Solar Microinverter and Power Optimizer Market Share

North American Market Statistics

North America industry is poised to account for largest revenue share of 35% by 2037. This growth of the sector in this region is poised to be influenced by the growing consumption of electricity. Consumption of energy in North America reached around 117 exajoules in 2022, compared to the previous year when consumption was over 114 exajoules. Hence, the share of solar microinverter and power optimizer market is estimated to grow.

Additionally, the US market for solar microinverter and power optimizer is to gather notable value in the market compared to other nations. This is expected to be dominated by rising advancements in the technology of battery storage.

Furthermore, the market in Canada is also projected to rise in this region on account of the growing prevalence of small-scale installation.

APAC Market Analysis

The Asia Pacific solar microinverter and power optimizer market is also predicted to have notable growth in the revenue between 2024–2037. This growth in the region’s market is expected to be encouraged by the increasing population. According to United Nations Population Fund estimations, it is anticipated that close to 60% of the worldwide population resides in the Asia Pacific region. Moreover, this indicates approximately 4.3 billion people. As a result, the electricity demand is also estimated to rise further influencing the market expansion.

Furthermore, the solar microinverter and power optimizer market in China for solar microinverter and power optimizers is set to rise due to the rising disposable income of people, followed by the adoption of smart home projects.

Additionally, the market in India is also growing over the forecast period. The major factor dominating the market growth in this nation is the growth in the number of commercial complexes such as offices and hospitals.

Moreover, the Japanese solar microinverter and power optimizer market is to observe a rise on account of growing investment in solar microinverter and power optimizers to boost its production.