Power Optimizer Market Overview
The power optimizer market was valued at $2.6 billion in 2021, and power optimizer market size is estimated to reach $7.3 billion by 2031, growing at a CAGR of 10.81% from 2022 to 2031.
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.
Rapid urbanization and industrialization have led to rise in demand for power, which led to increase in investments in solar based renewable power plants. This led to the development for the power optimizer market.
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Module level MPPT segment is expected to grow at the fastest rate, registering a CAGR of 10.52%, throughout the forecast period.
In 2021, Asia-Pacific dominated the global power optimizer market size with more than 54.9% of the share, in terms of revenue.
Significant development of end-use industries such as oil & gas, telecom, mining, pharmaceutical, chemicals, and healthcare led to rise in demand for standalone solar installations for their respective manufacturing and operations, which, in turn, drives growth of the power optimizer market during the forecast period.
As per power optimizer market trends, in 2021, the on-grid segment accounted for 65.2% of the power optimizer market share, and is anticipated to grow at a rate of 10.66%, in terms of revenue, increasing its share in the global power optimizer market.
As per power optimizer market analysis, utility is the fastest-growing application segment as per global power optimizer market analysis, and is expected to grow at a CAGR of 10.37% from 2022 to 2031.
Increase in demand for power optimizers from developing economies such as India, China, and Japan fuel growth of the market, globally.
High installation costs of power optimizer in solar panels are key factors that are expected to hamper growth of the global power optimizer industry in the upcoming years.
Power optimizer is a device used to optimize energy generated from solar panels, i.e., direct current (DC) to direct current (DC) and sent to central or sting inverter for residential and other AC applications.
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Power optimizer modules are connected to each solar panel to optimize their performance at equal level. Power optimizer has various advantages such as reducing electricity bills, minimizing environmental pollution, and high efficiency than diesel generators.
IMPACT OF COVID-19
The increasing demand for environment friendly manufacturing products and increase in awareness among the people towards the environment will hamper the growth of power optimizer market.
Emergence of COVID-19 had a negative impact power optimizer market forecast growth during this period.
This impact is mostly attributed to the significant disruptions in the raw material transportation, presence of low-labor, led to shutdown of many manufacturing industries led to decline of demand power hence decrease in the demand for power optimizer market during this period.
The decrease in demand for many non-essential products and shut down of electrical, automotive, and other manufacturing related industries has created a negative impact on the development of power optimizer market.
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Thus, the abovementioned factors are expected to have great impact on the development of power optimizer market growth in this forecast period.
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