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Power Optimizers Market 2024 Analysis By Size, Share, Growth, Trends Up To 2033
Power Optimizers Global Market Report 2024
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According to The Business Research Company's, The power optimizers market size has grown rapidly in recent years. It will grow from $2.01 billion in 2023 to $2.23 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to the rising adoption of solar energy, government incentives and policies, cost reduction efforts, increasing environmental awareness, market maturation, and growth.
The power optimizers market size is expected to see rapid growth in the next few years. It will grow to $3.40 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to performance improvements in solar PV systems, the establishment of industry standards and certifications, educational initiatives and consumer awareness, competitive landscape, and innovation. Major trends in the forecast period include technological advancements in MPPT technology, the global shift towards renewable energy sources, continued technological innovations, expansion of electric vehicle charging infrastructure, and integration with smart grid technologies.
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Market Drivers and Trends:
The shift towards renewable energy sources is expected to propel the growth of the power optimizers market going forward. Renewable energy sources refer to energy generated from natural resources that are constantly replenished, such as sunlight, wind, rain, tides, and geothermal heat. The demand for renewable energy sources is experiencing growth due to increasing global awareness of environmental sustainability and efforts to reduce carbon emissions. Power optimizers in the renewable energy sector enhance the efficiency and performance of solar photovoltaic (PV) systems by maximizing power output from individual solar panels, thereby contributing to overall energy production and cost-effectiveness. For instance, in January 2024, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the amount of renewable energy capacity added to energy systems around the world grew by 50% in 2023, reaching almost 510 gigawatts (GW). Therefore, the shift towards renewable energy sources is driving the growth of the power optimizers market.
Major companies operating in the power optimizers market are focusing on developing advanced products, such as residential power optimizers, to gain a competitive edge in the market. Residential power optimizers are electronic devices used in home solar energy systems to enhance the efficiency and performance of individual solar panels. For instance, in December 2021, SolarEdge Technologies Inc., an Israel-based provider of smart energy technology, launched the Power Optimizer S-Series for residential PV systems. The SolarEdge S-Series power optimizers are designed specifically for residential photovoltaic (PV) systems, enhancing energy harvest by mitigating module mismatch and shading issues. These optimizers offer advanced performance monitoring and remote troubleshooting capabilities, ensuring optimal efficiency and reliability. With their compact size and ease of installation, the S-Series optimizers streamline the integration of solar energy solutions for homeowners. The series was specifically designed to be compatible with SolarEdge residential inverters and is claimed to be able to detect abnormal PV connector behavior to prevent fire risk and safety issues.
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Major Key Players of the Market:
Huawei Technologies Co. Ltd., Panasonic Corporation, Schneider Electric SE, ABB Ltd., Delta Electronics Inc., Omron Corporation, AP Systems Co. Ltd., SolarEdge Technologies Inc., Maxim Integrated Products Inc., Enphase Energy Inc., SunPower Corporation, SMA Solar Technology AG, Ingeteam S.A., Fronius International GmbH, SolaX Power, KACO new energy GmbH, Tigo Energy Inc., Sparq Systems, Ampt LLC, Alencon Systems LLC, Ferroamp Elektronik AB, Infineon Technologies AG, Hoymiles Power Electronics Corp.
Power Optimizers Market 2024 Key Insights:
• The power optimizers market size is expected to see rapid growth in the next few years. It will grow to $3.40 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%.
• Shift Towards Renewable Energy Drives Growth In Power Optimizers Market
• Enhancement In Residential Solar Energy Efficiency And Safety
• Asia-Pacific was the largest region in the power optimizers market in 2023
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