Asia Pacific Solar PV Inverters Market Size (2024 - 2029)

The Asia-Pacific solar PV inverters market is poised for growth, driven by increasing investments and ambitious solar energy targets, despite the challenges posed by the technical drawbacks of string inverters. The market has rebounded to pre-pandemic levels, and product innovation along with the adoption of advanced technologies are expected to offer significant growth opportunities. China leads the region in market size, benefiting from substantial investments and supportive government policies, which contribute to its anticipated rapid growth.

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Market Size of Asia Pacific Solar PV Inverters Industry

Asia Pacific Solar PV Inverters Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 5.00 %
Market Concentration Medium

Major Players

Asia Pacific Solar PV Inverters Market Major Players

*Disclaimer: Major Players sorted in no particular order

APAC Solar PV Inverters Market Analysis

The Asia-Pacific solar PV inverters market is expected to register a CAGR of over 5% during the forecast period.

The market was negatively impacted by the COVID-19 pandemic in 2020. Presently, the market has reached pre-pandemic levels.

  • Over the medium term, increasing investments and ambitious solar energy targets are expected to drive the market's growth.
  • On the other hand, technical drawbacks of the string inverters are expected to hamper the growth of solar PV inverters during the forecast period.
  • Nevertheless, product innovation and adaptation of the latest technologies in solar PV inverters are likely to create lucrative growth opportunities for the Asia-Pacific solar PV inverters market in the forecast period.
  • China dominates the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to the increasing investments, coupled with supportive government policies.

APAC Solar PV Inverters Industry Segmentation

A solar PV inverter is a power inverter that converts electricity in direct current (DC) output from a photovoltaic (PV) solar panel into alternating current (AC) at utility frequency. This can be used for residential and commercial electrical grids or by a local off-grid electrical network, such as microgrids.

The Asia-Pacific solar PV inverters market is segmented by inverter type, application, and geography. By inverter type, the market is segmented into central inverters, string inverters, and micro-inverters. By application, the market is segmented into residential, commercial and industrial, and utility-scale. The report also covers the market size and forecasts for the Asia-Pacific solar PV inverters market across the major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).

By Inverter Type
Central Inverters
String Inverters
Micro Inverters
By Application
Residential
Commercial and Industrial
Utility-scale
By Geography
China
India
Japan
South Korea
Rest of Asia-Pacific
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Asia Pacific Solar PV Inverters Market Size Summary

The Asia-Pacific solar PV inverters market is poised for significant growth, driven by increasing investments and ambitious solar energy targets across the region. Despite the initial setbacks caused by the COVID-19 pandemic, the market has rebounded to pre-pandemic levels. The adoption of innovative technologies and product advancements in solar PV inverters is expected to create substantial growth opportunities. However, the technical limitations of string inverters may pose challenges to market expansion. China stands out as a dominant player in this market, benefiting from robust investments and supportive government policies, which are anticipated to sustain its leading position and drive further growth.

The market landscape is characterized by a diverse array of players, including prominent companies such as FIMER SpA, Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, and Omron Corporation. These companies are actively involved in various projects and collaborations to enhance their market presence. For instance, FIMER SpA has contributed to a solar-plus-storage project in India, while Sungrow has strengthened its strategic partnership in Vietnam. The demand for solar inverters is expected to rise steadily, supported by the growing electricity demand, government efforts to decarbonize the power sector, and decreasing costs of central inverters. As a result, the Asia-Pacific solar PV inverters market is set to experience robust growth in the coming years.

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Asia Pacific Solar PV Inverters 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 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 Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Inverter Type

      1. 2.1.1 Central Inverters

      2. 2.1.2 String Inverters

      3. 2.1.3 Micro Inverters

    2. 2.2 By Application

      1. 2.2.1 Residential

      2. 2.2.2 Commercial and 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 South Korea

      5. 2.3.5 Rest of Asia-Pacific

Asia Pacific Solar PV Inverters Market Size FAQs

The Asia Pacific Solar PV Inverters Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

FIMER S.p.A., Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation and Omron Corporation are the major companies operating in the Asia Pacific Solar PV Inverters Market.

Asia Pacific Solar PV Inverters Report Snapshots

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