Asia Pacific PV Inverter Market Size - By Product (String, Micro, Central), By Phase (Single Phase, Three Phase), By Connectivity (Standalone, On Grid), By Nominal Output Power, By Nominal Output Voltage, By Application & Global Forecast, 2023 - 2032
Asia Pacific PV Inverter Market Size - By Product (String, Micro, Central), By Phase (Single Phase, Three Phase), By Connectivity (Standalone, On Grid), By Nominal Output Power, By Nominal Output Voltage, By Application & Global Forecast, 2023 - 2032
Asia Pacific PV Inverter Market size is set to expand at 9.4% CAGR from 2023-2032 driven by the ongoing shift towards clean and sustainable energy sources, driven by rising environmental concerns and the greater need to reduce dependence on fossil fuels.
The burgeoning grid modernization efforts aimed at enhancing grid stability, flexibility, and reliability are creating conducive environment for the widespread adoption of PV inverters in the region. For instance, in July 2023, the Asian Development Bank authorized a $125 million loan to assist in improving Uzbekistan's power transmission infrastructure for increasing the energy efficiency and allowing the inclusion of more renewable energy into power mix in the country. The rising focus and massive investments in integrating renewable energy sources into the power grid are also spurring governments and energy authorities to deploy PV inverters to facilitate seamless solar energy integration, augmenting the industry outlook.
The Asia Pacific PV inverter industry is segmented into product, phase, nominal output voltage, connectivity, nominal output power, application, and country.
Based on product, the demand for central PV inverters in APAC is likely to gain significant traction from 2023-2032 driven by its increasing application in large-scale solar projects and utility-scale solar installations. Additionally, the efficiency of central PV inverters in managing and optimizing power generation from solar arrays coupled with its cost-effective operational capabilities will further contribute to the segment growth.
Asia Pacific PV inverter industry is projected to witness commendable expansion from the utility application segment between 2023 and 2032. The growth can be attributed to the surging need to facilitate efficient power conversion and grid integration in large-scale solar power plants and utility-scale solar installations across the region. Moreover, the increasing emphasis on renewable energy deployment, the jump in government initiatives for promoting solar energy expansion, and the rising demand for sustainable electricity generation will also fuel the product adoption in utility applications.
Regionally, India held sizable revenue share of the Asia Pacific PV inverter market in 2022 and is estimated to expand at notable CAGR from 2023 to 2032. The growing emphasis on clean energy generation and the rapid expansion of solar power capacity are bolstering the demand for PV inverters in various residential, commercial, and utility-scale applications. Furthermore, the presence of ambitious renewable energy targets, increasing solar power installations, and government incentives for solar energy development will augment the regional industry outlook.
Chapter 1 Methodology & Scope
1.1 Market scope and definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Unpaid sources
Chapter 2 Asia Pacific PV Inverter Industry Insights
2.1 Industry ecosystem analysis
2.1.1 Vendor Matrix
2.2 Regulatory landscape
2.3 COVID- 19 impact on the industry outlook
2.4 Industry impact forces
2.4.1 Growth drivers
2.4.1.1 Favourable prospect towards renewable energy
2.4.1.2 Integration of distributed energy
2.4.2 Industry pitfalls & challenges
2.4.2.1 Availability of secondary technologies
2.5 Growth potential analysis
2.6 Porter's Analysis
2.6.1 Bargaining power of suppliers
2.6.2 Bargaining power of buyers
2.6.3 Threat of new entrants
2.6.4 Threat of substitutes
2.7 PESTEL Analysis
Chapter 3 Competitive Benchmarking
3.1 Competitive landscape, 2022
3.1.1 Strategic dashboard
3.2 Innovation & technology landscape
Chapter 4 Asia Pacific PV Inverter Market, By Product (MW & USD Million)
4.1 Key trends, by product
4.2 String
4.3 Micro
4.4 Central
Chapter 5 Asia Pacific PV Inverter Market, By Phase (MW & USD Million)
5.1 Key trends, by phase
5.2 Single phase
5.3 Three phase
Chapter 6 Asia Pacific PV Inverter Market, By Connectivity (MW & USD Million)
6.1 Key trends, by connectivity
6.2 Standalone
6.3 On grid
Chapter 7 Asia Pacific PV Inverter Market, By Nominal Output Power (MW & USD Million)
7.1 Key trends, by nominal output power
7.2 ≤ 0.8 kW
7.3 0.8 - 3 kW
7.4 >3 - 33 kW
7.5 >33 - 110 kW
Chapter 8 Asia Pacific PV Inverter Market, By Nominal Output Voltage (MW & USD Million)
8.1 Key trends, by nominal output voltage
8.2 ≤ 230 V
8.3 230 - 400 V
8.4 >400 - 600 V
8.5 > 600 V
Chapter 9 Asia Pacific PV Inverter Market, By Application (MW & USD Million)
9.1 Key trends, by application
9.2 Residential
9.3 Commercial & industrial
9.4 Utility
Chapter 10 Asia Pacific PV Inverter Market, By Country (MW & USD)
10.1 Key trends, by country
10.2 China
10.3 Australia
10.4 India
10.5 Japan
10.6 South Korea
Chapter 11 Company Profiles
11.1 General Electric
11.2 SMA Solar Technology AG
11.3 Sungrow
11.4 Growatt New Energy
11.5 Darfon Electronics Corp.
11.6 Schneider Electric
11.7 Enphase Energy
11.8 Siemens
11.9 Fimer Group'
11.10 NingBo Deye Inverter Technology Co., Ltd.
11.11 Holymiles
11.12 LeadSolar Energy
11.13 Shenzhen Sako Solar Co., Ltd.
11.14 Dongguan Kaideng Energy Technology Co., Ltd.