The module-level power electronics industry is witnessing an intense growth phase. Demand is driven by increasing solar photovoltaic (PV) installations across the globe and modernisation of grid infrastructure capable of accommodating Module-Level Power Electronics (MLPE) technology within the system. Manoj Shankar, Energy and Environment Research Analyst, said: “With movement towards renewable power and distributed power sources, the MLPE market is expected to sustain further significant growth in all regions of the globe.
“To gain a competitive advantage and increase market share in a highly consolidated and fiercely competitive market, MLPE companies must innovate their products to reduce prices, seek geographic expansion, and invest in partnerships or merger and acquisition strategies.”
Global Module Power Electronics (MLPE) Market, part of Frost & Sullivan’s Power Generation Growth Partnership Service (GPS) programme, finds that the market is expected to grow from $648.7m in 2016 to $1.16bn 2021 at a Compound Annual Growth Rate (CAGR) of 12.4%.
Other developments include:
“Renewable energy targets and regulations are set to play a major role in the development of the MLPE market as countries move towards more efficient and sustainable power generation,” noted Shankar.