The Global Power Optimizer Market is estimated to value over USD 1.3 billion by 2029 end and is expected to register a CAGR of 8.1% over the forecast period 2019 to 2029.
Power optimizers are used as core components in modern-day solar power plants. Operational and regulatory re-structuring across prominent power markets aided by rapid technological advancements in the field of efficiency, product operation and flexibility has been integral for this evolution.
Manufacturers within the industry are focussing to employ environmental compatibility, power output, product functions and low installations costs. Therefore, noteworthy upgrades and variations in manufacturing along with a competitive cost will positively influence the global market.
Growing environmental concerns coupled with strict governmental regulations to control the carbon footprint has influenced the power optimizer market owing to its integration with advanced solar power plants.
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Insights on Global Power Optimizer Market:
1. By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Rest of the World
The North American region is anticipated to hold a major market share of the global market as solar power is more accessible, prevalent and affordable across the region. Solar energy markets are gradually maturing and the electricity provided using solar energy is economically competitive as compared to conventional energy sources in the region. Additionally, solar energy is the cleanest domestic energy source which assists economic growth, job creation and most importantly, in mitigating climatic change.
2. By Connectivity
• Stand-alone
• On-grid
There has been an upsurge in the demand for energy across the world which has been an influential factor in the augmentation of stand-alone market segment. Furthermore, the micro-grid network expansion for large-scale renewable integration has resulted in favourable business conditions in developed countries thus expanding the market proliferation.
3. By Application
• Residential
• Commercial
• Utility
Residential segment is projected to showcase significant market augmentation during the forecast period. Reforms like subsidies, feed-in tariff, incentives for grid-based solar roof-top installations supported by strict mandates towards manufacturing and integrating effective optimizer technologies will boost the market further. Additionally, the government is planning to support roof-top deployments on residences assisted by an incremental energy efficiency will spur the market growth.
4. By Converter
• Buck Converter
• Boost Converter
• Buck-Boost Converter
Buck converter segment dominates the global market and is expected to showcase similar market growth during the forecast period. Buck converters are less costly which is why it is primarily preferred. But this converter has electromagnetic interference (EMI) issues due to a varying output capacitance and this could affect the market growth of buck converters.
5. By End Use
• Module Level MPPT
• Advanced Power Line Communication
• Monitoring Components
• Safety Shutdown Components
• Others
Module level MPPT segment dominates the market owing to benefits like module mismatch, module shading impact and over or under performing modules will affect the power optimizer market outlook.
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Competitive Landscape:
• Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants
GreenBrillance USA announced an AI-based solar power optimizer Neurobotz in 2018. This optimizer delivers an efficiency of 99.3% using high-quality electrolytic copper windings. It is integrated with the latest IoT technology with wireless communication to report and monitor equipment predictive and efficiency maintenance alerts.
Key Market Players:
• SolarEdge
• Panasonic
• GreenBrillance
• Darfon Electronics
• Texas Instruments
• Xandex
• Mornsun
• Ferroamp
FutureWise Key Takeaways:
• Growth prospects
• SWOT analysis
• Key trends
• Key data-points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis on the power optimizer market by region, by connectivity, by application, by converter, by end use
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and rest of the world
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
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