Solar Microinverter and Power Optimizer: Assessing the Market Outlook for 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 in the historic period can be attributed to integration with energy storage, increasing popularity and adoption of solar power, surging installations of solar products, growth of smart homes and smart energy management systems, demand for microinverters that can integrate 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 $8.00 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to increasing demand for solar power, residential sector growth, enhanced power harvesting systems, growing adoption of photovoltaic systems, and favorable government incentives. Major trends in the forecast period include government incentives, technological advancements, residential sector dominance, rising investments, product innovations.

Market Overview -
Solar microinverters and power optimizers refer to the devices used in photovoltaic (PV) solar energy systems to enhance performance and efficiency, especially in installations with shading or complex roof designs of solar panels. They convert DC (direct current) electricity generated by individual solar panels into AC (alternating current) electricity, while power optimizers maximize the overall energy output of the system by optimizing the performance of each panel.

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Surging Electricity Demand Drives Growth In The Solar Microinverter And Power Optimizer Market
The rising demand for electricity is expected to propel the growth of the solar microinverter and power optimizer markets going forward. Electricity demand refers to the rate at which electricity is being consumed at a specific point in time. It represents the immediate amount of electrical power being used, as opposed to energy (kWh), which measures the total amount of power used over a period of time. Solar microinverters and power optimizers play a crucial role in maximizing the energy harvest and optimizing the performance of individual solar panels in a solar photovoltaic (PV) system. These are used to enable the conversion, optimization, and monitoring processes that contribute to the efficient utilization of solar energy in electricity generation. For instance, in 2022, according to the data published by Our World in Data, a UK-based scientific online publication organization, US electricity demand increased from 4,192.9 TWh (terawatt-hour) in 2021 to 4,338.1 TWh (terawatt-hour) by 2022. Therefore, the rising demand for electricity is driving the growth of the solar microinverter and power optimizer markets.

Competitive Landscape -
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.

Innovative Solutions Propel Solar Microinverter Market As Companies Embrace Advanced Technologies
Major companies operating in the solar microinverter and power optimizer market are developing innovative products with advanced technologies, such as IQ8P microinverters, to meet the evolving needs of the solar energy industry. Microinverters are devices used in solar power systems to convert direct-current (DC) electricity generated by individual solar panels into alternating-current (AC) electricity. For instance, in November 2023, Enphase Energy, a US-based energy technology company, launched its new IQ8P microinverters in Mexico. These microinverters are designed to support newer, higher-powered solar modules, with a peak output power of 480 watts and the ability to manage a continuous DC, thereby increasing energy harvesting. In addition, these features collectively position the IQ8P microinverter as a high-performing, reliable, and versatile solution for both residential and commercial solar energy systems. Also, this innovative product is essential to address the increasing global demand for solar energy and offers significant benefits in terms of energy production, efficiency, and reliability.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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