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, 2024 – 2032

Asia Pacific PV Inverter Market Size

Asia Pacific PV Inverter Market Size was valued at USD 11.91 billion in 2023 and is estimated to surpass USD 26.72 billion by 2032. A photovoltaic inverter is specifically designed and manufactured for use in solar power systems.
 

These are crucial components in solar energy systems as they convert the direct current (DC) electricity generated by solar panels into alternating current (AC) electricity that can be used to power homes, businesses, and the grid. Changing consumer preferences and ongoing technology advancements for clean energy sources will propel the business outlook. Furthermore, stringent emission standards along with government programs focusing on coping up with the rising power demand will sway the product adoption trends.

COVID– 19 Impact

Rising PV inverter prices along with significant supply chain disruptions are the key factors affecting the PV inverter sector. Delayed product deployment on account of closure of several industrial facilities owing to lockdown requirements will continue to impact the industry trends. However, ongoing government mandates in line with the transition toward utility-scale solar installations will contribute to the product demand.
 

Asia Pacific PV Inverter Market Trends

Surge in solar installations coupled with growing investments by the public and private sector will accelerate the industry expansion. Rising requirement for large-scale solar power plants coupled with gradual shift from the local grids will augment the business statistics. In addition, financial incentives across the private & public sectors to set up large-capacity solar facilities along with increasing research and development initiatives.

Asia Pacific PV Inverter Market Analysis

String PV inverter market holds Asia Pacific PV inverter market share of over USD 5.7 billion in 2022. Factors including scalability and cost effectiveness across the residential and commercial sector have favored the product acceptance, thereby positively impacting the business scenario. Growing trend for environmental sustainability in line with high focus on inverters that are energy-efficient will support the product penetration.
 

The Asia Pacific PV inverter market from single-phase PV inverter is set to grow to USD 2.8 billion by the year 2032. These smart systems equipped with advanced monitoring, control, and communication features are gaining popularity and can provide homeowners with real-time data on their solar system's performance, offering the ability to remotely control and optimize energy production. Additionally, research and development activities for efficient power output across large-scale solar applications coupled with seamless efforts of manufacturers to design systems.
 

Asia Pacific PV inverter market from on grid PV inverter will witness progression owing to government incentives, subsidies, and feed-in tariffs for residential solar installations. Advancements in system design leading to enhanced efficiency and reliability coupled with growing popularity of energy storage systems. Additionally, rising demand for dependable and clean energy solutions across several applications.
 

Asia Pacific PV inverter market from ≤ 0.8 kW PV inverter is set to grow over CAGR of 12% by 2032. Shifting consumer focus to install solar panels on their rooftops to generate clean energy and reduce electricity bills has substantially propelled the business dynamics. Smart systems featuring advanced monitoring and communication capabilities in line with net metering and feed-in tariffs encourages residences to connect their solar systems to the grid. Furthermore, key characteristics of the energy systems allowing users to sell excess energy back to the utility.
 

Asia Pacific PV inverter market from ≤ 230 V will witness upsurge on account of its durability and reliability in conjunction with influx of local manufacturers to support the domestic renewable energy industries and reduce import reliance. Moreover, rising awareness of solar energy benefits along with the need for energy independence from conventional fuels will drive the business statistics. Shifting focus on user-friendly designs along with low pricing structure is anticipated to enhance the product penetration across the region.
 

Commercial & Industrial Asia Pacific PV inverter market in the recent years has seen a substantial development owing to increasing deployment of solar energy systems throughout various end uses. Different businesses leveraging solar power to reduce electricity costs will further fuel the demand for these systems. Large scale installations often use central inverter systems owing to their high capacity and efficiency. These instruments are designed to handle significant power output of large PV arrays. Moreover, supportive government regulations comprising of net metering & other similar schemes.
 

China PV inverter industry was valued over USD 5.5 billion in 2022. Influx of international manufacturers in conjunction with technological advancements. Modern distributed generating technologies coupled with swift increase in utility-based grid networks will stimulate the business statistics. High power demand coupled with development of large-scale projects in China.
 

Asia Pacific PV Inverter Market Share

The key Asia Pacific PV inverter market participants include :

• General Electric
•  SMA Solar Technology AG
• Sungrow
• Growatt New Energy
• Darfon Electronics Corp.
• Schneider Electric
• Enphase Energy
• Siemens
• Fimer Group
• NingBo Deye Inverter Technology Co., Ltd.
• Sparq Systems
• Eaton
• Huawei Technologies Co., Ltd.
• Fronius International GmbH
• Delta Electronics, Inc.
• Altenergy Power System
   

Asia Pacific PV Inverter Industry News

• In May 2023, Altenergy Power System Inc. introduced new and enhance Wi-Fi & Bluetooth EZ1 Microinverter series at the 16th (2023) SNEC International PV Power Generation & Smart Energy Conference and Exhibition, held in Shanghai, China. This series offers single-phase microinverter, designed specifically for DIY PV systems and balcony. This launch expanded the company’s product portfolio across the micro inverter market.
   
• In March 2023, Sparq Systems. announced a sales & distribution agreement with the Rolaz Green Energy Pvt. Ltd, a company based in India. As a part of this agreement, the company appointed Rolaz as its non-exclusive vendor, importer, and distributor for all units of its microinverters, Sparq Linq interface, and any future products developed by the company within India. The initial term of the agreement is one year, with automatic renewal for additional six-month periods, unless terminated earlier in accordance with the agreement's terms.
   

The Asia Pacific PV inverter market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW & USD Million” from 2019 to 2032, for the following segments:

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By Product, 2019 – 2032 (MW & USD Million)

• String
• Micro
• Central

By Phase, 2019 – 2032 (MW & USD Million)

• Single Phase
• Three Phase

By Connectivity, 2019 – 2032 (MW & USD Million)

• Standalone
• On Grid

By Nominal Output Power, 2019 – 2032 (MW & USD Million)

• ≤ 0.8 kW
• 0.8 - 3 kW
• 3 - 33 kW
• 33 - 110 kW
• > 110 kW

By Nominal Output Voltage, 2019 – 2032 (MW & USD Million)

• ≤ 230 V
• 230 - 400 V
• 400 - 600 V
• > 600 V

By Application, 2019 – 2032 (MW & USD Million)

• Residential
• Commercial & Industrial
• Utility

The above information has been provided for the following countries:

• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea