DUBLIN, Nov. 28, 2023 /PRNewswire/ -- The "Global Module Level Power Electronics (MLPE) Market (2023 Edition): Analysis By Value and Volume, By Type (Power Optimizers, Microinverters), By Data Rate, End-User, By Region, By Country: Market Insights and Forecast (2018-2028)" report has been added to ResearchAndMarkets.com's offering.
During the forecast period, 2024-2028, the Global Module Level Power Electronics market is expected to expand at a CAGR of 17.35%.
MLPE market is propelled by high demand of Solar PV installations, high energy efficiency, sustainable energy consumption, and changing government regulations. The Global Module Level Power Electronics Market is expected to generate USD 5495.65 Million by the end of 2028, up from USD 2320.01 Million in 2022.
Solar PV is becoming the low-cost option for new electricity generation with an increased power generation of 179 TWh in the year 2021, as per IEA analysis. MLPE technology is commonly used to improve fault detection, energy yield, safety capabilities, and rapid shutdown requirements.
In the year 2021, North America is the leading market for module-level power optimizers, with the United States representing around 44% of global shipments. Due to government initiatives, declining solar panel prices, and growing awareness of the advantages of renewable energy module-level power optimizers market has been expanding in developing economies.
MLPE can eliminate losses caused by PV module orientation mismatch and reduce energy losses resulting from the partial shade of modules by 20% to 35%, according to the Renewable Energy of the U.S. Department of Energy and Office of Energy Efficiency. MLPE technology is widely used in commercial, residential and industrial areas.
Manufacturers of module-level power optimizers have been focusing on technological advancement including remote monitoring, rapid shutdown capabilities, and compatibility with various types of solar panels to enhance productivity, reliability, and integration abilities.
The need for efficient and optimized renewable energy systems will increase in the coming years as the demand for green buildings continues to rise globally. Countries such as China, United States, Germany, India, United Kingdom are committed to clean energy and its aim to reduce carbon emissions has led to substantial commercial solar installations, particularly in industrial and commercial sectors.
Also, DG Solar is expected to comprise approximately 46% of global PV installations between 2022-2026 (DG) which would have a significant impact on driving the market for module-level power electronics (MLPE). New MLPE devices that support single, twin, or quad configurations of modules have also been made available, resulting in high demand for MLPE.
The Global Module Level Power Electronics Market is highly competitive, with the Leading 5 companies holding approximately 90% share in the market.
The leading companies in the market are Solar Edge Technologies, Enphase energy, Tigo, APSystems, and Huawei. SolarEdge is the leading company in MLPE, accounting for approximately 60% share with a dominant presence in the power optimizer and inverter industries.
Further, power optimizers and microinverter systems can identify and diagnose issues at the module level with the help of AI algorithms. Also, it can analyze various factors, such as roof shape, shading patterns, and solar irradiance, to optimize the placement and configuration of solar panels in a PV system in residential and commercial sectors.
This study also provides a competitive landscape of the industry and profiles leading players in the Global Module Level Power Electronics Market including Solar Edge Technologies, Enphase energy, Tigo, APSystems, Generac and Huawei.
The company profiling includes critical information such as a business overview, products and services, key financials, and recent events and developments.
Overall, the report provides a detailed overview of the Global Module Level Power Electronics Market, which will assist industry consultants, equipment manufacturers, existing players looking for expansion opportunities, new players looking for opportunities, and other stakeholders in aligning their market-centric strategies with current and expected future trends.
Scope of the Report
The companies analysed in the report include
For more information about this report visit https://www.researchandmarkets.com/r/srsxnz
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