Asia-Pacific Solar Inverter Market Insights
According to MRFR analysis, the Asia-Pacific Solar Inverter Market is expected to register a CAGR of~5.70% from 2024 to 2030and hold a value of over USD 18.93 billion by 2030.
The Asia-Pacific Solar Inverter Market refers to the market for electronic devices that convert the direct current generated by solar panels into alternating current that can be used to power homes and businesses. Asia-Pacific Solar Inverters are essential components of any solar power system, as they help to optimize the performance of solar panels by converting the DC electricity they generate into AC electricity that can be used to power electrical appliances, lighting, and other devices. The driven by factors such as increasing demand for renewable energy sources, government support for solar power installations, and declining costs of solar panels and inverters.
The COVID-19 pandemic had both positive and negative impacts on the Asia-Pacific Solar Inverter market. Initially, the pandemic caused disruptions in the supply chain of Asia-Pacific Solar Inverter components, as well as delays in solar power project installations and maintenance activities. However, the pandemic also led to an increased focus on renewable energy sources, as governments and businesses sought to reduce their carbon footprint and promote sustainable practices.
Key Players
Some of the key market players are:
- SMA Solar Technology AG (Germany)
- Canadian Solar Inc. (Canada)
- ABB Ltd (Switzerland)
- SunPower Corporation (US)
- Delta Electronics (Taiwan)
- SolarEdge Technologies Inc. (Israel)
- Sineng Electric Co. Ltd. (China)
- Power Electronics (Spain)
- Solectria Renewables LLC (US)
Regional Analysis
The Asia-Pacific region is currently the largest market for Asia-Pacific Solar Inverters, accounting for a significant share of the Asia-Pacific Solar Inverter market. The region is expected to continue to dominate the market in the coming years, driven by factors such as the increasing demand for renewable energy sources, supportive government policies and incentives, and declining costs of solar panel installations.
Countries such as China, India, Japan, and Australia are among the largest markets for Asia-Pacific Solar Inverters in the APAC region, with significant growth potential due to increasing solar power installations and favorable government policies promoting renewable energy.
Various Market Segments for Asia-Pacific Solar Inverters
Type, system, end-users, and geographic regions are used to segment the worldwide market.
The market is once again segmented based on product type into sectors for central inverters, string inverters, and micro inverters. The central inverter sector is predicted to have the largest proportion of revenue, according to the Asia-Pacific Solar Inverter Market Forecast. The industrial and utility industries have a tremendous need for central inverters.
Additionally, the rapid industrialization and infrastructure development for renewable energy in developing nations like India, China, Japan, and others will aid in the expansion of this industry.
The market is divided into residential, commercial & industrial, and utility sectors based on end-user. The utility industry takes up the largest share of the market revenue for Asia-Pacific Solar Inverters. This industry is anticipated to increase steadily until 2028 as a result of the construction of solar parks, solar power plants, and other solar-related constructions. The expansion of the market would also be fueled by the increase of various construction projects, such as office buildings, rural electrification initiatives, rooftop solar power plants, and water bodies.
The market for Asia-Pacific Solar Inverters is segmented into on-grid and off-grid sectors based on the system. The on-grid system has the largest market share for Asia-Pacific Solar Inverters. Compared to battery storage facilities, direct energy supply has a higher investment. The sector of living on the grid will expand as a result of this.
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