Asia Pacific Commercial Micro Inverter Market Size

Asia Pacific Commercial Micro Inverter Market was valued USD 34.2 million in 2023 and is anticipated to grow at a CAGR of over 14.5% from 2024 to 2032. Rapid urbanization and industrialization in the region coupled with rising adoption of reliable and sustainable energy solutions by key players to reduce reliance on traditional power sources and mitigating energy costs is set to augment the product penetration. In addition, rising technological advancements and innovations such as dual MPPT tracking, advanced monitoring and control features, and improved thermal management capabilities is anticipated to fuel the business growth.

Growing awareness among businesses about the environmental impact of conventional energy sources is propelling the product demand to reduce their carbon footprint, lower greenhouse gas emissions, and demonstrate their commitment to environmental stewardship. Furthermore, declining costs of solar PV modules and associated balance-of-system components coupled with economies of scale in manufacturing are driving the industry scenario.

Asia Pacific Commercial Micro Inverter Market Trends

Increasing shift toward adoption of decentralized energy systems coupled with rising integration of energy storage technologies, such as lithium-ion batteries to enable energy self-consumption, demand response, and backup power capabilities for commercial applications will strengthen the industry landscape. Expansion of smart grid infrastructure, driven by the digitization of the energy sector and the deployment of advanced metering, monitoring, and control systems is augmenting the product demand.

Asia Pacific Commercial Micro Inverter Market Analysis

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Based on phase, the three phase segment is anticipated to grow by more than USD 111 million by 2032 on account of their higher voltage and power levels accommodation, making them ideal for commercial scale PV installations with larger arrays. Furthermore, it supports businesses to seamlessly integrate their solar PV systems with the existing grid infrastructure, ensuring compatibility and stability, thereby fostering the product penetration.

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Based on connectivity, the Asia Pacific commercial micro inverter market is segmented into standalone and on grid. Among these, the standalone segment is set to grow at a CAGR of over 19.5% through 2032. Rising demand for solutions offering remote monitoring and management of microinverter systems, allowing commercial operators to access real time performance data, track energy production, and diagnose issues from anywhere with internet connectivity will boost the product demand. Furthermore, its comprehensive asset management capabilities, including asset tracking, performance analysis, and predictive maintenance are the additional factors driving the industry statistics.

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China commercial micro inverter market is projected to surpass USD 87 million by 2032. Rapid urbanization, industrialization, and commercialization in China have led to a surge in demand for electricity in commercial establishments, fueling the product adoption. Rising investments by key players in developing advanced products to improve efficiency, performance, and reliability will accelerate the business statistics.

In the U.S. rising federal and state-level policies, such as investment tax credits (ITC), net metering, and renewable portfolio standards (RPS) to encourage the adoption of solar PV technologies are anticipated to propel the industry growth. Furthermore, the presence of key players comprising of Enphase Energy, SolarEdge, and SMA Solar Technology offer advanced solutions with features comprising rapid shutdown, integrated energy storage, and smart grid capabilities to improve competition among microinverter manufacturers, will continue to drive continuous innovation and product differentiation.

Asia Pacific Commercial Micro Inverter Market Share

Eminent manufacturers are prioritizing continuous innovation to develop cutting-edge products with advanced features and enhanced performance characteristics. Key players are collaborating with other industry stakeholders, including solar panel manufacturers, EPC contractors, distributors, and utility companies to expand their market reach and enhance their value proposition.

Asia Pacific Commercial Micro Inverter Market Companies

Eminent players operating in the Asia Pacific commercial micro inverter industry are:

• ABB
• APsystems
• Enphase Energy
• GoodWe Power Supply Technology Co., Ltd.
• Hoymiles
• Sparq System
• Siemens AG
• Solax Power
• Yotta Energy
• Zhejiang HIITIO New Energy Co.,Ltd
  

Asia Pacific Commercial Micro Inverter Industry News

• In November 2023, Hoymiles, headquartered in China, unveiled its latest line of microinverters tailored specifically for the commercial and industrial solar markets in North America. The HMT-2000-4T-NA series represents a significant advancement, allowing for the pairing of up to four solar modules per microinverter. The product launch reflects company commitment to innovation and addressing the evolving needs of the solar energy sector in the North American region.
  
• In May 2023, APsystems, a leader in Module Level Power Electronics (MLPE), introduced the EZ1 Microinverter series with integrated Wi-Fi and Bluetooth at SNEC 2023 in Shanghai. This series targets the growing DIY solar and balcony system market, offering a simple plug-and-play solution.
  

This Asia Pacific commercial micro inverter market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & MW” from 2021 to 2032, for the following segments:

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Market, By Connectivity

• Standalone
• On Grid

Market, By Phase

• Single Phase
• Three Phase

The above information has been provided for the following countries:

• China
• Australia
• India
• Japan
• South Korea