Solar Microinverter and Power Optimizer Market: Revenue, Growth, Analysis and Global Industry Trends
Global Solar Microinverter and Power Optimizer Market: Overview
Microinverters
and power optimizers, collectively called module-level power electronics
(MLPEs), are currently one of the fastest growing market segments in the global
solar power generation market. Although centralized or string inverters are
still by far the most preferred and deployed choice of technology for rooftop
solar panel systems worldwide, the promise of optimal performance and
comparatively more power output (an estimated 25% more than conventional PV
systems), especially when the PV systems are installed in unevenly shaded or
complex regions (e.g. having two or more orientations), are increasing the
popularity of MLPEs on a global front. Interestingly, over half of all the
residential rooftop solar PV installations in the U.S. had some form of MPLE in
2014.
Solar
microinverters and power optimizers offer similar benefits to solar PV
systems but operate in different ways. Both systems are mounted inside solar
panels and allow the PV cells to perform optimally when one or more panels in
the PV system are shaded. The primary difference between the two is that
microinverters directly convert the DC current produced by the solar panels
into the AC current that can be utilized by household appliances, while power
optimizers are used to tune the performance of the solar panel through maximum
power point tracking (MPPT), which essentially is a way to condition the DC
current generated by the PV cells before sending it to a central
inverter.
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Global Solar Microinverter and Power Optimizer Market: Key
Trends and Opportunities
The
substantial reduction in costs of microinverters and power optimizers and the
continuous research and development efforts of manufacturers aimed at refining
the technologies, are some of the key factors that will help the already flourishing
market gain momentum over the report’s forecast period.
Meanwhile,
the regulatory scenario pertaining to the safety of solar panel systems is
shaping in a way that could change consumer’s perception of microinverters and
power optimizers. The National Electric Code (NEC), the preeminent electrical
installation code in the United States, has made it mandatory for solar panel
arrays to have a rapid shutdown feature, with a switch to the feature near the
solar PV setup, in its 2014 version.
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Some analysts
speculate that the Code will eventually make it mandatory for solar systems to
include functionality of shutting off individual panels remotely with the help
of a central switch. Some of the largest players in the microinverters and
power optimizer industry have already started to monetize this opportunity by
incorporating rapid shutdown features in their new product lines.
As the
regulatory framework in other regional markets becomes more wary of the level
of safety of solar power systems, similar regulations are projected to be
instituted and proactive vendors will benefit from this changing regulatory
environment.
Apart from
these two opportunities, vendors can also benefit from the rising affordability
of energy storage devices for solar power systems. Home batteries running on
solar power have the potential of becoming the face of mainstream energy
storage systems of the near future.
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Global Solar Microinverter and Power Optimizer Market:
Region-wise Outlook
Of the key
regional markets for solar microinverters and power optimizers examined in the
report, North America leads the global market, with a dominant share attributed
to residential solar PV installations. However, the market may soon witness
expansion in other regional markets such as Asia Pacific, as the dropping costs
of microinverters and power optimizers seek to lure cost-sensitive regions with
untapped growth opportunities.
Global Solar Microinverter and Power Optimizer Market:
Competitive Outlook
The market
is presently dominated by companies such as SolarEdge and Enphase. However, the
market’s competitive landscape is rapidly changing, with a rising number of
solar PV manufacturers now developing products readily incorporated with
microinverters and power optimizers. The market has also begun to see a
favorable rise in investments from capital ventures and the entry of
well-funded startups. This is rapidly changing the competitive landscape of the
global solar microinverters and power optimizers market.
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