duration of time. In a solar photovoltaic (PV) system, solar microinverters and power optimizers have a pivotal role to play as they work towards enhancing energy yield and optimizing the operation of each solar panel. Conversion, optimization, and quality control exercises that enable efficient utilization of solar energy for power generation are aided by these devices. For example, the International Energy Agency (IEA), an autonomous intergovernmental organization based in France, reported in January 2024 that global electricity demand witnessed a growth of 2.2% in 2023. Additionally, in 2022, the United States observed a 2.6% increase in the demand for electricity. Consequently, this surge in demand for electricity is boosting the expansion of the solar microinverter and power optimizer markets.
What Are The Primary Segments In The Global Solar Microinverter and Power Optimizer Market?
The solar microinverter and power optimizer market covered in this report is segmented –
1) By Product: Micro Inverter, Power Optimizer
2) By Connectivity: Standalone, On Grid
3) By Application: Residential, Commercial And Industrial, Utility
Subsegments:
1) By Micro Inverter: Grid-Tied Micro Inverters, Off-Grid Micro Inverters, Hybrid Micro Inverters
2) By Power Optimizer: Module-Level Power Electronics (MLPE), String Optimizers, Smart Power Optimizers
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What Trends Are Shaping The Solar Microinverter and Power Optimizer Market?
Major firms involved in the solar microinverter and power optimizer sector are introducing advanced, technologically-driven products like IQ8P microinverters, catering to the ever-changing needs of the solar power industry. Microinverters, which convert the direct-current (DC) power produced by individual solar panels into alternating-current (AC), play a key role in solar energy systems. A case in point is Enphase Energy - a US-based energy technology firm that, in November 2023, introduced its latest IQ8P microinverters in Mexico. These are built to accommodate the higher-powered solar modules, boasting a peak output capacity of 480 watts and the potential to handle continuous DC, thus improving energy yields. Moreover, these highlights make the IQ8P microinverter a high-performing, dependable, and adaptable solution for both domestic and business solar power systems. This groundbreaking product is crucial in fulfilling the escalating worldwide demand for solar power, providing considerable efficiency, production, and dependability benefits.
Who Are the Key Players In The Solar Microinverter and Power Optimizer Market?
Major companies operating in the solar microinverter and power optimizer market 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.
What Is The Most Dominant Region In The Solar Microinverter and Power Optimizer Market?
North America was the largest region in the solar microinverter and power optimizer market in 2024. 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.
