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Solar Microinverter And Power Optimizer Market Demand, Trends By Key Industry Players: Enphase Energy, SolarEdge Technologies, Delta Energy Systems, Solantro, i-energy, Petra Systems, Altenergy Power System, Tigo Energy
Solar Microinverter and Power Optimizer Market
On-grid solar microinverter and power optimizer market is predicted to witness a substantial growth of over 15%. Initiatives including feed in tariff schemes introduced by regulators will positively influence the industry landscape. Commercial applications will exceed USD 300 million by 2024. Growing deployment of rooftop PV systems in commercial complexes including malls, and SEZs will positively impact business growth.
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Growing adoption of solar rooftop systems will increase the demand for global solar microinverter and power optimizer. Increasing deployment of PV systems for commercial applications including SEZs and shopping malls will positively impact the business growth. Higher energy yields, module level monitoring and improved safety measures will drive the commercial solar microinverter and power optimizer market. Declining system cost coupled with rising demand for uninterrupted power supply will encourage the adoption across utility applications.
Technology innovation pertaining to power harvesting systems coupled with decreasing component prices will drive the solar microinverter and power optimizer market. Companies including SolarBridge and Tigo are working towards the development of integrated module-inverter smart technology to enhance the efficiency of PV architecture and thereby positively impacting overall return on investments of the end consumer.
For Europe, Germany solar microinverter and power optimizer market size for 2015 was valued over USD 30 million. Directive 2009/28/EC has been introduced to promote and produce energy from renewable resources. It sets a target to fulfill 27% of its energy needs through renewable resources by 2030.
Solar Microinverter And Power Optimizer Market was above USD 550 million in 2015 and will exceed USD 1.4 billion by 2024.
Growth Drivers:
. Increasing rooftop PV installation
. Cost effective and highly reliable
. Higher efficiency
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The U.S. solar microinverter and power optimizer market is witnessed to grow over 15% by 2024. Government has introduced tax credit schemes for the installing PV systems across residential and commercial centers availing 30% tax credit.
China is predicted to exceed 1.4 GW by 2024 owing to growing adoption of sustainable energy. In 2016, China introduced a strategy to lighten poverty by increasing the income of underprivileged households through installation of solar systems. The National Energy Agency (NEA) is framing policies for the deployment of PV technology across off-grid areas.
India solar microinverter and power optimizer market is expected to witness a significant growth of over 20% in terms of volume. Indian Renewable Energy Development Agency Ltd. (IREDA) through National Bank for Agriculture and Rural Development (NABARD) has implemented a subsidy scheme under which 40% subsidy on capital cost has been provided towards the deployment of PV systems in rural and urban areas.
Key industry participants include Enphase Energy, SolarEdge Technologies, Delta Energy Systems, Solantro, i-energy, Petra Systems, Altenergy Power System, Tigo Energy, Kaco New Energy, Sparq Systems, SunPower Cormporation, Array Power and Chilicon Power.
Browse key industry insights spread across 174 pages with 263 market data tables & 10 figures & charts from the report, Solar Microinverter And Power Optimizer Market in detail along with the table of contents:
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