At 5.3% CAGR, the Asia Pacific Solar PV Inverters Market is projected to be worth US$ 8,262.21 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific solar PV inverters market is expected to grow from US$ 5,764.75 million in 2023 to US$ 8,262.21 million by 2030, registering a CAGR of 5.3% from 2023 to 2030. Growing residential solar rooftop installations and rising number of solar installations attributed to government-led incentives and schemes are the critical factors attributed to the Asia Pacific solar PV inverters market expansion.             

Smart inverters are a more advanced type of power electronics that can make autonomous decisions to keep the grid stable and reliable. Smart inverters work autonomously while ensuring uninterrupted power flow without voltage fluctuations. Advanced features such as voltage and frequency sensors allow smart inverters to detect grid abnormalities and send feedback to utility operators. Moreover, smart inverters allow two-way communication with utility control centers, thereby enhancing their efficiency across residential and commercial applications.

Delta's smart solar inverter solutions enable smart and cost-effective designs for industrial and small utility-scale PV power plants by maximizing energy yields even in challenging landscapes and locations. The smart inverter has more direct current (DC) overloading options, flexible maximum power point tracking (MPPT) channels, fuse-less or in-line fuse options, and wireless communication systems. With the mentioned features, smart solar inverters are capable to reduce clipping loss.

Additionally, Interstate Renewable Energy Council (IREC) focuses on updating the existing technical standards and codes such as IEEE 1547 and UL 1741 to ensure optimum utilization of smart inverters owing to the constant increase in the number of DER grids. The organization focuses on promoting the integration of smart solar inverters across solar grids to increase the hosting capacity of DER, grid reliability, and consistency across deployments. All these innovative features are likely to spur the market growth during the forecast period.  This is expected to drive the Asia Pacific solar PV inverters market during the forecast period.

On the contrary, safety risks associated with high dc voltages in solar inverters hurdles the growth of Asia Pacific solar PV inverters market. 

Based on product type, the Asia Pacific solar PV inverters market is categorized into string, micro, and central. The central segment held 56.9% market share in 2023, amassing US$ 3,280.17 million. It is projected to garner US$ 4,874.61 million by 2030 to expand at 5.8% CAGR during 2023–2030.

Based on phase, the Asia Pacific solar PV inverters market is bifurcated into single phase and three phase. The three phase segment held 69.1% market share in 2023, amassing US$ 3,983.57 million. It is projected to garner US$ 5,900.09 million by 2030 to expand at 5.8% CAGR during 2023–2030.

Based on connectivity, the Asia Pacific solar PV inverters market is bifurcated into standalone and on-grid. The standalone segment held 56.3% market share in 2023, amassing US$ 3,247.74 million. It is projected to garner US$ 4,701.03 million by 2030 to expand at 5.4% CAGR during 2023–2030.

Based on application, the Asia Pacific solar PV inverters market is categorized into residential and community, commercial and industrial, and utility. The utility segment held 50.1% market share in 2023, amassing US$ 2,888.21 million. It is projected to garner US$ 3,996.61 million by 2030 to expand at 5.4% CAGR during 2023–2030.

Based on capacity, the Asia Pacific solar PV inverters market is categorized into below 5 kW, 5-15 kW, 15 -25 kW, 25 - 50 kW, above 50 kW. The above 50 kW segment held 46.6% market share in 2023, amassing US$ 2,686.48 million. It is projected to garner US$ 3,729.24 million by 2030 to expand at 4.8% CAGR during 2023–2030.

Based on country, the Asia Pacific solar PV inverters market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific.  Our regional analysis states that China captured 78.7% share of Asia Pacific solar PV inverters market in 2023. It was assessed at US$ 4,539.17 million in 2023 and is likely to hit US$ 6,401.51 million by 2030, exhibiting a CAGR of 5.0% during the forecast period.            

Key players dominating the Asia Pacific solar PV inverters market are Power Electronics SL; Powerone Micro Systems Pvt Ltd.; Sineng Electric o Ltd.; SMA Solar Technology AG; Solaredge Technologies Inc; Hitachi Hi-Rel Power Electronics Pvt Ltd; Fimer SpA; Delta Electronics Inc.; EnerTech UPS Pvt Ltd; and GoodWe Technologies Co. Ltd among others.

• In April 2022, SMA unveils new inverter for residential, commercial PV.
• In Jan 2023, SolarEdge and Sunnova Expand Partnership to Include SolarEdge Home Battery in Sunnova’s Energy as a Service Portfolio. 

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