Solar Power Conditioners' market size was valued at USD XX Billion in 2022. The Solar Power conditioner market is projected to grow from USD XX Billion in 2023 to USD XX Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.30% during the forecast period (2023 - 2032). Expanding residential and commercial solar installations and growing adoption of renewable energy are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Clever methods make real-time control and monitoring of solar power plants possible. Integrating monitoring systems enables proactive maintenance and optimization by offering comprehensive insights into each component's functioning. This improves overall system resilience and guarantees solar power conditioners operate efficiently. Data analytics is used by integrated solutions to analyze past and current data from solar power systems, resulting in performance optimization. In addition to identifying performance inefficiencies, this allows predictive maintenance and maximizes the overall efficiency of solar power conditioners. Cost reductions and higher energy yield are made possible by data-driven insights.
For instance, in February 2021, the U.S. DOE launched a study to improve solar power system performance using artificial intelligence (AI) diagnostic capabilities. The effort will be supported by a large solar technology program planned by the DOE in 2020, with USD 7.3 million mostly going towards engine learning and other solar-powered AI solutions. The award is for three years, totaling U.S. $750,000. The element above is anticipated to create market chances throughout the projection period, coupled with technological advancements targeted at the creation of new PV and Concentrated Solar Power (CSP) approaches by notable companies.
Predictive maintenance is made possible by IoT sensors' real-time condition monitoring for components. Proactive maintenance can minimize downtime and maintenance costs for solar power conditioners by detecting possible problems early on and analyzing performance patterns. IoT integration makes remote diagnostics and troubleshooting possible, enabling operators to find and fix problems without physical examination. Large-scale solar projects benefit greatly from this capacity, which increases system uptime and lowers operating interruptions.
Strengthening energy harvesting through improved control over individual solar panel output is possible with string inverters and power optimizers. Particularly, power optimizers enhance each panel's performance to reduce the effects of shading and raise system efficiency. Power optimizers have a higher shade tolerance than conventional central inverters. Shading or partially shading a solar array can boost energy production by optimizing each panel's power output separately, reducing the overall influence on the system's performance. Thus driving the solar power conditioners market revenue.
Based on type, the Solar Power Conditioners market segmentation includes desktop and portable. The desktop segment dominated the market. Desktop solar power conditioners can function as USB-powered gadget charging stations for laptops, tablets, cellphones, and other electronic devices. These stations provide a quick and eco-friendly way to charge gadgets directly using solar energy. Desktop computers can use solar energy to power themselves by integrating solar power conditioners into the system. The solar power conditioner ensures that solar energy is used as efficiently as possible whenever available, even though the grid or batteries may still be the main power source.
The portable segment is expected to be the fastest-growing solar power conditioners market segment during the forecast period. Portable solar power conditioners are an excellent backup power source during blackouts or natural disasters. They can charge essential devices like radios, telephones, and medical equipment, serving as a crucial lifeline in an emergency.
Based on application, the Solar Power Conditioners market segmentation includes industrial, commercial, and home. The industrial category has the largest market share. Industrial enterprises frequently use grid-tied solar power systems with conditioners to offset their grid electricity demand. When production exceeds demand, these systems return excess power to the grid, resulting in net metering cash and energy savings. Industrial security systems use solar power conditioners, including access control, sensors, and surveillance cameras. These solar-powered systems can run autonomously and offer security in isolated or off-grid areas.
Throughout the forecast period, the solar power conditioners market’s commercial segment is anticipated to grow at the quickest rate. Commercial buildings with rooftop solar installations have solar power conditioners integrated into them. They provide a clean and sustainable energy source for lighting, HVAC systems, and other electrical loads in the business environment by converting the DC output from solar panels into usable AC power.
Figure 1: Solar Power Conditioners Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American solar power conditioners market will dominate, owing to North American countries, especially the US and Canada, taking the lead in encouraging the use of renewable energy. A favorable climate is created for the market expansion of solar power conditioners by government incentives, tax credits, and refunds for solar systems. Integrating energy storage with solar power systems is becoming increasingly popular in North America. In line with the region's emphasis on resilience and grid flexibility, solar power conditioners that efficiently handle integrating energy storage technologies are in demand.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Solar Power Conditioners Market Share By Region 2022 (Usd Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Solar Power Conditioners market accounts for the second-largest market share because of the European country's commitment to tackling climate change by setting high goals for renewable energy. Solar power systems and, by extension, solar power conditioners are being deployed in response to the European Union's Renewable Energy Directive, which intends to significantly increase the share of renewable energy in the total energy mix. Further, the Germany Solar Power Conditioners market held the largest market share, and the UK Solar Power Conditioners market was the fastest growing market in the European region.
