1 Global Module Level Power Electronics (MLPE) Market Size (Revenue) and CAGR (2024-2033)
Global Module Level Power Electronics (MLPE) market generated revenue of USD 1963.29 Million in 2024 with a CAGR of 20.9% during 2024 to 2033.
Looking ahead, the MLPE market is poised for continued growth. The increasing focus on renewable energy, coupled with technological advancements and declining costs of solar power systems, is expected to drive further adoption of MLPE devices. Additionally, the impact of the COVID-19 pandemic has highlighted the importance of sustainable and resilient energy systems, further bolstering the case for MLPE solutions.
In conclusion, the global Module Level Power Electronics market reached USD 1,963.29 million in 2024 and is projected to grow at a CAGR of 20.9% from 2024 to 2033. The market’s current situation reflects strong demand, particularly in North America, Europe, and the Asia-Pacific region, with key players dominating the competitive landscape.
Figure Global Module Level Power Electronics (MLPE) Market Size (M USD) Outlook (2024-2033)
2 Module Level Power Electronics (MLPE) Industry Development
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 (MLPE) is a device that can be integrated into a solar photovoltaic system. Therefore, the negative impact will be transmitted forward and the MLPE 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 MLPE 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 (IEA) 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. The energy way of growth. At the same time, the G20 Energy Ministers’ Meeting stated that it will evaluate the response to the new crown pneumonia epidemic in September, as well as the broader G20’s cleaner 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 (MLPE) will also usher in new market development opportunities.
3 Global Module Level Power Electronics (MLPE) Market by Type in 2024
Module Level Power Electronics (MLPE) refers to devices that optimize the performance of individual solar modules in photovoltaic (PV) systems. These devices enhance energy yield, improve reliability, and offer greater flexibility in system design compared to traditional string inverters. The MLPE market is primarily segmented into two product types: Power Optimizers and Microinverters.
Power Optimizers
Power Optimizers are DC-DC converters attached to or integrated into the junction box of a PV module. They perform Maximum Power Point Tracking (MPPT) at the module level, ensuring that each panel operates at its peak efficiency, even under varying conditions such as shading or partial soiling. This technology is particularly beneficial in complex installations where modules may face different levels of sunlight exposure. Power Optimizers also enhance safety by reducing DC voltage during emergency disconnects and simplify PV system design.
In 2024, the Power Optimizer segment accounted for a significant portion of the MLPE market, with a total revenue of USD 1,242.44 million. This segment held the largest market share, representing approximately 63.28% of the total MLPE market value. The growth of Power Optimizers can be attributed to their ability to maximize energy yield and improve system reliability, making them a preferred choice for both residential and commercial solar installations.
Microinverters
Microinverters, on the other hand, convert DC power from individual PV modules directly into AC power. Unlike string inverters, which rely on a centralized inverter, microinverters operate independently for each module. This design ensures that the performance of one module does not affect the others, thereby maximizing overall system efficiency. Microinverters are particularly advantageous in installations with shading issues or where modules face different orientations.
In 2024, the Microinverter segment had a total revenue of USD 720.85 million, accounting for 36.72% of the total MLPE market value. While this segment had a smaller market share compared to Power Optimizers, it exhibited a faster growth rate. This indicates that Microinverters are gaining traction in the market, driven by their unique benefits and increasing adoption in residential and commercial applications.
Table Global Module Level Power Electronics (MLPE) Market Size and Share by Type in 2024
Product Type | Revenue (M USD) | Market Share (%) |
|---|---|---|
Power Optimizers | 1,242.44 | 63.28 |
Microinverters | 720.85 | 36.72 |
Total | 1,963.29 | 100.0 |
4 Global Module Level Power Electronics (MLPE) Market by Application in 2024
Module Level Power Electronics (MLPE) are integral components in modern photovoltaic (PV) systems, enhancing the efficiency and reliability of solar installations. The MLPE market is segmented by various applications, each with unique requirements and growth dynamics. The primary applications include Residential, Commercial, and Other (industrial, utility-scale, etc.).
