Module Level Power Electronics Market is epected to grow due to the Rise in popularity of photovoltaic systems

Module-level Power Electronics (MLPE) Market: Overview

Module-level Power Electronics (MLPE) are devices that can be incorporated into solar PV systems to improve their performance in certain conditions, especially where shade is present, and achieve various other solar design benefits. MLPE include microinverters and DC power optimizers. They perform nearly the same functions as string inverters or central inverters, but are typically coupled to just one solar modules rather than many, and offer additional features.

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Global environmental concerns for reducing carbon emissions have provided an opportunity for development of sources of renewable energy. Enactment of policy interventions such as Nationally Determined Contributions (NDCs) and Sustainable Development Goals (SDGs) is creating a demand for renewable energy across the globe. Solar systems play a vital role in the energy industry, as it is one of the chip renewable energy sources. For instance, under Solar Mission 2014, the Government of India has set a target of installing 100 GW installed capacity of solar electricity by 2022; of this, 40 GW is projected to be through grid connected rooftop solar systems. Rise in government supportive initiatives is also driving the demand for solar system. Hence, the demand for MLPE is also expected to increase in the near future.

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Module-level Power Electronics (MLPE) Market: Key Segments

The global module-level power electronics (MLPE) market can be segmented based on product, end-user, and region. In terms of product, the module-level power electronics (MLPE) market can be bifurcated into microinverters and DC power optimizers. Microinverters are installed on each individual panel in a solar energy system. They convert DC electricity from solar panels into AC electricity that can be sent to the grid and used in homes. Microinverters are rapidly gaining popularity, particularly for residential solar systems. Microinverters tend to be more expensive than string inverters or power optimizers. DC power optimizers, commonly called DC optimizers, are attached to the junction box of individual solar modules.

In terms of end-user, the global module-level power electronics (MLPE) market can be segregated into utility, residential, commercial, and industrial. The residential segment is anticipated to expand at a rapid pace during the forecast period. Rise in popularity of photovoltaic systems in the residential sector, owing to its usage in electricity generation to provide heating for residential buildings at a low cost, is estimated to propel the module-level power electronics (MLPE) market during the forecast period.

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