A key factor driving the growth of the power optimizer market is the rapid expansion of the solar energy industry.
According to TechSci Research report, “Global Power Optimizer Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Power Optimizer is anticipated to project robust growth in the forecast period with a CAGR of 7.7% through 2028. The growing installations of renewable energy source for power generation across the globe are boosting the demand for MPPT systems. The key market players are focusing on the integration of various functions in a single product including advanced power line communication, monitoring, and safety shutdown, which will stimulate the market.
In addition, increasing investment in green buildings, which require stable and reliable electrical infrastructure are fueling the power optimizer market growth. A power optimizer is a DC to DC energy converter, which was created to increase the amount of energy solar PV systems can produce. The main task is to modify or optimize the panel’s performance using maximum power point tracking (MPPT) or to match the string inverter’s performance.
Power optimizers are particularly helpful when the effectiveness of the power generating elements in a distributed system will vary significantly, for example, because of differences in equipment, shading from light or wind, being installed facing different directions, or being located in locations that are far apart.
Standalone solar systems play an important role in expansion of energy access in various regions such as South Asia and African countries. The private investors have embraced the standalone products as sustainable solutions for electricity access as these systems offer low management and maintenance costs for the deployment of solar panels, which likely boost power optimizer market. Increasing awareness regarding the use of low carbon intensive technologies to mitigate GHG emission will drive the market. Furthermore, the presence of government incentives and reduction in taxes in developing countries promote the use of solar have positive impact on the development of the market.
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The utility segment dominates the global power optimizer market. Utility scale solar is a reliable source for stable clean electricity for decades. Developing utility scale solar power is one of the fastest ways to reduce carbon emissions and put the world on a path to clean energy future. Utility scale solar facilities are used to generate solar power to feed into the grid, supplying a utility with energy. Furthermore, the presence of benefits such as stabilizes electric prices over a long period of time, and can be paired with battery storage. The presence of above mentioned advantages will drive the power optimizer market forecast growth.
The module level MPPT segment dominates the global power optimizer market. MPPT is necessary for any solar power systems, as it can extract maximum power from PV module; it forces PV module to operate at voltage close to maximum power point to draw maximum available power. The module level MPPT prevent power loss even under panel mismatch or partial shading as it uses a highly optimized algorithm to track the maximum power point of each module individually.
In addition, it offers possibilities for future applications in Building-Integrated Photovoltaic; solar windows, solar walls, and rooftop solar arrays. Furthermore this algorithm allows the solar power system to react more effectively to changes in irradiance and temperature which is a big benefit on cloudy days. The above mentioned are major factors which provide growth conditions for the development of the market. The market for power optimizers is quite new. There is a lack of manufacturers in the market to fulfill the customer demands, other inverter brands cannot be used to link with their power optimizers.
However, the installation expenses are also a little more than with a standard string inverter solar panel system because power optimizer equipment is installed on every solar panel. Even a 6kW system is expected to cost significantly more than conventional equipment. This cost increase is quite small when compared to more expensive micro inverters, but it is nevertheless important to note in this context.
Key market players in the Global Power Optimizer Market are following: –
- Altenergy Power System, Inc
- Enphase Energy
- SolarEdge Technologies, Inc
- I-Energy Co., Ltd
- SunPower Corporation
- KACO New Energy, Inc
- Alencon Systems
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“Off-grid solar power systems have been essential in increasing energy availability in a number of countries and regions. Standalone solutions have gained support from private investors, end-users, and policymakers as an inexpensive and sustainable solution for electricity access. These systems provide minimal management and maintenance expenses for the installation of solar panels, which is likely to boost market demand for power optimizers. The market volume is expected to be driven by rising consumer awareness of the adoption of low carbon-intensive technology to reduce GHG emissions. ” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Power Optimizer Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented 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), By Region, Competition 2018-2028. has evaluated the future growth potential of Global Power Optimizer Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Power Optimizer Market.
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