Residential Applications
Residential applications of MLPE involve the installation of solar systems on rooftops of homes and small buildings. These systems are designed to provide clean, renewable energy for household consumption, reducing reliance on grid electricity and lowering energy costs. MLPE devices, such as Power Optimizers and Microinverters, are particularly beneficial in residential settings due to their ability to maximize energy yield, even in shaded or partially obstructed conditions. They also enhance safety by reducing DC voltage during emergency disconnects.
In 2024, the Residential segment accounted for the largest market share, with a total revenue of USD 1,146.29 million. This segment represented approximately 58.39% of the total MLPE market value. The growth in residential applications can be attributed to increasing awareness of renewable energy benefits, government incentives, and declining costs of solar installations. The residential market is expected to continue growing as more homeowners seek sustainable energy solutions.
Commercial Applications
Commercial applications of MLPE involve the installation of solar systems in businesses, industrial facilities, and other non-residential buildings. These systems are designed to reduce operational costs by generating electricity on-site, thereby lowering reliance on grid power. MLPE devices are particularly valuable in commercial settings due to their ability to optimize energy production and improve system reliability. They also offer flexibility in system design, allowing for installations in various configurations.
In 2024, the Commercial segment had a total revenue of USD 602.18 million, accounting for 30.67% of the total MLPE market value. The commercial market has been growing steadily, driven by increasing corporate sustainability goals and the need to reduce operational costs. This indicates that commercial installations are becoming an increasingly important part of the MLPE market.
Table Global Module Level Power Electronics (MLPE) Market Size and Share by Application in 2024
Application | Revenue (M USD) | Market Share (%) |
|---|---|---|
Residential | 1,146.29 | 58.39 |
Commercial | 602.18 | 30.67 |
Others | 214.82 | 10.94 |
Total | 1,963.29 | 100.0 |
5 Global Module Level Power Electronics (MLPE) Market by Region in 2024
The global Module Level Power Electronics (MLPE) market has experienced significant growth in recent years, driven by the increasing adoption of solar power systems and the need for more efficient and reliable energy solutions. In 2024, the market reached a total value of USD 1,963.29 million, with several regions contributing to this growth. The market is segmented across major regions, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America
North America emerged as the largest regional market for MLPE in 2024, with a total revenue of USD 814.98 million. This region accounted for approximately 41.51% of the global MLPE market share. The dominance of North America can be attributed to the strong demand for solar power solutions in the United States and Canada, driven by government incentives, technological advancements, and increasing awareness of renewable energy benefits. The region’s robust growth is also supported by the presence of key market players and a well-developed infrastructure for solar installations.
Europe
Europe followed closely as the second-largest regional market, with a total revenue of USD 555.73 million in 2024. This region accounted for 28.31% of the global MLPE market share. European countries, particularly Germany, the UK, France, and Italy, have been at the forefront of adopting renewable energy solutions. The region’s growth is driven by stringent environmental policies, government support for solar installations, and the increasing demand for sustainable energy solutions. Europe’s market is characterized by a high level of technological maturity and a strong focus on innovation.
Asia-Pacific
The Asia-Pacific region recorded a total revenue of USD 416.67 million in 2024, accounting for 21.22% of the global MLPE market share. While it had a smaller market share compared to North America and Europe, the Asia-Pacific region exhibited the fastest growth rate. The compound annual growth rate (CAGR) from 2020 to 2024 was approximately 16.77%, indicating rapid adoption of MLPE technologies in this region. The growth is driven by increasing investments in renewable energy, particularly in China, Japan, and South Korea, as well as emerging markets like India and Australia. The region’s market is characterized by strong government support, declining costs of solar installations, and a growing focus on sustainable energy solutions.
South America and Middle East & Africa
South America and the Middle East & Africa also contributed to the global MLPE market, with total revenues of USD 91.77 million and USD 84.14 million, respectively, in 2024. These regions accounted for 4.67% and 4.29% of the global market share. While their market shares were relatively smaller, both regions showed promising growth potential, driven by increasing demand for renewable energy and government initiatives to promote solar installations.
