APAC Solar Micro Inverters Market Snapshot (2022-2032)
The market for Solar Micro Inverters in the Asia Pacific region is anticipated to reach US$ 890.3 Mn by 2032. Among the most common factors driving the Asia Pacific solar micro-inverter market is the substantial uptake of these apparatus for solar panel installation and management. Also, ongoing advancements in technology to improve productivity for solar micro inverters are fueling the market growth. Additionally, the advantages that solar micro inverters have over traditional solar inverter technologies are spurring the business to expand in a profitable way.
The Asia Pacific Solar Micro Inverters Market is expected to reach US$ 490.3 Mn in 2022, according to FMI, and is expected to grow at a CAGR of 6.1% from 2022 to 2032.
Attributes
Details
Market Size (2021)
US$ 420.8 Million
Market Size 2022E
US$ 490.3 Million
Market Size 2032
US$ 890.3 Million
Value CAGR (2022 to 2032)
6.1%
Enphase introduced the first commercially successful micro inverter in 2008, which was a major factor in the global uptake of solar micro inverters. Currently, the APAC market is home to a large number of domestic and foreign suppliers of high-quality micro inverters. Through the year 2022, the market will continue to grow at a rapid rate because of factors including modularity, safety, and optimum energy gathering.
Nevertheless, the marketplace is gradually transitioning towards commercial uses and growing in the majority of the developed and developing countries of Asia pacific. Recent improvements in the use of solar micro inverters are driving a booming industry in this region. The APAC market is being driven by improved device features and the efficiency of solar micro inverters, and it is on track to continue in the near future.
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Historic Market Outlook for Asia Pacific Solar Micro Inverters Market
Market demand for solar micro inverters from 2017 to 2021, was estimated at less than 5.2% CAGR. The residential market for solar microinverters is expected to grow due to significant growth of the urban population, which has resulted in a continually expanding need for electricity. The solar micro-inverter has a multitude of benefits, such as low environmental impact, affordability, and sustainability, which will make the technology more and more popular in the marketplace over time.
Initial COVID-19-related recessionary downturns, including lower solar micro inverter sales, store closings, and brief pauses in the industrial cycle, briefly crushed growth expectations.
However, industrial production activity resumed in important areas when infection curves started to flatten beginning in 2022. As a result, the CAGR is 6.1%.by 2032 according to FMI's Asia Pacific Solar Micro Inverters Market demand prediction.
What are the Various Factors Driving the Asia Pacific Solar Micro Inverters Market?
The rising transition away from fossil fuel-based power generation toward more eco-friendly and cleaner alternatives is the primary cause driving the growth of the Asia Pacific solar micro inverter market. This trend is also facilitated by government subsidies and other favorable government policies. As a result, the construction of renewable energy systems, including solar panels, has increased significantly.
Along with the growing use of building-integrated photovoltaics, other factors driving the market expansion include the customization of micro inverters to users' needs and an extended warranty period. Additionally, technological innovation and advancement are generating growth and development prospects for the Asia-Pacific Residential Solar Micro Inverter Market. Modern functionality is being added to solar micro-inverters, which allows end users to control the rising electricity demand. The market is expected to grow over the projected period owing to ongoing improvements in micro inverter R&D.
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Which Factors May Hinder the Asia Pacific Solar Micro Inverters Market Growth?
Over the projected time frame, increasing DC optimizer adoption is anticipated to restrain the growth of the global market for solar micro inverters. Micro inverter to micro inverter systems, DC Optimizers are more cost-effective, giving them a major advantage. Within the future, it is envisioned that the unit's economical pricing structure will inhibit market development. Solar micro-inverters may, nevertheless, continue to face significant obstacles due to their considerably higher initial costs connected with the installation and replacement of micro inverts in the Asia Pacific.
What is Regional Analysis of Asia Pacific Solar Micro Inverters Market Share?
The market is geographically divided into five regions: China, India, Japan, ASEAN, and Oceania. The main consumers of Solar Micro Inverters in the Asia Pacific region are India and China, together these countries accounts for 34.2% of the Asia Pacific Solar Micro Inverters Market in 2021. The Asia-Pacific market share is dominated by China. The demand for Solar Micro Inverters Markets is anticipated to increase throughout the forecast period as a result of rising investments in renewable power sources, like solar energy in the region.
