On-Grid are Expected to Dominate the Global Residential Power Optimizer Market.
One of the primary drivers of the Residential Power Optimizer market is the rapid growth of the solar energy sector.
According to
TechSci Research report, “Global Residential Power
Optimizer Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”. The Global
Residential Power Optimizer is anticipated to project robust growth in the
forecast period with a CAGR of 5.5% 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 Residential Power
Optimizer market growth. A Residential
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 Residential 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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Figures spread through 188 Pages and an in-depth TOC on " Global ResidentialPower Optimizer Market.
The utility segment dominates the global Residential 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 Residential Power Optimizer market forecast growth.
The module level MPPT segment dominates the global Residential 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 Residential 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 Residential 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.
"Residential Power Optimizer Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Connectivity (Standalone, On-Grid), 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 Residential 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 Residential
Power Optimizer Market.
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