Asia-Pacific Solar Inverter Market Size (2024 - 2029)

The Asia-Pacific solar inverter market is poised for growth, driven by ambitious solar energy targets and private investment interest in the region. Despite facing competition from other renewable energy sources, the market is expected to expand, supported by innovations and advancements in solar PV inverter technology. China is anticipated to lead the market due to supportive government initiatives aimed at enhancing the solar energy sector.

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Market Size of Asia-Pacific Solar Inverter Industry

Asia-Pacific Solar Inverter Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 2.50 %
Market Concentration Low

Major Players

Asia-Pacific Solar Inverter Market Major Players

*Disclaimer: Major Players sorted in no particular order

APAC Solar Inverter Market Analysis

The Asia-Pacific solar inverter market is expected to register a CAGR of around 2.5% during the forecast period.

The market did not witness any significant negative impact of COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.

  • Over the short term, the Asia-Pacific solar inverter market is predicted to flourish due to the ambitious solar energy targets set by the Asian countries and the interests shown by private investors.
  • On the other hand, the cut-throat competition from other renewables is expected to restrain the market shortly.
  • Nevertheless, product innovation and the introduction of the latest technologies in solar PV inverters are likely to create ample opportunities for the solar inverters market in the region.
  • China is expected to dominate the market in the unfolding scene due to government initiatives to expand the solar energy portfolio in the country.

APAC Solar Inverter Industry Segmentation

The solar PV inverter is the most important component of a solar energy system that converts the direct current (DC) electricity (generated by solar panels) to alternating current (AC) electricity (the power used by the grid).

The Asia-Pacific Solar Inverter Market is Segmented by Type (Central Inverters, String Inverters, Micro Inverters, Cellular Glass, and Other Types), Application (Residential, Commercial & Industrial, and Utility-scale), and Geography (China, India, Japan, and Rest of Asia-Pacific). The report also covers the market size and forecasts for the Asia-Pacific solar PV inverter market across the major countries. For each segment, the market sizing and forecasts have been done based on revenue (in USD billion).

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Asia-Pacific Solar Inverter Market Size Summary

The Asia-Pacific solar inverter market is poised for growth, driven by ambitious solar energy targets set by various countries in the region and increasing interest from private investors. Despite the competitive pressure from other renewable energy sources, advancements in product innovation and technology in solar PV inverters are expected to create significant opportunities. China is anticipated to lead the market, supported by government initiatives aimed at expanding the country's solar energy portfolio. The market has rebounded to pre-pandemic levels, with no significant adverse effects from COVID-19, and is projected to continue its upward trajectory over the forecast period.

Central inverters, which are crucial for large-scale solar photovoltaic systems, are expected to see accelerated growth due to their technical advantages and the rising demand for solar PV projects, particularly in India. The country's ambitious renewable energy targets, with a substantial portion allocated to solar energy, underscore the importance of central inverters. Technological advancements, such as the introduction of modular inverters and energy storage system interfaces, are further propelling market growth. The fragmented market features key players like Fimer SpA, Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, and Omron Corporation, all contributing to the dynamic landscape of the Asia-Pacific solar inverter market.

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Asia-Pacific Solar Inverter Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Central Inverters

      2. 2.1.2 String Inverters

      3. 2.1.3 Micro Inverters

      4. 2.1.4 Cellular Glass

      5. 2.1.5 Other Types

    2. 2.2 By Application

      1. 2.2.1 Residential

      2. 2.2.2 Commercial & Industrial

      3. 2.2.3 Utility-scale

    3. 2.3 By Geography

      1. 2.3.1 China

      2. 2.3.2 India

      3. 2.3.3 Japan

      4. 2.3.4 Rest of Asia-Pacific

Asia-Pacific Solar Inverter Market Size FAQs

The Asia-Pacific Solar Inverter Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)

Fimer SpA, Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation and Omron Corporation are the major companies operating in the Asia-Pacific Solar Inverter Market.

Asia-Pacific Solar Inverter Report Snapshots

Asia-Pacific Solar Inverter Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)