Portland, OR, July 12, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global power optimizer market accrued $2.6 billion in 2021, and is predicted to garner $7.3 billion by 2031, registering a CAGR of 10.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Surge in installation of sustainable energy source for power generation across the globe has boosted growth of the global power optimizer market. Furthermore, rise in investment for constructing green buildings and the need for stable and reliable electrical infrastructure drive the market trends. Additionally, government incentives and tax reduction in emerging economies will promote the consumption of solar energy, thereby creating new growth opportunities for the market.
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COVID-19 Scenario
- Significant disruption in transportation of raw materials, less labor mobility, and shutdown of many manufacturing units due to lockdowns resulted in decline of demand for power optimizers during the COVID-19 pandemic.
- The COVID-19 pandemic led to shut down of electrical, automotive, and other manufacturing industries, thereby creating negative impact on the global power optimizer market growth.
The report offers detailed segmentation of the global power optimizer market based on connectivity, application, end use, and region.
Based on the application, the utility segment accounted for the largest share of the market in 2021, contributing to more than two-fifths of the overall share of the global power optimizer market. However, the commercial segment is predicted to record the highest CAGR of 11.3% from 2022 to 2031.
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Based on end use, the module level MPPT segment accounted for the largest share of the market in 2021, contributing to nearly three-fifths of the overall share of the global power optimizer market. The report also analyzes the segments including advanced power line communication, monitoring components, safety shutdown components, and others.
Based on the region, the Asia-Pacific contributed toward the highest market share in 2021, accounting for more than half of the market. Moreover, the Asia-Pacific power optimizer market is set to register the fastest CAGR of 11.2% from 2022 to 2031. The research also analyzes regions including North America, Europe, and LAMEA.
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Key players profiled in the global power optimizer market research report are SolarEdge Technologies, Inc., Alencon Systems, LLC, Enphase Energy, Kaco New Energy, Inc., Tigo Energy, Sunpower Corporation, Altenergy Power System, Delta Energy Systems, Solantro, Inc., and I-energy Co., Ltd.
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