The Asia Pacific region is generally considered to be the top market for the Solar Micro Inverters trade due to the accessibility of its raw materials and significant urban projects planned to expand infrastructure spending. China, India, and other significant Asia-Pacific nations collectively account for a large majority of the 33% share of the worldwide market.
The increase in demand for solar micro inverters with remote monitoring capabilities is driving the market for solar micro inverters in the Asia-Pacific region. Furthermore, the deployment of advanced technologies to improve the capabilities of solar micro inverters has further strengthened the market's prominence. Furthermore, solar micro inverters have advantages over traditional solar inverters.
In India, the Ministry of New and Renewable Energy has appointed NTPC and has granted a permit to build a 4750 Megawatt renewable energy park in Rang of Kutch, Habada, Gujarat. It will be India's largest solar park to be built by the largest power company in India. These factors are forecasted to affect the expansion of Solar Micro Inverters Market.
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Market Competition
Top market players in the Asia-Pacific Solar Micro Inverter Market include SMA Solar Technology, Enphase Energy, Fimer Group, SolarEdge Technologies, Sungrow, Huawei Technologies, Hitachi Hi-Rel Power Electronics Private Limited, Schneider Electric Green Ray Solar, General Electric, Darfon Electronics, Siemens, and Eaton Corporation.
The Asia-Pacific market for residential solar micro inverters is extremely fragmented due to the presence of various manufacturing companies in the region. Market leaders retain their dominance by making R&D investments, implementing cutting-edge technology into their products, and offering customers superior products. Other tactics are also employed, including partnerships, mergers, contracts, and strategic alliances.
A few key players control the majority of the market share in the fiercely competitive Asia Pacific market for solar micro inverters. In-micro-inverters and development is heavily funded by the vast majority of companies operating in the APAC Solar Micro Inverters Market, frequently in order to create new and enhanced goods. The primary methods adopted by the leading rivals in the Asia Pacific Solar Micro Inverters Market are product expansion and mergers and acquisitions.
They also engage in mergers and acquisitions and collaborations while obtaining regulatory permissions.
To increase their market position, major firms are concentrating on mergers and acquisitions. For instance, in June 2018, Enphase Energy Inc. paid US$ 25 million in cash and US$ 7.5 million in shares of Enphase common stock to buy SunPower Corporation's micro inverter business.
To diversify their product offerings, major firms in the industry participate in product launches. For instance, in September 2019, LG Electronics unveiled the 'LG NeON R ACe' high-performance, fully integrated AC solar panel.
Scope of the Report
Attribute
Details
Growth Rate
CAGR of 6.1% from 2022 to 2032
Base Year for Estimation
2022
Historical Data
2017 to 2021
Forecast Period
2022 to 2032
Quantitative Units
Revenue in USD Million, Volume in Units and CAGR from 2022 to 2032
Key Segments Profiled in the Asia Pacific Solar Micro Inverters Market Report Asia Pacific Solar Micro Inverters Market
By Type, Asia Pacific Solar Micro Inverters Market is segmented as:
Single Phase
Three Phase
By Application, Asia Pacific Solar Micro Inverters Market is segmented as:
Residential
Commercial
PV Power Plant
By Offering, Asia Pacific Solar Micro Inverters Market is segmented as:
Hardware
Software & Services
By Country, Asia Pacific Solar Micro Inverters Market is segmented as:
China
India
Japan
ASEAN
Oceania
Frequently Asked Questions
What was the value of the Asia Pacific Solar Micro Inverters Market in 2021?
In 2021, the value of the Asia Pacific Solar Micro Inverters Market reached over US$ 420.8 Mn.
At what rate is the Asia Pacific Solar Micro Inverters Market projected to expand during the forecast period?
During the forecast period, the Asia Pacific Solar Micro Inverters Markets estimated to expand at a CAGR of 6.1% during 2022-2032.
By 2032, what will the value of the Asia Pacific Solar Micro Inverters Market?
The Asia Pacific Solar Micro Inverters Market is projected to reach US$ 890.3 Mn by the end of 2032.
Which region/country is set to lead the Asia Pacific Solar Micro Inverters Market?
China is projected to lead the Asia Pacific Solar Micro Inverters Market in the forecast period.
Which are the top players in the Asia Pacific Solar Micro Inverters Market?
The key players operating in the Asia Pacific Solar Micro Inverters Market are Enphase Energy, Solar Bridge Technologies, Solar Edge, Green Ray Solar, and Enecsys.
