Sellbyville, DE -- (SBWIRE) -- 01/14/2019 -- U.S. solar microinverter and power optimizer market share is predicted to grow over 15% from 2016 to 2024. Government programs to augment the installation PV systems across residential and commercial building will complement the industry outlook.

China solar microinverter and power optimizer market size is predicted to exceed 1.4 GW by 2024. In June 2016, China introduced a plan to implement PV poverty alleviation program for the next four years to increase the income of poor households through the installation of solar systems. The National Energy Agency is also framing policies pertaining to the deployment of distributed PV technology across remoted off grid areas.

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Solar Microinverter and Power Optimizer Market size will exceed USD 1.4 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Strong adoption trends for clean energy technologies including PV systems among residential and commercial end consumers will stimulate the solar microinverter and power optimizer market share over the forecast period. The U.S. federal government has introduced Solar Investment Tax Credit (ITC) scheme under which 30% tax credit is provided for deployment of PV systems across residential and commercial complexes.

Technology innovation pertaining to power harvesting systems coupled with decreasing component prices will drive the solar microinverter and power optimizer market. Companies including SolarBridge and Tigo are working towards the development of integrated module-inverter smart technology to enhance the efficiency of PV architecture and thereby positively impacting overall return on investments of the end consumer.

On-grid solar microinverter and power optimizer market is predicted to witness a substantial growth of over 15%. Initiatives including feed in tariff schemes introduced by regulators will positively influence the industry landscape. Commercial applications will exceed USD 300 million by 2024. Growing deployment of rooftop PV systems in commercial complexes including malls, and SEZs will positively impact business growth.

For Europe, Germany solar microinverter and power optimizer market size for 2015 was valued over USD 30 million. Directive 2009/28/EC has been introduced to promote and produce energy from renewable resources. It sets a target to fulfill 27% of its energy needs through renewable resources by 2030

India solar microinverter and power optimizer market is expected to witness a significant growth of over 20% in terms of volume. Indian Renewable Energy Development Agency Ltd. (IREDA) through National Bank for Agriculture and Rural Development (NABARD) has implemented a subsidy scheme under which 40% subsidy on capital cost has been provided towards the deployment of PV systems in rural and urban areas.

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South Africa solar microinverter and power optimizer market share is expected to witness significant growth of over 10% during the forecast period. Government favorable initiatives towards the development of distributed generation systems will positively influence the industry landscape.

Key industry players include Sparq Systems, Enphase Energy, SunPower Corporation, SolarEdge Technologies, KACO New Energy, Ampt, Delta Energy Systems, Array Power, Solantro, Alencon Systems, i-Energy, Chilicon Power, Petra Systems, and Tigo Energy, Altenergy Power System.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.