The power optimizers global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Power Optimizers Market, 2024 report by The Business Research Company offers
comprehensive insights into the current state of the market and highlights
future growth opportunities.
Market Size -
The power optimizers market size has grown rapidly in recent years. It will
grow from $2.01 billion in 2023 to $2.23 billion in 2024 at a compound annual
growth rate (CAGR) of 11.0%. The growth in the historic period can be
attributed to the rising adoption of solar energy, government incentives and
policies, cost reduction efforts, increasing environmental awareness, market
maturation, and growth.
The power optimizers market size is expected to see rapid growth in the next
few years. It will grow to $3.40 billion in 2028 at a compound annual growth
rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to
performance improvements in solar PV systems, the establishment of industry
standards and certifications, educational initiatives and consumer awareness,
competitive landscape, and innovation. Major trends in the forecast period
include technological advancements in MPPT technology, the global shift towards
renewable energy sources, continued technological innovations, expansion of
electric vehicle charging infrastructure, and integration with smart grid
technologies.
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Scope Of Power Optimizers Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Power Optimizers Market Overview
Market Drivers -
The shift towards renewable energy sources is expected to propel the growth of
the power optimizers market going forward. Renewable energy sources refer to
energy generated from natural resources that are constantly replenished, such
as sunlight, wind, rain, tides, and geothermal heat. The demand for renewable
energy sources is experiencing growth due to increasing global awareness of
environmental sustainability and efforts to reduce carbon emissions. Power
optimizers in the renewable energy sector enhance the efficiency and
performance of solar photovoltaic (PV) systems by maximizing power output from
individual solar panels, thereby contributing to overall energy production and
cost-effectiveness. For instance, in January 2024, according to the International
Energy Agency, a France-based autonomous intergovernmental organization, the
amount of renewable energy capacity added to energy systems around the world
grew by 50% in 2023, reaching almost 510 gigawatts (GW). Therefore, the shift
towards renewable energy sources is driving the growth of the power optimizers
market.
Market Trends -
Major companies operating in the power optimizers market are focusing on
developing advanced products, such as residential power optimizers, to gain a
competitive edge in the market. Residential power optimizers are electronic
devices used in home solar energy systems to enhance the efficiency and
performance of individual solar panels. For instance, in December 2021,
SolarEdge Technologies Inc., an Israel-based provider of smart energy
technology, launched the Power Optimizer S-Series for residential PV systems.
The SolarEdge S-Series power optimizers are designed specifically for
residential photovoltaic (PV) systems, enhancing energy harvest by mitigating
module mismatch and shading issues. These optimizers offer advanced performance
monitoring and remote troubleshooting capabilities, ensuring optimal efficiency
and reliability. With their compact size and ease of installation, the S-Series
optimizers streamline the integration of solar energy solutions for homeowners.
The series was specifically designed to be compatible with SolarEdge
residential inverters and is claimed to be able to detect abnormal PV connector
behavior to prevent fire risk and safety issues.
The power optimizers market covered in this report is segmented –
1) By Type: Direct Current Power Optimizers, Alternating Current Power
Optimizers
2) By Connectivity: On-grid, Standalone
3) By Application: Utility, Commercial, Residential
4) By End Use: Module Level Maximum Power Point Tracking (MPPT), Advanced Power
Line Communication, Monitoring Components, Safety Shutdown Components, Other
End Uses
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Regional Insights -
Asia-Pacific was the largest region in the power optimizers market in 2023.
North America is expected to be the fastest-growing region in the forecast
period. The regions covered in the power optimizers market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South America,
Middle East, Africa.
Key Companies -
Major companies operating in the power optimizers market are Huawei
Technologies Co. Ltd., Panasonic Corporation, Schneider Electric SE, ABB Ltd.,
Delta Electronics Inc., Omron Corporation, AP Systems Co. Ltd., SolarEdge
Technologies Inc., Maxim Integrated Products Inc., Enphase Energy Inc.,
SunPower Corporation, SMA Solar Technology AG, Ingeteam S.A., Fronius
International GmbH, SolaX Power, KACO new energy GmbH, Tigo Energy Inc., Sparq
Systems, Ampt LLC, Alencon Systems LLC, Ferroamp Elektronik AB, Infineon
Technologies AG, Hoymiles Power Electronics Corp.
Table of Contents
1. Executive Summary
2. Power Optimizers Market Report Structure
3. Power Optimizers Market Trends And Strategies
4. Power Optimizers Market – Macro Economic Scenario
5. Power Optimizers Market Size And Growth
…..
27. Power Optimizers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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