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Asia Pacific Renewable Energy Inverter Market

Asia-Pacific Renewable Energy Inverter Market, By Product Type (Central Inverter, Micro-Inverter, Off-Grid Inverter, Grid-Tied Inverter, Battery-Based Inverter); By Application (Residential, Commercial, Others); By Region (China, India, Malaysia, Singapore, Thailand, Vietnam, Indonesia, Japan, South Korea, Australia Rest of Asia Pacific), Trend Analysis, Competitive Market Share & Forecast, 2018-2028

  • Published Date: July 2022
  • Report ID: BWC22247
  • Available Format: PDF
  • Page: 125

Report Overview

Technology advancements and increased awareness about greenhouse gas emissions combined with increasing energy consumption, urbanization, and rural renewable electrification across the globe are major growth factors for the APAC renewable energy inverter market...

Asia-Pacific Renewable Energy Inverter Market Industry Trends & Forecast Report, 2028

Asia-Pacific Renewable Energy Inverter Market - Overview

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 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 global APAC market for renewable energy inverters. Additionally, it is anticipated that during the forecast period, the desire for sustainable power generation to lower the emission of harmful gasses would have a significant impact on the expansion of the global market for renewable energy inverters. During the projection period, it is anticipated that the rapid electrification of rural and remote areas in developing nation’s countries would further enhance the demand for renewable energy inverters.

Asia-Pacific Renewable Energy Inverter Market - Industry Trends and Market Forecast

Between 2022 and 2028, the APAC Renewable Energy Inverter Market is forecast to grow at a CAGR of 16.5%. The market growth is driven by increased investments in renewable energy projects and increasing energy consumption across emerging economies.

Asia Pacific Renewable Energy Inverter Market

Growth Drivers

Growing Awareness of Climate Change Driving Demand for power generation from renewable sources

The integration of renewable energy resources along with beneficial government programs including Feed-in-Tariff (FiT), subsidies, and tax rebates will lead to significant market growth through 2028. Product adoption will be positively impacted by widespread use, frequent power outages, and improving operational performance. The market demand will also be boosted by the continuous need for energy security, rising urbanization, and rural renewable electrification. Utilities will be encouraged to use more efficient & dependable renewable inverter devices as the need for power system stability grows due to an increase in power outages and a lack of electrification in distant areas. Additionally, a reduction in the output of currently used thermal power generation sources followed by the conversion of ancillary power storage to a backup power source will speed up product implementation. The need for inverter generators in the area is expected to increase due to frequent blackouts caused by severe natural disasters and weather-related catastrophes and an increase in reliance on emergency backup power to maintain everyday activities.

Restraints

Rising prices brought on by increased demand, supply chain disruption, and accessibility to new-generation auxiliary technologies could restrict the market growth. The market as a whole is also constrained by a lack of awareness. The adoption rate of alternative energy sources, such as solar inverter panels and rooftop inverter and solar panel innovations is hampered by lack of awareness among end users.

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

Due to the Covid-19 pandemic, the governments’ planned large-scale developments in the renewable energy industry were also halted, delaying the route toward the clean energy transition. As partial or complete lockdowns were implemented to limit the spread of pandemic, businesses across many geographies were also forced to shut down their production plants and services. The lack of supplies increased the cost of purchasing raw materials, which ultimately caused delays in order closures. Therefore, the pandemic has had a significant negative on the market for inverters.

Segmental Coverage

Asia-Pacific Renewable Energy Inverter Market - By Product

The market has been segmented into battery-based inverters, off-grid inverters, central inverters, micro-inverters, and grid-tied inverters. Due to the rising installation of massive renewable electricity projects, the grid-tied inverters category is predicted to hold the biggest market share over the assessment period. However, due to the rising installation of solar energy generation equipment, the central inverter category is anticipated to develop at the quickest rate over the predicted period.

Asia-Pacific Renewable Energy Inverter Market - By Application

There are residential and non-residential segments in the market by application. Due to the rising number of renewable energy projects, such as offshore wind and solar power plants, to support power grids, the non-residential sector accounted for a higher market share in 2019 and is forecast to record growth at a higher CAGR over the projection period.

