Power Optimizer: Introduction
- Power optimizers are DC/DC converters attached at module level, which allows each module to attain its maximum power point and then convert the energy to achieve optimum voltage and current
- Power optimizers continuously monitor the voltage & current of array and help mitigate any mismatch due to shading of light or wind
- For handling MPPT (Maximum Power Point Tracking), power optimizers deploy minimal electronic setup at the place of installation. This reduces their hardware cost and improves reliability. Demand for power optimizers has been rising in the power business, as they are used as substitutes for module level power checking. In comparison with module level power checking, the MPPT technology offers higher operational efficiencies.
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Key Drivers and Restraints of Power Optimizer
- According to the International Energy Agency, total energy consumption in the commercial sector stood at 4, 12,627 Ktoe in 2018 and is anticipated to rise during the forecast period. Rising awareness about electricity generation with the help of renewable energy sources is anticipated to boost the global power optimizer market during the forecast period, as power optimizer technology is primarily developed to maximize the energy developed from wind turbines and solar PV cells.
- According to the Department of Energy, in 2022, the average number of units consumed per sq. feet for commercial building stood at 22.5 and is expected to rise during the forecast period. Continuous rise in unit consumption is expected to boost the global power optimizer market.
- Increase in concerns related to environment and implementation of stringent government regulations to control carbon footprints have encouraged industries to opt for integration with effective energy conservation methods. Power optimizer has become a key component in advanced solar power plants. Operational and regulatory re-structuring in well-established markets coupled with advancement in technologies are driving the market. Manufacturing firms across the globe are working on power output, nature-compatibility, and reduced installation prices. These are the significant factors propelling the power optimizer market.
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COVID-19 Impact Analysis
- Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, have come to a halt because of lockdowns. This has adversely affected the demand for electricity for commercial purposes. In turn, this has hampered the global power optimizer market.
Power Optimizer Market Segmentation
- The global power optimizer market can be segmented based on connectivity and application
- In terms of connectivity, the global power optimizer market can be segregated into standalone and on-grid
- In terms of application, the global power optimizer market can be divided into residential, commercial, and utility. The residential segment is expected to expand significantly in the near future. This can be ascribed to the rise in number of initiatives by governments of various countries to offer grants for residential rooftop deployment.
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Power Optimizer Market: Regional Segmentation
- In terms of region, the global power optimizer market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- In 2018, GreenBrilliance USA, a supplier of solar based products, propelled an AI-based solar power optimizer called Neurobotz for homes. In September 2018, SolarEdge Technologies and Panasonic Eco Solutions launched the HIT S Series Module – an all-new smart module, improved by SolarEdge, for the U.S. private market. Thus, continuous technological advancements are estimated to drive the power optimizer market in North America.
- Asia Pacific is anticipated to dominate the global power optimizer market during the forecast period. Governmental incentives, solar tax credits, and streamlined remuneration plans by governments and authorities are key factors driving the power optimizer market in the region
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Key Players Operating in Global Market:
- SolarEdge Technologies, Inc
- Enphase Energy
- Tigo Energy
- Altenergy Power System, Inc
- SunPower Corporation
- Ampt, LLC
- Delta Energy Systems
- KACO New Energy, Inc
- Array Power
- Alencon Systems, LLC
- i-Energy Co., Ltd
- Chilicon Power, LLC
- Petra Systems
- Sparq Systems
Global Power Optimizer Market: Research Scope
Global Power Optimizer Market, by Connectivity
Global Power Optimizer Market, by Application