Can you clarify what you mean by "power cycle"? Is this a power failure, or is power deliberately switched off every day? If the former, perhaps you could just get a small UPS that would keep everything running when the power goes out.
The unit is a lighting system for fish tanks so it can be switched off, though I'm not sure how often that will happen since it's not mine and I don't own any fish.
Is the MT48T12 in a socket? Could you possibly post pictures of the top and bottom of the circuit board?
No, it is not in a socket, it is directly soldered to the board. But that's not a big deal, I have a very nice hot air re-working station if I have to remove it. And, here are a couple of images showing the component:
Would you be replacing the whole board, or just the MT48T12? Digikey carries the MT48T12 for $25.
The board is not replaceable since I would have to design a new one from scratch and I have no clue how they programmed this MC ... it's a rather complex lighting system that is able to adjust the lighting color and intensity based on several factors such as the position of the sun, the moon and it's phases and even which hemisphere the unit is in... having read some fish forum posts from the mid 2000's apparently this unit was quite the "catch" (punn intended) for fish owners LOL.
You can read more detail on the unit in this post (scroll down to my last post in that topic):
https://www.eevblog.com/forum/projects/how-to-calculate-pcb-trace-sizes-based-on-amperage/