Selbyville, Delaware, April 27, 2022 (GLOBE NEWSWIRE) --
The power optimizer market size is expected to record a valuation of USD 2.9 billion by 2028, according to the most recent study by Global Market Insights Inc. The rising environmental concerns along with the soaring energy demand from industrial establishments will proliferate the business scenario for energy-efficient technologies including power optimizers.
The on-grid power optimizer market is anticipated to witness noteworthy growth owing to the soaring energy demand across the globe along with the efforts of the government to integrate renewable energy sources into the energy mix. In order to boost product deployment across different regions, policymakers are introducing favorable reforms, incentives, green bonds, and certificates for renewable energy sources, which, in turn, will complement the power optimizer industry. Additionally, the ongoing renewal of the grid infrastructure across the globe will foster the demand for energy-efficient technologies including power optimizers.
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The utility application is projected to showcase substantial gains during the forecast period due to the ongoing efforts to integrate renewable energy including solar power into the grid infrastructure. Growing efforts toward minimizing emissions from generating plants and industrial buildings will create a growth opportunity for power optimizers in the coming years. Moreover, efforts to reduce the reliance on fossil fuels by introducing clean energy sources along with the increasing integration of advanced monitoring units to assess the performance of utility plants will augment the product demand.
The power optimizer market from monitoring components is predicted to observe a 13.2% growth rate till 2028. The rising demand for effective monitoring devices to reduce operational hazards and increase the overall efficiency of the plant will spur the product penetration. Improved productivity, reduced response time delays, and identification of performance issues are amongst the various features offered by power optimizers as monitoring components, which is beneficial for its preference over other alternatives. Furthermore, rapid technological enhancements coupled with energy optimization measures are a few of the key factors that will drive the market growth.
Asia Pacific power optimizer market is poised to register a significant growth on account of the growing preference for clean energy sources over conventional fuels. For instance, China is amongst the biggest players investing in renewable energy sources across the globe. In addition, the soaring population in the region is stimulating the energy demand across all sectors, which is surging the need for the integration of sustainable sources into the energy mix, thereby complementing the market demand across Asia Pacific.
Major participants operating in the power optimizer market include Huawei Technologies Co., Ltd., SolarEdge Technologies, Inc., ferroamp, Alencon Systems, LLC, Fronius International GmbH, Altenergy Power Systems, Inc., Infineon Technologies AG, Sun Sine Solution Private Limited, Suzhou Convert Semiconductor Co., Ltd., Tigo Energy, Inc., and Ampt, LLC.
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Some of the key findings of the power optimizer market report include:
- A positive outlook toward clean energy will accelerate the technology acceptance during the forecast time frame.
- Favorable regulatory inclination toward sustainable technologies will positively sway the industry demand.
- The growing integration of renewable energy across the power sector will propel the business growth.
- The soaring energy demand across remote and rural areas in developing nations will escalate the technology penetration.
- The ongoing restructuring & refurbishment of electrical structures will positively influence the product adoption over other alternatives.
Table of Contents (ToC) of the report
Chapter 3 Power Optimizer Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.2.1 Tigo Energy, Inc.
3.2.2 Huawei Technologies Co., Ltd.
3.2.3 SolarEdge Technologies, Inc
3.2.4 Infineon Technologies AG
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 North America & Europe
3.5.1.1.1 Positive clean energy outlook
3.5.1.1.2 Favorable regulatory inclination towards sustainable energy
3.5.1.2 Asia Pacific
3.5.1.2.1 Large-scale renewable integration
3.5.1.2.2 Growing energy demand across isolated areas
3.5.1.3 Middle East & Africa
3.5.1.3.1 Restructuring & revamping of existing electrical infrastructure
3.5.1.4 Latin America
3.5.1.4.1 Integration of a sustainable energy infrastructure
3.5.2 Restraint
3.5.2.1 Availability of auxiliary technologies
3.6 Solar PV industry growth trend analysis
3.7 Global power optimizer shipments
3.8 Growth potential analysis
3.9 Porter's Analysis
3.10 Competitive landscape, 2021
3.11 PESTEL Analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/power-optimizer-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
