Asia Pacific PV Inverter Market Analysis

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.