Regional Insights

The APAC now holds the largest market share for renewable energy inverters as a result of the region's expanding use of renewable energy sources. Additionally, due to government initiatives put in place in the region to promote the adoption of renewable energy sources, the APAC renewable energy inverters market is anticipated to grow at the fastest rate during the projected period. The market is divided geographically into China, Japan, India, and the Rest of APAC. In the APAC region, China is anticipated to have the largest market size for inverter generators, followed by Japan and India.

Competitive Landscape

The market is home to a number of well-known manufacturers, 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.

Recent Developments

The main source of renewable energy in the area is hydropower, which is also one of the most widely used. China accounted for the largest percentage of non-OECD countries' combined worldwide power consumption, accounting for 46.7% of the total. Over the course of the projection period, it is predicted that the market would grow more quickly due to the shift toward the use of alternative renewable energy sources, such as solar and hydropower, to meet energy needs.

Scope of Report

Attributes  Details
Years Considered Historical data – 2018–2021
Base Year – 2021
Estimated Year - 2022
Forecast – 2022–2028
Facts Covered Revenues in USD in Billion 
Product Service/Segmentation By Product Type, By Application, By Region
Key Players KACO Group, Ingeteam Power Technology S.A., General Electric, TMEIC, Schneider Electric, SMA Solar Technology AG, Bonfiglioli Transmissions Private Limited, Danfoss, Eaton, Emerson Electric, Enphase Energy, Fronius International GmbH, Mitsubishi Electric Corporation, REFU, Riello Elettronica Group

 

By Product Type

  • Central Inverter
  • Micro-Inverter
  • Off-Grid Inverter
  • Grid-Tied Inverter
  • Battery-Based Inverter

By Application

  • Residential
  • Commercial
  • Others

By Region

  • China
  • India
  • Malaysia
  • Singapore
  • Thailand
  • Vietnam
  • Indonesia
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Country
    5. Assumption & Limitation
  3. Executive Summary
  4. Asia-Pacific Renewable Energy Inverters Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Advancement/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. Asia-Pacific Renewable Energy Inverters Market Overview
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product Type
        1. Central Inverter
        2. Micro-Inverter
        3. Off-Grid Inverter
        4. Grid-Tied Inverter
        5. Battery-Based Inverter
      2. By Application
        1. Residential
        2. Commercial
        3. Others
      3. By Region
        1. China
        2. India
        3. Malaysia
        4. Singapore
        5. Thailand
        6. Vietnam
        7. Indonesia
        8. Japan
        9. South Korea
        10. Australia
        11. Rest of Asia Pacific
  6. China North Renewable Energy Inverters Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product Type
      2. By Application
  7. India Renewable Energy Inverters Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product Type
      2. By Application
  8. Malaysia Renewable Energy Inverters Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product Type
      2. By Application
  9. Singapore Renewable Energy Inverters Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product Type
      2. By Application
  10. Thailand Renewable Energy Inverters Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product Type
      2. By Application
  11. Vietnam Renewable Energy Inverters Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product Type
      2. By Application
  12. Indonesia Renewable Energy Inverters Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product Type
      2. By Application
  13. Japan Renewable Energy Inverters Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product Type
      2. By Application
  14. South Korea Renewable Energy Inverters Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product Type
      2. By Application
  15. Australia Renewable Energy Inverters Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product Type
      2. By Application
  16. Rest of Asia-Pacific Renewable Energy Inverters Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product Type
      2. By Application
  17. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership.)
  18. Impact of Covid-19 on Asia-Pacific Renewable Energy Inverters Industry
  19. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. KACO Group
    2. Ingeteam Power Technology S.A.
    3. General Electric
    4. TMEIC
    5. Schneider Electric
    6. SMA Solar Technology AG
    7. Bonfiglioli Transmissions Private Limited
    8. Danfoss
    9. Eaton
    10. Emerson Electric
    11. Enphase Energy
    12. Fronius International GmbH
    13. Mitsubishi Electric Corporation
    14. REFU
    15. Riello Elettronica Group
  20. Key Strategic Recommendations

 

List of Figures

 

