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Solar Microinverter And Power Optimizer Market Analysis Focuses On Top Manufacturers - SolarEdge Technologies, Inc, Enphase Energy, Tigo Energy, SunPower Corporation, KACO New Energy, Inc
Solar Microinverter And Power Optimizer Market
Germany solar microinverter and power optimizer industry, which collected a revenue of USD 30 million in 2015, will expand significantly during the years to come. Consistent efforts by the regulators to encourage the production of renewable energy is anticipated to boost the industry growth in the region.
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Escalating popularity of solar power systems due to rising ecological concerns and low costs will favor solar microinverter and power optimizer market expansion over the coming seven years. "Solar microinverter and power optimizer industry is projected to grow at a rate of 10% over the period of 2016 to 2024." Beneficial government policies such as tax concessions, low tariffs, incentives, and loans will benefit the business over the next few years. The U.S. government has announced 30% solar investment tax credit for installing PV systems in commercial and residential constructions. High preference for clean energy technologies across residential, commercial, and utility business spaces will favorably impact the industry trends.
Solar microinverter and power optimizer market revenue generated through residential sector was worth USD 440 million in 2015 and is forecast to observe a huge surge over the next few years. Burgeoning demand for rooftop solar solutions is anticipated to drive the revenue. Commercial application is forecast to surpass USD 300 million by 2024, driven by rise in the deployments of solar power systems across shopping malls and special economic zones. Increasing need for uninterrupted supply of electricity plus diminishing costs of PV systems will contribute significantly towards the industry expansion across the utility business space.
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.
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. Government encouragement toward the utilization of solar rooftop systems in residential applications will subsequently stimulate on-grid solar microinverter and power optimizer market, which was worth more than USD 120 million in 2015. Favorable initiatives such as tax rebate, low interest rate loans, feed in tariff, subsidies, and other financial benefits will also drive on-grid solar microinverter and power optimizer industry growth over 2016-2024.
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Increased R&D investments and development of innovative products are key strategies adopted by major companies. Leading industry participants include A SolarEdge Technologies, Inc, Enphase Energy, Tigo Energy, SunPower Corporation, KACO New Energy, Inc. 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 market.
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