Report : Asia Pacific Solar Inverters Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Central, String, and Micro), System Type (On-Grid and Off-Grid), and End User (Residential, Commercial, and Utility)
At 10.8% CAGR, the Asia Pacific Solar Inverters Market is speculated to be worth US$ 4249.93 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Asia Pacific Solar Inverters market was valued at US$ 2301.35 million in 2022 and is expected to reach US$ 4249.93 million by 2028, registering an annual growth rate of 10.8% from 2022 to 2028.Increasing investments in renewable energy sector and rising number of solar installations attributed to government-led incentives and schemes are the critical factors attributed to the market expansion.
Prospects for investment improved markedly along with economic growth, which differ from country-by-country. The energy demand is set to increase by 4.6% in 2021, more than offsetting the 4% contraction in 2020, according to the latest International Energy Agency (IEA) estimates. The anticipated upswing in investments in 2021 is a mixture of a cyclical response to recovery and a structural shift in capital flows towards cleaner technologies. The renewables energy sector dominates investment in new power generation and was expected to account for 70% of 2021's total spent on all new generation capacity, according to the latest IEA estimates. Investment in grids and storage makes up the remainder. Renewable energy sector investment thrived in markets with well-established supply chains where lower costs are accompanied by regulatory frameworks that provide cash flow visibility and lenders and financiers that understand these sectors are seeking sustainable projects to support. Thus, the increasing investment towards renewable energy sector help in cresting opportunities for APAC Solar Inverters Market players because with the rapid development of the renewable energy sector, the APAC solar inverter market will also grow.
On the contrary, challenges faced in issues safety risks associated with high dc voltages in solar inverters hurdles the growth of the Asia Pacific Solar Inverters market.
Based on type, the Asia Pacific Solar Inverters market is segmented into central, string, and micro. The central held 58.92% market share in 2022, amassing US$ 2859.14 million. It is projected to garner US$ 4763.77 million by 2028 to expand at 8.9% CAGR during 2022–2028.
Based on system type, the Asia Pacific Solar Inverters market is segmented into on-grid and off-grid. The on-grid held 69.76% market share in 2022, amassing US$ 3385.16 million. It is projected to garner US$ 5782.81 million by 2028 to expand at 9.3% CAGR during 2022–2028.
Based on end user, the Asia Pacific Solar Inverters market is segmented into residential, commercial, and utility. The utility held 56.85% market share in 2022, amassing US$ 2758.82 million. It is projected to garner US$ 4795.14 million by 2028 to expand at 9.7% CAGR during 2022–2028.
Based on country, the Asia Pacific Solar Inverters market has been categorized into the China, Japan, India, South Korea, Australia, and Rest of APAC. Our regional analysis states that China captured 47.43% market share in 2022. It was assessed at US$ 2301.35 million in 2022 and is likely to hit US$ 4249.93 million by 2028, exhibiting a CAGR of 10.8% during the forecast period.
Key players dominating the Asia Pacific Solar Inverters market are FIMER S.a.p, Delta Electronics, Enertechups, GOODWE, Power Electronics S.L, Powerone Micro Systems Pvt.Ltd, Sineng Electric, SMA Solar Technology AG, SolarEdge Technologies, and Hitachi Hi-Rel Power Electronic Pvt.Ltd , among others.
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