Figure 1        Asia-Pacific Renewable Energy Inverters Segmentation

Figure 2        Asia-Pacific Renewable Energy Inverters Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        Asia-Pacific Renewable Energy Inverters Market Size, By Value (USD Million), 2018-2028

Figure 5        Asia-Pacific Renewable Energy Inverters Market Share, By Product Type, By Value, 2018-2028

Figure 6        Asia-Pacific Renewable Energy Inverters Market Share, By Application, By Value, 2018-2028

Figure 7        Asia-Pacific Renewable Energy Inverters Market Share, By Country, By Value, 2018-2028

Figure 8        China Renewable Energy Inverters Market Size, By Value (USD Million), 2018-2028

Figure 9        China Renewable Energy Inverters Market Share, By Product Type, By Value, 2018-2028

Figure 10       China Renewable Energy Inverters Market Share, By Application, By Value, 2018-2028

Figure 11       India Renewable Energy Inverters Market Size, By Value (USD Million), 2018-2028

Figure 12       India Renewable Energy Inverters Market Share, By Product Type, By Value, 2018-2028

Figure 13       India Renewable Energy Inverters Market Share, By Application, By Value, 2018-2028

Figure 14       Malaysia Renewable Energy Inverters Market Size, By Value (USD Million), 2018-2028

Figure 15       Malaysia Renewable Energy Inverters Market Share, By Product Type, By Value, 2018-2028

Figure 16       Malaysia Renewable Energy Inverters Market Share, By Application, By Value, 2018-2028

Figure 17       Singapore Renewable Energy Inverters Market Size, By Value (USD Million), 2018-2028

Figure 18       Singapore Renewable Energy Inverters Market Share, By Product Type, By Value, 2018-2028

Figure 19       Singapore Renewable Energy Inverters Market Share, By Application, By Value, 2018-2028

Figure 20       Thailand Renewable Energy Inverters Market Size, By Value (USD Million), 2018-2028

Figure 21       Thailand Renewable Energy Inverters Market Share, By Product Type, By Value, 2018-2028

Figure 22       Thailand Renewable Energy Inverters Market Share, By Application, By Value, 2018-2028

Figure 23       Vietnam Renewable Energy Inverters Market Share, By Product Type, By Value, 2018-2028

Figure 24       Vietnam Renewable Energy Inverters Market Share, By Application, By Value, 2018-2028

Figure 25       Indonesia Renewable Energy Inverters Market Share, By Product Type, By Value, 2018-2028

Figure 26       Indonesia Renewable Energy Inverters Market Share, By Application, By Value, 2018-2028

Figure 27       Japan Renewable Energy Inverters Market Share, By Product Type, By Value, 2018-2028

Figure 28       Japan Renewable Energy Inverters Market Share, By Application, By Value, 2018-2028

Figure 29       South Korea Renewable Energy Inverters Market Share, By Product Type, By Value, 2018-2028

Figure 30       South Korea Renewable Energy Inverters Market Share, By Application, By Value, 2018-2028

Figure 31       Australia Renewable Energy Inverters Market Share, By Product Type, By Value, 2018-2028

Figure 32       Australia Renewable Energy Inverters Market Share, By Application, By Value, 2018-2028

Figure 33       Rest of Asia-Pacific Renewable Energy Inverters Market Share, By Product Type, By Value, 2018-2028

Figure 34       Rest of Asia-Pacific Renewable Energy Inverters Market Share, By Application, By Value, 2018-2028

 

List of Tables

 

Table 1         Asia-Pacific Renewable Energy Inverters Market Size, By Product Type, By Value, 2018-2028

Table 2         Asia-Pacific Renewable Energy Inverters Market Size, By Application, By Value, 2018-2028

Table 3         Asia-Pacific Renewable Energy Inverters Market Size, By Country, By Value, 2018-2028

Table 4         China Renewable Energy Inverters Market Size, By Product Type, By Value, 2018-2028

Table 5         China Renewable Energy Inverters Market Size, By Application, By Value, 2018-2028

Table 6         India Renewable Energy Inverters Market Size, By Product Type, By Value, 2018-2028

Table 7         India Renewable Energy Inverters Market Size, By Application, By Value, 2018-2028

