What are Module Level Power Electronics?
Module level power electronics (MLPE) are electronic devices that are used to manage the flow of power within a photovoltaic (PV) solar energy system. Microinverters and Power optimizers are two common types of MLPE. MLPE devices are typically integrated into individual solar panels or installed as separate components near the panels. The main purpose of MLPE is to optimize the performance, safety, and efficiency of the PV system.
Module Level Power Electronics Market Overview
The Module Level Power Electronics market showcased growth at a CAGR of 9.95 % during 2018-2022. The market was valued at USD 2320.01 Million in 2022 which is expected to reach USD 5495.65 Million in 2028. 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 grow in the forecast period and register a market value of USD 5495.65 million in 2028 at a CAGR of 17.35 % during the forecast period. Module Level Power Electronics is a cutting-edge technology that has been implemented into Solar PV to improve fault detection, energy yield, and safety capabilities.
MLPE technology is widely used in residential sector, and is fast growing in commercial and industrial areas. North America is the leading market for module level power optimizers, with United States representing around 44% of global MLPE shipments. Manufacturers of module level power optimizers have been focusing on technological advancement such as remote monitoring, rapid shutdown capabilities, and compatibility with various types of solar panels to enhance productivity, reliability, and integration abilities.
Increasing number of rooftop PV installations
Rooftop-based applications are easing the burden on the distribution grids, allowing companies and households to lower their electricity bills and contribute to reducing carbon emissions. The increasing demand for solar rooftop installations has a direct impact on the demand for module-level power electronics (MLPE). MLPE solutions offer benefits such as increased energy production, better system monitoring and maintenance, improved safety, and enhanced flexibility in system design.
Lack of Awareness
MLPE technologies are relatively newer compared to traditional string inverter systems, and their promotion and marketing efforts may not have reached a wide audience. Many installers and system owners may not be fully familiar with the benefits, features, and installation considerations associated with MLPE. The lack of awareness means that potential customers may miss out on these benefits and choose traditional string inverter systems instead, which may not optimize their solar energy generation potential. Thus, promoting education and training initiatives can help address this challenge and drive greater understanding and confidence in adopting MLPE solutions.
Microinverter accounts for USD 1319.17 Million in 2022
The rising demand for MLPE microinverters is driven by their ability to optimize energy production at the module level, improve system performance, offer design flexibility, enhance safety, provide monitoring capabilities, and become more affordable over time. Microinverters can quickly deactivate high DC voltages, enhancing the safety of homeowners and installers, making MLPE microinverters a popular choice for residential and commercial solar installations
Residential sector contribute the maximum share in Module Level Power Electronics Market
As per IEA, around 130 GW of PV systems are deployed by households, which account for approximately 25 million units. Demand for MLPE in residential solar installation can lead to lower O&M costs and shorter downtime, reduction in energy losses. Increasing innovation around the financing of residential projects has rapidly improved the affordability, making MLPE an ideal choice for residential sector. To expand reach, companies such as Enphase Energy unveiled its IQ battery 5P and its latest microinverters IQ7A and IQ8H for residential customers in India, in year 2022.
The United States, has been one of the leading regions for solar installations and MLPE adoption. The National Electric Code (NEC) has been a key driver of growth for MLPE here given the mandatory module-level rooftop rapid shutdown requirements. However, the market for module level power optimizers has been expanding in developing economies such as Asia-Pacific and Latin America, backed by government initiatives, declining solar panel prices, and growing awareness of the advantages of renewable energy module level power optimizers allowing companies to expand their presence, resulting in high growth in MLPE market.
The Global Module Level Power Electronics Market is highly competitive, with 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. Leading companies and brands in the market are executing different strategies and partnerships to strengthen the foothold and increase the competitiveness and product offerings in the market.
Solar Edge Technologies, Enphase energy, Tigo, APSystems, and Huawei are the prominent companies in the Global Module Level Power Electronics Market.
Leading companies in the Global Module Level Power Electronics Market include:
Recent Developments in the Module Level Power Electronics Market
Segmentations in the Report
Frequently Asked Questions
What is the expected market value of Module Level Power Electronics Market in 2028?
Global Module Level Power Electronics Market is expected to be valued at USD 5495.65 Million in 2028.
At what growth rate is Module Level Power Electronics Market expected to grow in the forecast period?
During 2023-2028, Module Level Power Electronics Market is expected to grow at CAGR of 17.35 %.
Which Region dominates the Module Level Power Electronics Market?
Asia Pacific contributes the largest revenue share in the Module Level Power Electronics Market.
Which are the leading companies in the Module Level Power Electronics Market?
The leading companies in Module Level Power Electronics Market are Solar Edge Technologies Enphase energy, Tigo, APSystems, Huawei and Generac.
At what rate will Japan Module Level Power Electronics Market Grow?
During 2023-2028, Japan Module Level Power Electronics Market is expected to grow at a CAGR of 21.50%.
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