Asia Pacific Residential Solar PV Inverter Market to Reach USD 4.23 Billion by 2028
Published | 23 August 2022
Asia-Pacific Residential Solar PV Inverter Market is flourishing owing to the increasing technological advancements as well as growing concerns about reducing greenhouse gas emissions.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Asia-Pacific Residential Solar PV Inverter Market is projected to grow at a rapid pace, earning revenues of around USD 4.23 billion by the end of 2028. The Asia-Pacific Residential Solar PV Inverter Market is booming because of the expanding residential construction sector. The multiple benefits of solar PV, such as sustainability, reduced environmental imprint, and low-cost power generation, are expected to propel the technology market in the next years. Rising demand for renewable energy as a result of rising power consumption and decreased renewable power generation costs is anticipated to almost certainly result in market expansion in the future years. Progress in renewable energy has been greatly aided by changing consumer preferences for a sustainable built environment, ambitious government goals, and adequate planning and laws. The main factors limiting the market's growth, however, include excessive heat loss in large solar inverters, high cost, and a lack of panel level monitoring.
Rising Consumer Awareness of Solar (PV) Inverters
The residential sectors are the primary target markets for solar (PV) inverters. The importance of the solar (PV) inverter is increasing across the region due to rising environmental concerns and rising consumer awareness of solar (PV) inverters. The solar (PV) inverter is regarded as a crucial component in the production of power. Additionally, opportunities for growth and development are being created for the Asia-Pacific Residential Solar PV Inverter Market by technical innovation and advancement. Solar (PV) inverters are being equipped with cutting-edge functionality. The rising electricity demand is being managed by end consumers thanks to this. All these factors boost the growth of the Asia-Pacific Residential Solar PV Inverter Market during the forecast period (2022-2028).
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Growing Demand for Electricity using Green and Clean Energy Sources
According to the UN, there will be 7.8 billion people on the planet in 2020, and 1 billion of them won't have access to electricity. With 8.6 billion people on the earth by 2030, there will be an even larger need for energy. To meet the need for power and spread awareness of alternative energy sources, the electrical sector has shifted its focus to the widespread integration of renewable energy generation. The output of renewable energy has grown significantly over the past 10 years, consistently exceeding forecasts, setting big annual records, and drawing a growing number of enterprises to invest in their energy transitions. Significant advancements in renewable energy have been made possible by consumer demand for a more sustainable built environment, ambitious government goals, and sufficient planning and laws.
Challenge: Extreme DC Voltages pose Several Safety Concerns
High DC voltages are used to energize the cables, PV panels, and other equipment in traditional PV systems. Firefighters, installers, and maintenance personnel are all at risk because of these high DC voltages. Solar inverters with PV arrays produce high DC voltages, making it challenging to use DC isolation switches to isolate DC electric equipment from PV arrays. A high voltage is produced when PV modules are connected in series, which might be dangerous for installers while installing the system. When short-circuit current is present, there is a chance of electric arcs, which might start a fire and endanger people nearby a PV system. Because these DC arcs are challenging to put out, firefighters are put in danger.
Segmental Coverage
Asia-Pacific Residential Solar PV Inverter Market - By End-User
Based on end-user, the Asia-Pacific Residential Solar PV Inverter Market is segmented into Residential, Commercial, Industrial, and Utilities. Among these, the utility category currently has the greatest market share and is predicted to increase during the forecast period. This is because utility-scale solar power plants, solar parks, and other solar structures have seen a surge in investment. The growth of the solar (PV) inverter market for the utility segment across the region is also attributed to an increase in construction projects, including decentralized solar power plants, rural electrification projects, solar power plants on water bodies, and rooftops, commercial buildings, and others.
Impact of COVID-19 on Asia-Pacific Residential Solar PV Inverter Market
Due to the lockout imposed by COVID-19, demand for solar power system installation in residential and commercial applications fell. Solar power systems are favored in new construction for captive consumption of power and to lower the carbon footprint of buildings. Prospective residential and commercial clients demand is expected to be lower as a result of money being redistributed to tackle the disease. Businesses in numerous locations were compelled to shut down their production facilities and services as partial or full lockdowns were instituted to contain the disease. Because of the shortage of supplies, buying raw materials became more expensive, which ultimately led to delays in order closures. As a result, the pandemic has had a short-term negative impact on the inverter industry.
Competitive Landscape
The leading market players in the Asia-Pacific Residential Solar PV Inverter Market are SMA Solar Technology, General Electric, Sungrow, Darfon Electronics, Schneider Electric, Enphase Energy, Siemens, Fimer Group, and Eaton Corporation, SolarEdge Technologies, Huawei Technologies, Hitachi Hi-Rel Power Electronics Private Limited. The Asia-Pacific Residential Solar PV Inverter Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Asia-Pacific Residential Solar PV 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 Residential Solar PV 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.
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