Global Solar Microinverter and Power Optimizer Market: Home Batteries Running on Solar Power to Hold Promise, says TMR

The global solar microinverter and power optimizer market is studied in a new report from Transparency Market Research (TMR). The report is titled, ‘Solar Microinverter and Power Optimizer Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.’ It presents a detailed overview of the market’s historical development trajectory and its current figures. An in-depth analysis of these statistics is used to derive insightful information about the market’s future growth. The study discusses current trends and future opportunities in the market. According to the report, power optimizers and microinverters are currently one of the lucrative segments in the global solar power generation market.

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Having spotted the emergent opportunities in this space, key players in the market are looking to expand their product portfolio. A case in point would be Kaco. The company focuses on releasing new microinverters and has recently launched newer models in order to diversify and expand its product range. Players are also entering into partnerships, especially with module suppliers, thus adding to the number of active suppliers in the trade. Thus, the degree of competition is likely to be high in the industry as the prices of power optimizers reduce in the coming future. Existing players in the market are striving to discover new sales channels and develop next-generation solar microinverter models. Many of the key players in the microinverters and power optimizer industry are implementing a feature that enables rapid shutdown in their latest product lines.

The continuous research and development efforts by key players in order to refine the technology is one of the key factors driving the global solar microinverter and power optimizer market. With rising awareness about the safety level of solar power systems, changes are expected in regulations and players in the market will benefit from this changing regulatory environment. Increased energy yields as a result of the use of solar microinverters and power optimizers will enable higher return on investment and this will fuel the growth of the market in the coming years. A drop in the prices of solar microinverters and power optimizers is encouraging their adoption, thus, boosting the market.

Since microinverters can harvest up to 25% more electricity than conventional inverter devices, they are increasingly being used worldwide, especially in the U.S, Australia, and the U.K. While Germany and France are expected to become mature markets for solar microinverter and power optimizers, the demand for these is expected to rise in the emerging nations of China and Japan. It is expected that the residential systems will become a significant market for microinverters. “Home batteries running on solar power have promising potential in the future,” says a TMR analyst.

Global Solar Microinverter and Power Optimizers Market Driven by Increased Efficiency of Power Generation

Solar microinverters and power optimizers are an increasingly important segment of the global solar energy market. Similar to solar PV, microinverters and power optimizers allow users to boost the performance of solar power generation units by making them more efficient. Though the usage of inverters is common in solar power generation, string inverters have been the norm so far. The rising use of module-level power electronics in solar power generation units is expected to remain a marked feature of the global solar power market in the coming years.

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Efficiency Boost Provided by Solar Microinverters and Power Optimizers Driving Global Market

Among the many factors propelling the global solar microinverters and power optimizers market, the increased efficiency of solar power generation with their use is the major one. Solar microinverters and power optimizers increase the power output of a solar power generation unit by as much 25%. The difference between the performances is more conspicuous when the unit is placed in a partially shadowed area, where microinverters and power optimizers are of particular use. Due to the lack of consistent sunlight in urban settings, solar microinverters and power optimizers are becoming increasingly popular in urban installations.

The dropping prices of energy storage systems to complement solar power generation systems are also beneficial for the global solar microinverters and power optimizers market. Since solar energy generation systems can’t work without sunshine, complementary energy storage systems are needed to make solar power feasible in residential and commercial areas. This has been helpful for the global solar microinverter and power optimizers market; the demand for efficient power generation and storage systems has thus grown in recent years. This method of utilization of solar power is set to become the defining trend in the global solar power market due to its high efficiency, which will indirectly drive the global solar microinverters and power optimizers market.

North America Leads Global Market, Auto Shut Down Feature to Become Ubiquitous

Due to the early recognition of the benefits of solar power and technological advances therein, North America was the leading regional player in the global solar microinverters and power optimizers market in 2015. The high demand for solar PV units is responsible for this. However, in the coming years, the adoption of microinverters and power optimizers is expected to grow steadily in Asian markets, particularly Japan.

New solar microinverters and power optimizers are also likely to contain a remote or automatic shut-down feature to enhance the safety of the solar power generation unit. The growing regulatory support to this advancement is expected to shape the global solar microinverters and power optimizers market’s trajectory in the coming years.

Entry of New Suppliers as Existing Technology Nears Fruition Threatens Existing Vendors

According to recent reports, Enphase’s microinverter technology is expected to reach price parity with central string inverters in the next two years. However, the steady march of established vendors such as Enphase and SolarEdge is under threat due to the increasing entry of smaller players in the global market.

Increasing their operation in emerging regions has thus emerged as the most promising opportunity for established players. To that end, SolarEdge recently started selling StorEdge, an all-in-one inverter solution, in South Africa. Sustained success in Africa and Asia Pacific is likely to be crucial if these major players are to retain their dominance in the global solar microinverter and power optimizers market.

Solar Microinverter and Power Optimizer Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024

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.

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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.

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.

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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