The Asia-Pacific Solar Power Conditioners Market is expected to grow at the fastest CAGR from 2023 to 2032. Solar installations have grown quickly throughout the Asia Pacific due to the region's growing energy needs and environmental concerns. Significant investments in solar power projects have been made in nations including China, India, Japan, and Australia, which has led to a sizable market for solar power conditioners. Moreover, China’s Solar Power Conditioners market held the largest market share, and the Indian Solar Power Conditioners market was the fastest-growing market in the Asia-Pacific region.
The solar power conditioners market continues to grow due to major players investing heavily in R&D to expand their product offerings. Market players also take several strategic initiatives to strengthen their footprint. The industry has seen significant development with the launch of new goods, agreements, mergers and acquisitions, higher investment, and collaboration with other companies. For the solar power conditioners industry to expand and prosper in a market that is becoming more competitive and expanding, it must offer reasonably priced products.
Manufacturing locally to reduce operational costs is one of the primary business strategies manufacturers use in the solar power conditioners industry to support customers and grow the market sector. Some of the biggest medical advancements in recent years have been made possible by the solar power conditioning sector. Major players in the solar power conditioners market, including URATANI ENGINEERING, OMRON, Fuji Electric, MEIDENSHA, HIOKI EE, EATON, SHINDENGEN ELECTRIC MANUFACTURING, ITC ENEX, Koyou Rentia, Delta Electronics, Contec Group, TMEIC, Total Power Conditioners, OKI Power Tech., and others, are attempting to increase market demand by investing in research and development operations.
A power management company is Eaton Corporation Plc (Eaton). The company creates, innovates, and markets energy-saving goods, systems, and services that assist users in more consistently controlling mechanical, electrical, and aeronautical power in a safe, sustainable, and effective. Customers in the utility, governmental, industrial, information technology, machine tools, marine, material handling, commercial, construction, manufacturing, agriculture, renewable energy, oil and gas, utility, mining, forestry, automotive, molding, primary metals, power generation, and aerospace sectors are served by the company. Eaton acquired Tripp Lite in March 2021 to strengthen its single-phase UPS business, broaden its distributed IT product portfolio, and grow its power quality business in the Americas.
Power and thermal management devices and services are designed, produced, and sold by Delta Electronics Inc. (Delta). The company provides solutions for data centers, renewable energy, EV charging, industrial automation, corporate automation, and display and monitoring. Power supplies, thermal management, electronic components, data center infrastructure, intelligent surveillance systems, LED lighting, face recognition access control systems, automotive electronics, high-power motor drives, industrial automation products, networking equipment, and visual displays are all part of its product portfolio. The company serves the home entertainment, healthcare, IT, consumer electronics, education, and security sectors. Delta Electronics certified EVO Power as an authorized system integrator in July 2023 for the PCS100 100KW 3P4 W power conditioning system. This system fully complies with ASNZS4777.2-2020 standards. This significant achievement, confirmed by the reliable Certification Company TUV, is the first-ever certification of a PCS that satisfies the demanding ASNZS4777.2-2020 specification.
July 2023:Mitsubishi Electric announced that they have created power conditioners for electric cars (EVs) that are small, light, and energy-efficient, cutting their dimensions by nearly half. With the help of these cutting-edge power conditioners, homes may use excess electricity from their residential photovoltaic (PV) systems and be guaranteed a steady electricity supply even in the event of a blackout. By promoting renewable energy sources, the technology also helps create a society with lower carbon emissions.
March 2021:Toshiba introduced TOLL Packaged 650V Super Junction Power MOSFETs to increase the efficiency of the high-current equipment. The new MOSFETs are used in data centers and photovoltaic power conditioners, among other industrial equipment, as power supplies.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD XX Billion |
| Market Size 2023 | USD XX Billion |
| Market Size 2032 | USD XX Billion |
| Compound Annual Growth Rate (CAGR) | 4.30% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | URATANI ENGINEERING, OMRON, Fuji Electric, MEIDENSHA, HIOKI EE, EATON, SHINDENGEN ELECTRIC MANUFACTURING, ITC ENEX, Koyou Rentia, Delta Electronics, Contec Group, TMEIC, Total Power Conditioners, OKI Power Tech., and others |
| Key Market Opportunities | Increasing demand for off-grid and remote area electrification and decentralized energy generation |
| Key Market Dynamics | Expanding residential and commercial solar installations and growing adoption of renewable energy |
Frequently Asked Questions (FAQ) :
The solar power conditioners market size was valued at USD XX Billion in 2022.
The market is projected to grow at a CAGR of 4.30% during the forecast period, 2023-2032.
North America had the largest share of the market
The key players in the market are URATANI ENGINEERING, OMRON, Fuji Electric, MEIDENSHA, HIOKI EE, EATON, SHINDENGEN ELECTRIC MANUFACTURING, ITC ENEX, Koyou Rentia, Delta Electronics, Contec Group, TMEIC, Total Power Conditioners, OKI Power Tech., and others.
The desktop category dominated the market in 2022.
The industrial had the largest share of the market.
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