The Asia Pacific PV Inverter Market would witness market growth of 18.4% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 2,012.8 thousand units, showcasing a growth of 18.6% (2019-2022).
Ongoing advancements in PV inverter technology enhance efficiency, reliability, and overall performance. Innovations such as maximum power point tracking, advanced grid management features, and integrated monitoring systems are becoming standard, ensuring optimal energy harvest and system monitoring. The market is witnessing a change in the preference for string inverters over central inverters, especially in residential and commercial applications. String inverters offer scalability, easier maintenance, and higher energy production in partial shading conditions.
The integration of energy storage techniques with PV inverters is gaining traction. Hybrid inverter systems allow users to store excess solar energy in batteries for later use, improving energy independence and resilience, particularly in areas prone to grid outages. Smart inverters with advanced communication capabilities are becoming essential for seamless grid integration. These inverters enable real-time communication with the grid, offering features like reactive power control and voltage regulation. This tendency aligns with the growing emphasis on building smart, resilient energy infrastructure.
Supportive government policies and financial incentives, such as feed-in tariffs and tax credits, play a pivotal role in the growth of the market. The continuation and expansion of these policies can significantly impact market dynamics. The declining cost of solar panels and PV components and economies of scale in manufacturing contribute to the general affordability of solar power systems. As solar energy costs continue to decrease, the demand for PV inverters is expected to rise.
According to the Energy Information Administration (EIA), in 2021, solar and wind combined generated 12% of China's electricity. Similarly, according to the Ministry of New and Renewable Energy, at the end of 2022, installed solar power capacity reached around 61.97 GW. China has consistently increased its solar power capacity through large-scale utility projects, distributed solar installations, and rooftop solar. The growth in solar capacity directly translates to increased demand for PV inverters, which are essential for converting solar energy into usable electricity. Due to the aforementioned factors the market will drive in this region.
The China market dominated the Asia Pacific PV Inverter Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,922.6 Million by 2030. The Japan market is showcasing a CAGR of 17.6% during (2023 - 2030). Additionally, The India market would register a CAGR of 19.1% during (2023 - 2030).
Based on Product, the market is segmented into String PV Inverter, Central PV Inverter, Micro PV Inverter, and Other PV Inverter. Based on End-use, the market is segmented into Utilities, Commercial & Industrial, and Residential. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global PV Inverter Market is Predict to reach USD 40.5 Billion by 2030, at a CAGR of 18.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Delta Electronics, Inc., Eaton Corporation PLC, Emerson Electric Co., Fimer Group, Hitachi, Ltd. (Hitachi Hi-Rel Power Electronics Private Limited), Omron Corporation, Power Electronics Espana, S.L.U. (Advanced Energy Industries, Inc.), Siemens Energy AG, SMA Solar Technology AG, and SunPower Corporation (Infineon Technologies AG)
By Product (Volume, Thousand Units, USD billion, 2019-2030)
By End-use (Volume, Thousand Units, USD billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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