With the popularity of photovoltaic and the improvement of environmental awareness, the use of photovoltaic has become more and more widespread. However, the frequent occurrence of fires in photovoltaic power plants has raised concerns and worries in recent years. As a result, module level power electronics has entered the public field of vision. Module Level Power Electronics is the collective term for microinverter and Power Optimizer solar systems. These types of solar systems are more complex than traditional DC solar systems with string inverters, but come with a whole range of additional features and benefits. Module level power electronics not only improve energy yield, shade tolerance and module reliability and design flexibility.
Microinverter performs the same basic function as a central (or string) PV system inverter—converting DC into alternating current— but it does the conversion at the PV module. Microinverters allow the output of each PV module to be unaffected by the other modules in the system. This is in contrast to a conventional PV system in which the modules are connected in strings and then wired to a central inverter. The DC power optimizer is attached to or integrated in the junction box of a PV module and is designed to increase the power yield of the module before it sends an optimized DC voltage to the central inverter of a conventional PV system. A DC optimizer is technically a DC-DC converter that also performs maximum power point tracking at the module. DC power optimizers provide system benefits including improved performance under shading or other mismatch conditions, low-voltage safety under emergency disconnect conditions, and relaxed design constraints for the PV installer. At present, the power optimizer occupies a market share of 62.87%, which is the highest market value among all types.
Module level power electronics are applied in several areas such as residential and commercial areas. In residential areas, it is used in residential solar systems to provide low-cost heating to houses. The revenue in residential applications has reached $627.48 million in 2019. With the popularity of PV systems in the residential sector, it will drive further growth of the module level power electronics market. In addition, it can also be used in commercial solar systems to help reduce energy costs for companies and reduce the ecological footprint of the organization. In 2019, its revenue has reached $338.03 million.
Global Module Level Power Electronics Market Status and Prospect Analysis
The module level power electronics industry is highly concentrated. The top three companies in terms of revenue are Solar Edge, Enphase, and Tigo/SMA. In 2019, the three companies had a market share of 76.98%, dominating the market. And domestic companies such as APSystems and Hoymiles are also important players.
North America, Europe and Asia-Pacific are the three largest markets for module level power electronics, with market shares of 42.19%, 29.34% and 19.67%, respectively. North America is the largest revenue market, and its revenue has reached $480.01 million in 2020. Among them, the United States accounted for 82.68% of the market share of the North American market. Europe ranks second in the world with revenue of $333.74 million. The developed economies and high technology levels in the United States and Europe provide development opportunity for the module power electronics market. It is expected that by 2025, North America and Europe market revenue will reach $977.64 million and $653.42 million respectively.
In recent years, with the rapid development of China economy, urbanization is gradually accelerating and housing construction activities are increasing. Besides, China has introduced a series of relevant industry standards and regulations to reduce the occurrence of fire hazards. All these will drive the module level power electronics market forward. Asia Pacific is also expected to further expand its market share and reach a revenue of $527.78 million by 2025.
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Increased Development of Green Energy Will Bring Greater Growth Opportunities for the Global Module Level Power Electronics Market
According to research, the total revenue of the global module level power electronics market in 2015 was $492.2 million, and it will increase to $1,137.63 million in 2020. It is estimated that by 2025, the revenue of the module level power electronics market will reach $2,373.92 million, a growth rate of 20.92%.
The impact of COVID-19 has caused a shock to the macro economy, related projects have stagnated and delayed, and consumer demand for end products has declined, which will cause short-term international trade in photovoltaic products to be frustrated. Module Level Power Electronics is a device that can be integrated into a solar photovoltaic system. Therefore, the negative impact will be transmitted forward and the market will also be affected. Affected by factors such as enterprise operating rate, employee arrival rate, raw material supply, logistics and other factors, the manufacturing and sales of the industry will be affected in the short term, resulting in the backward delay of industry demand.
After the epidemic, the world will increase investment in renewable energy to stimulate economic growth. The International Energy Agency believes that due to the COVID-19 epidemic, electricity consumption in countries around the world has fallen sharply. The total energy demand is expected to hit the largest decline in nearly 70 years, but renewable energy will become the only positive demand in 2020. At the same time, the G20 energy ministers stated at the meeting that they will assess the response to the epidemic and the broader G20 clean and sustainable energy system transformation agenda. It can be seen that after this epidemic, renewable energy represented by photovoltaics will have greater development opportunities. Module Level Power Electronics will also usher in new market development opportunities.
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