Global power optimizer market, which accrued revenue worth 1.22 (USD Billion) in 2019, will register a CAGR of nearly 11.8% during the period from 2020 to 2026.
The global power optimizer market, which accrued revenue worth 1.22 (USD Billion) in 2019, will register a CAGR of nearly 11.8% during the period from 2020 to 2026. The report offers assessment and analysis of the power optimizer market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Power optimizer is the direct current (DC) to direct current (DC) converter technology that is created to optimize power harvest from wind turbine systems and solar PV systems. Furthermore, these products are utilized when the performance of power generating parts in a distributed electric system differ to a larger extent as a result of alteration in devices and wind or light shading.
Market Growth Dynamics
Growing ecological concerns due to strict laws for curbing GHG emissions has forced firms to adopt effective power conserving measures, thereby succoring the expansion of power optimizer industry over the forecast timeline. Apart from this, the products have evolved as key parts across the modern solar power units. This, in turn, will prompt the expansion of power optimizer business in the near future.
Furthermore, operational restructuring across myriad electricity generating sectors aided with large-scale technological innovations will result in the operational efficiency and flexibility of power optimizers, thereby steering the expansion of power optimizer market in the years ahead. Manufacturers of power optimizers are likely to enhance the functions of the products along with making them environmentally compatible. In addition to this, growing need for increasing the energy efficiency and lowering the grid deployment costs will further boost the market trends. Moreover, substantial variations and upgradations in the process of power optimizer production will offer new growth horizons for the power optimizer market over the forecasting years.
North American Market To Accrue Major Proceeds Over 2020-2026
The growth of the market in the sub-continent during the estimated timespan can be ascribed to affordability & accessibility of solar energy in the region. Additionally, massive use of solar panels for producing solar power in countries like the U.S. will impel the scope of the business in the North American region over the forecast timeline.
Key players profiled in the report include Kuby Renewable Energy, Xandex, Darfon Electronics, Maxim Integrated, SMA Solar, Fronious, Mornsun, Texas Instruments, SolarEdge, GreenBrilliance, Altenergy, Tigo, igrenEnergi, Ampt, Huawei, Alencon, Ferroamp, and ABB.
The global power optimizer market is segmented as follows:
Growing ecological concerns due to strict laws for curbing GHG emissions has forced firms to adopt effective power conserving measures, thereby succoring the expansion of power optimizer industry growth in the forthcoming years.
The CAGR of the industry is expected to be approximately 11.8% during the forecast timespan.
North American region will contribute sizably towards the global market revenue over the estimated timeline.
The key market participants include Darfon Electronics, SMA Solar, Mornsun, SolarEdge, GreenBrilliance, Altenergy, Tigo, igrenEnergi, Ampt, Kuby Renewable Energy, Huawei, Alencon, Texas Instruments, Ferroamp, Fronious, Maxim Integrated, Xandex, and ABB.