Asia-Pacific Renewable Energy Inverters Market to Grow at 16.5% during Forecast Period

The Asia-Pacific (APAC) renewable energy inverters market is booming due to an increasing demand for electricity generation from renewable energy sources and governments favorable regulations and incentive to promote power generation from renewable sources

As per a report published byReport Ocean, a leading strategic consulting and market research firm, APAC Renewable Energy Inverters Market is forecast to grow at a CAGR of 16.5% during 20222028. Major factors for the market growth include increased investments in renewable energy projects across emerging nations, increased concerns about reducing greenhouse gas (GHG) emissions, and frequent power outages coupled with a faulty grid infrastructure.

Climate Change Awareness to Drive Demand for power generation from renewable sources

The growing focus on sustainable sources for power generation to lower the emission of harmful gasses could have a significant impact on the expansion of the APAC renewable energy inverter market for renewable energy inverters. The increasing demand for electricity generated from renewable energy sources and the expansion of government programs to promote the use of renewable energy sources for electricity generation are the main drivers propelling the growth of the APAC renewable energy inverter market for renewable energy inverters. During the projection period, the rapid electrification of rural and remote areas in developing countries would further enhance the demand for renewable energy inverters.

Challenges

Lack of widespread awareness, high initial cost of building new infrastructure, and the recent reductions in government subsidies for solar panels in the region could limit the APAC renewable energy inverter market expansion during the forecast period.

Segmental Coverage

Asia-Pacific Renewable Energy Inverter Market - By Type

Based on inverter type, the APAC renewable energy inverter market has central inverters, off-grid inverters, micro-inverters, grid-tied inverters, and battery-based inverter segments. Due to the rising installation of massive renewable electricity projects, the grid-tied inverters category is projected to hold the highest market share during the forecast period. Meanwhile, the central inverter segment is expected to expand at an accelerating pace because of the rising installation of solar energy generation equipment.

Impact of COVID 19 on Asia-Pacific Renewable Energy Inverters Market

Covid-19 pandemic induced lockdown and base delays have slowed the market expansion. In the value chain of major players witnessed delays in producing new inverters, negative outlook for capacity expansion, and financial difficulties. However, favorable government programs and investments in the solar-powered electrification of distant and rural areas could support the growth of the market for renewable energy inverters in APAC.

Competitive Landscape

APAC is home to many major manufacturers of renewable energy inverters, including 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.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Asia-Pacific Renewable Energy Inverter Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Asia-Pacific Renewable Energy Inverter Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.