PUBLISHER: Allied Market Research | PRODUCT CODE: 1139900
PUBLISHER: Allied Market Research | PRODUCT CODE: 1139900
The global power optimizer market was valued at $2.6 billion in 2021, and is projected to reach $7.3 billion by 2031, growing at a CAGR of 10.81% from 2022 to 2031.
Power optimizer are essentially DC-DC converters, taking DC power from a solar panel at different voltage and current is optimal through MPPT, then converting that to a different voltage and current that best suits the central or string inverter. Power optimizer has gained popularity in a wide scale of utility applications, which is expected to propel growth of the market. Power optimizers are increasingly used in residential, commercial & industrial, and utility sectors since past few years. Power optimizers are present for each solar panel to optimize the power.
Rise in building & construction activities in developing economies across the globe increases the need for continuous power supply that can be fulfilled with the help of solar power generation, which, in turn, is expected to fuel growth of the market during the forecast period. However, high cost associated with power optimizers in the solar system is anticipated to restrain growth of the power optimizer market during the forecast period. On the contrary, rise in R&D activities toward increasing efficiency of power optimizer with its unique advantages, and government initiative toward renewable energy across the globe are expected to create opportunities for key players operating in the power optimizer market during the forecast period.
The power optimizer market is segmented on the basis of connectivity, application, end use, and region.
On the basis of connectivity, the global power optimizer market is segmented into standalone and on-grid. On the basis of application, it is segmented into residential, commercial, and utility. On the basis of end use, the global market is bifurcated into module level MPPT, advanced power line communication, monitoring components, safety shutdown components, and others.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by Europe and North America.
The major companies profiled in this report include SolarEdge Technologies, Inc., Enphase Energy, Tigo Energy, Sunpower Corporation, Delta Energy Systems, Solantro, Altenergy Power System, Inc., Kaco New Energy, Inc., Alencon Systems, LLC, and I-energy Co., Ltd. Additional growth strategies such as expansion of production capacities, acquisition, collaboration, joint venture, and partnership in development of innovative products from manufacturers have helped to attain key developments in the global power optimizer market trends.
COVID-19 analysis:
By Connectivity
By Application
By End Use
By Region