Table 8         Malaysia Renewable Energy Inverters Market Size, By Product Type, By Value, 2018-2028

Table 9         Malaysia Renewable Energy Inverters Market Size, By Application, By Value, 2018-2028

Table 10        Singapore Renewable Energy Inverters Market Size, By Product Type, By Value, 2018-2028

Table 11        Singapore Renewable Energy Inverters Market Size, By Application, By Value, 2018-2028

Table 12        Thailand Renewable Energy Inverters Market Size, By Product Type, By Value, 2018-2028

Table 13        Thailand Renewable Energy Inverters Market Size, By Application, By Value, 2018-2028

Table 14        Vietnam Renewable Energy Inverters Market Size, By Product Type, By Value, 2018-2028

Table 15        Vietnam Renewable Energy Inverters Market Size, By Application, By Value, 2018-2028

Table 16        Indonesia Renewable Energy Inverters Market Size, By Product Type, By Value, 2018-2028

Table 17        Indonesia Renewable Energy Inverters Market Size, By Application, By Value, 2018-2028

Table 18        Japan Renewable Energy Inverters Market Size, By Product Type, By Value, 2018-2028

Table 19        Japan Renewable Energy Inverters Market Size, By Application, By Value, 2018-2028

Table 20        South-Korea Renewable Energy Inverters Market Size, By Product Type, By Value, 2018-2028

Table 21        South-Korea Renewable Energy Inverters Market Size, By Application, By Value, 2018-2028

Table 22        Australia Renewable Energy Inverters Market Size, By Product Type, By Value, 2018-2028

Table 23        Australia Renewable Energy Inverters Market Size, By Application, By Value, 2018-2028

Table 24        Rest of Asia-Pacific Renewable Energy Inverters Market Size, By Product Type, By Value, 2018-2028

Table 25        Rest of Asia-Pacific Renewable Energy Inverters Market Size, By Application, By Value, 2018-2028

Table 26        KACO Group Company Overview

Table 27        KACO Group Financial Overview

Table 28        Ingeteam Power Technology S.A. Company Overview

Table 29        Ingeteam Power Technology S.A. Financial Overview

Table 30        TMEIC Company Overview

Table 31        TMEIC Financial Overview

Table 32        Schneider Electric Company Overview

Table 33        Schneider Electric Financial Overview

Table 34        Bonfiglioli Transmissions Private Limited Company Overview

Table 35        Bonfiglioli Transmissions Private Limited Financial Overview

Table 36        Eaton Company Overview

Table 37        Eaton Financial Overview

Table 38        Emerson Electric Company Overview

Table 39        Emerson Electric Financial Overview

Table 40        Enphase Energy Company Overview

Table 41        Enphase Energy Financial Overview

Table 42        Fronius International GmbH Company Overview

Table 43        Fronius International GmbH Financial Overview

Table 44        Mitsubishi Electric Corporation Company Overview

Table 45        Mitsubishi Electric Corporation Financial Overview

Table 46        REFU Company Overview

Table 47        REFU Financial Overview

Table 48        Riello Elettronica Group Company Overview

Table 49        Riello Elettronica Group Financial Overview

Market Segmentation

By Product Type

  • Central Inverter
  • Micro-Inverter
  • Off-Grid Inverter
  • Grid-Tied Inverter
  • Battery-Based Inverter

By Application

  • Residential
  • Commercial
  • Others

By Region

  • China
  • India
  • Malaysia
  • Singapore
  • Thailand
  • Vietnam
  • Indonesia
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific
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Frequently Asked Questions (FAQs):

Ans: The major driving factors for the Asia-Pacific Renewable Energy Inverter Market include an increased demand for power generation from renewable resources.
Ans: The key players in the Asia-Pacific Renewable Energy Inverter Market are KACO Group, Ingeteam Power Technology S.A., General Electric, TMEIC, Schneider Electric, SMA Solar Technology AG, Bonfiglioli Transmissions Private Limited, Danfoss, Eaton, Emerson Electric, Enphase Energy, Fronius International GmbH, Mitsubishi Electric Corporation, REFU, Riello Elettronica Group.
Ans: China holds the largest share in the Asia-Pacific Renewable Energy Inverter Market.