The Latin America, Middle East and Africa Power Optimizer Market would witness market growth of 13.2% CAGR during the forecast period (2022-2028).
Demand for power has increased due to the rapid rise of electric car use in the transportation sector and the growing use of portable electronics. The expansion, as well as investment in the innovation and development of solar power equipment manufacturing facilities, was driven by the need for sustainable green energy development and the government's support of solar power generation companies that are helpful in meeting the zero-carbon emission targets.
Since there is a high demand for power due to the mining of virtual currencies like Bitcoin using ASIC-related equipment, miners are turning to alternative power generation sources, like solar power generation to boost their profitability. Moreover, there are likely to be chances for the expansion of the power optimizer market due to the increasing public knowledge of the benefits of using solar power generation. In this case, if there are multiple panels connected in series and one panel's output decreases as a result of shading, its voltage would decrease to enable it to supply the same amount of current (amps).
One of the major factors driving the growth of the power optimizer market in the region is the progressively expanding regional oil and gas industry. According to International Trade Administration, the United Arab Emirates (UAE) has the seventh-largest established oil and natural gas reserves in the world. With 100 billion barrels of oil reserves, the UAE produces 3 million barrels of oil and liquids on average per day. The production of oil and gas accounts for over 13% of the country's total exports and accounts for about 30% of its GDP. The vast majority of the government's income in the UAE comes from oil business profits and royalties.
The Brazil market dominated the LAMEA Power Optimizer Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $104.4 million by 2028 period. The Argentina market is exhibiting a CAGR of 13.7% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 12.9% during (2022 - 2028).
Based on Connectivity, the market is segmented into On-grid and Standalone. Based on Application, the market is segmented into Utility, Commercial and Residential. Based on End Use, the market is segmented into Module Level MPPT, Advanced Power Line Communication, Monitoring Components, Safety Shutdown Components and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Power Optimizer Market is Predict to reach $5.2 Billion by 2028, at a CAGR of 10.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Delta Electronics, Inc., SunPower Corporation, KACO new energy GmbH, Alencon Systems, LLC, SolarEdge Technologies, Inc., Enphase Energy, Inc., Tigo Energy, Inc., Altenergy Power System, Inc., Solantro Semiconductor Corp., and Sparq Systems Inc.
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