Power Optimizer Market By Connectivity (Standalone, On-Grid), By Application (Residential, Commercial, Utility), By End Use (Module Level MPPT, Advanced Power Line Communication, Monitoring Components, Safety Shutdown Components, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
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:
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The novel coronavirus has affected several economies ad caused lockdown in many countries which has limited the growth of the market. The shutdown of industrial manufacturer led to the decline in the demand for solar related equipment in most of the countries across the world led to decline in the demand of the power optimizer market. The decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market.
After the global vaccination the government of various countries has taken initiatives to increase the investment in the renewable energy related industries especially solar and wind power systems. The increase in the investment is mostly to improve the national energy security during the pandemic and other crisis. The presence of above mentioned activities and change in policies due to outbreak of pandemic have positive impact on the development of the market in the forecast period.
Key benefits for stakeholders
This report provides a detailed quantitative analysis of the current power optimizer market trends and estimations from 2021 to 2031, which assists to identify the prevailing opportunities.
An in-depth analysis of power optimizer market across the globe is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate specific plans.
A comprehensive analysis of the factors that drive and restrain the growth of the global power optimizer market is provided.
Region-wise and country-wise market conditions are comprehensively analyzed in this report.
The projections in this report are made by analyzing the current trends and future market potential from 2021 to 2031 in terms of value.
An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global power optimizer market.
Key Market Segments
By Connectivity
On-Grid
Standalone
By Application
Residential
Commercial
Utility
By End Use
Module Level MPPT
Advanced Power Line Communication
Monitoring Components
Safety Shutdown Components
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest Of Asia Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
SolarEdge Technologies, Inc
Enphase Energy
Tigo Energy
SunPower Corporation
Delta Energy Systems
Solantro
Altenergy Power System, Inc
KACO New Energy, Inc
Alencon Systems, LLC
I-Energy Co., Ltd
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