The market for Solar Micro Inverters in the Asia Pacific region is anticipated to reach USD 890.3 Million 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 USD 490.3 Million 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) | USD 420.8 Million |
| Market Size 2022E | USD 490.3 Million |
| Market Size 2032 | USD 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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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.
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.
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.
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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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.
| 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 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends ,and Pricing Analysis |
| Segments Covered |
Product Type, End Use Industry, Technology, Region |
| Regions Covered |
Asia-Pacific |
| Key Countries Covered |
China, India, Japan, South Korea, ASEAN, Oceania |
| Key Companies Profiled |
Enphase Energy; Solar Bridge Technologies; Solar Edge; Green Ray Solar; Enecsys; SMA Solar Technology; General Electric; Sungrow; Darfon Electronics; Schneider Electric; Siemens; Fimer Group; Eaton Corporation; Huawei Technologies; Hitachi Hi-Rel Power Electronics Private Limited |
| Customization & Pricing | Available upon Request |
In 2021, the value of the Asia Pacific Solar Micro Inverters Market reached over USD 420.8 Million.
During the forecast period, the Asia Pacific Solar Micro Inverters Markets estimated to expand at a CAGR of 6.1% during 2022 to 2032.
The Asia Pacific Solar Micro Inverters Market is projected to reach USD 890.3 Million by the end of 2032.
China is projected to lead the Asia Pacific Solar Micro Inverters Market in the forecast period.
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.
| Current Year Value (2023) | USD 29,512.2 million |
|---|---|
| Expected Forecast Value (2033) | USD 47,616.5 million |
| Projected CAGR (2023 to 2033) | 4.9% |
| Market Estimated Value (2023) | USD 2.27 billion |
|---|---|
| Market Estimated Value (2033) | USD 4.0 billion |
| Market Value CAGR (2023 to 2033) | 5.8% |
| Market Estimated Size (2023) | USD 1,306.5 million |
|---|---|
| Market Forecasted Size (2033) | USD 2,522.5 million |
| Market CAGR (2023 to 2033) | 6.8% |
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