Asia Pacific Residential Solar PV Inverter Market size is expected to reach USD 3 billion by 2027. Increasing energy demand along with rising investments in renewable projects across emerging countries will drive the market growth. A solar PV inverter converts a DC solar panel output into AC to provide electricity. Increasing technological upgrades coupled with growing concerns to minimize GHG emissions will sway product adoption. Moreover, the lack of reliable grid infrastructure followed by frequent power outages will thrust product deployment.
Asia Pacific Market, By Product
The residential string solar PV inverter market will witness substantial growth through 2027 owing to the integration of renewable energy resources coupled with favorable government schemes including Feed-in-Tariff (FiT), incentives & tax rebates. Widespread application and frequent power outages along with rising operational performance will positively influence product penetration. In addition, ongoing demand for energy security and rapid urbanization and rural renewable electrification will boost the market demand.
Increasing requirement for power system stability owing to rising power failures and lack of electrification across remote areas will incline utilities to adopt more efficient & reliable residential solar PV inverter units. In addition, a decrease in the production of existing thermal-based power generation sources followed by the restoration of ancillary power storage to a secondary power source will augment product deployment.
Asia Pacific Market, By Country
India residential solar PV inverter market will gain an outstanding momentum during the forecast period on account of increasing greenhouse emission targets along with soaring electricity demand. Favorable government policies and tax incentives on solar projects will further enhance industry demand. For instance, the Indian government aims to target 40% from renewable energy sources, which also includes a sub-target of 40 GW from the rooftop solar sector by 2022. Moreover, the ability of these units to transfer electricity easily, lower cost, and high reliability of supply will fuel the market growth.
Competitive Industry Landscape
Prominent manufacturers operating across the market include General Electric, SMA Solar Technology, Sungrow, Darfon Electronics Corp., Schneider Electric, Enphase Energy, Siemens, Fimer Group, Eaton Corporation, SolarEdge Technologies, Huawei Technologies, Hitachi Hi-Rel Power Electronics Private Limited, TMEIC, Panasonic Corporation, Ginlong Technologies, GoodWe, and Shenzhen SOFARSOLAR Co., Ltd.