Table Global Module Level Power Electronics (MLPE) Market Size, Region Wise in 2024
Region | Revenue (M USD) | Market Share (%) |
|---|---|---|
North America | 814.98 | 41.51 |
Europe | 555.73 | 28.31 |
Asia-Pacific | 416.67 | 21.22 |
South America | 91.77 | 4.67 |
Middle East & Africa | 84.14 | 4.29 |
Total | 1,963.29 | 100.0 |
Figure Global Module Level Power Electronics (MLPE) Market Share, Region Wise in 2024
6 Global Module Level Power Electronics (MLPE) Market Top 3 Players
Company Introduction and Business Overview: SolarEdge is a leading provider of solar power optimization and photovoltaic monitoring solutions. Founded in 2006, the company has quickly become a dominant player in the MLPE market. SolarEdge offers a comprehensive suite of products, including power optimizers, inverters, monitoring equipment, and accessories designed to enhance the efficiency and reliability of solar installations. The company’s solutions are widely used in residential and commercial applications across the globe.
Products Offered: SolarEdge’s flagship product is its power optimizer, which is designed to maximize energy yield by performing Maximum Power Point Tracking (MPPT) at the module level. The company also offers a range of inverters, monitoring systems, and smart energy management solutions. SolarEdge’s products are known for their high efficiency, reliability, and advanced safety features, making them a preferred choice for solar installers and end-users.
Revenue in 2020: SolarEdge recorded a total revenue of USD 648.74 million, accounting for approximately 57.0% of the global MLPE market share. This dominant position is attributed to the company’s innovative products, strong market presence, and continuous investment in research and development.
Company Introduction and Business Overview: Enphase is a pioneering company in the development of smart solar solutions. Founded in 2006, Enphase specializes in microinverters and offers a comprehensive platform for solar generation, storage, and management. The company’s solutions are designed to maximize energy production, improve system reliability, and enhance safety. Enphase’s products are widely used in residential and commercial applications, particularly in regions with high solar adoption rates.
Products Offered: Enphase’s primary product is its microinverter, which converts DC power from individual solar modules into AC power. The company’s microinverters are known for their high efficiency, reliability, and ability to operate independently, ensuring maximum energy production even in shaded conditions. Enphase also offers a range of accessories and monitoring solutions to enhance the performance and management of solar installations.
Revenue in 2020: Enphase recorded a total revenue of USD 198.70 million, accounting for approximately 17.5% of the global MLPE market share. The company’s growth is driven by its innovative products, strong market presence, and increasing adoption of microinverters in residential and commercial applications.
Company Introduction and Business Overview: Tigo/SMA is a leading provider of smart module technology for the solar industry. Founded in 1981, SMA specializes in the manufacture of solar inverters and has a strong presence in the global market. In 2024, SMA acquired a stake in Tigo Energy, Inc., further expanding its portfolio of smart module solutions. The combined entity offers a comprehensive range of products and solutions designed to optimize solar installations and enhance energy production.
Products Offered: Tigo/SMA offers a range of products, including the TS4-R module system, which is designed to increase energy yields and reduce system costs. The company’s solutions are known for their flexibility, reliability, and advanced features, making them a preferred choice for solar installers and end-users. Tigo/SMA also offers a range of inverters and monitoring solutions to enhance the performance and management of solar installations.
Revenue in 2020: Tigo/SMA recorded a total revenue of USD 36.25 million, accounting for approximately 3.2% of the global MLPE market share. The company’s growth is driven by its innovative products, strong market presence, and increasing adoption of smart module solutions in residential and commercial applications.
Table Global Module Level Power Electronics (MLPE) Revenue Share of Top3 Players in 2020
Company | 2020 |
Solar Edge | 57.02% |
Enphase | 17.47% |
Tigo/SMA | 3.19% |