Asia Pacific Residential Solar PV Inverter Market Insights Forecasts to 2032

• The Asia Pacific Residential Solar PV Inverter Market Size was valued at USD 5.4 Billion in 2022.
• The Market is growing at a CAGR of 6% from 2022 to 2032.
• The Asia Pacific Residential Solar PV Inverter Market Size is expected to reach USD 9.7 Billion by 2032.
• Asia Pacific is expected to grow the fastest during the forecast period.

The Asia Pacific Residential Solar PV Inverter Market Size is expected to reach USD 9.7 b Billion by 2032, at a CAGR of 6% during the forecast period 2022 to 2032. 

Market Overview

One of the most important components of a household solar energy system is the solar PV inverter. It is critical in converting direct current (DC) generated by solar panels into alternating current (AC) that may be used in houses and supplied back into the grid. Over the years, inverter technology has advanced significantly. Energy storage integration, advanced monitoring capabilities, and smart grid compatibility are all standard features of modern inverters. More homeowners are installing solar PV systems as knowledge of environmental sustainability and the benefits of renewable energy grows. This pattern has increased demand for residential inverters. In addition to components such as high population density, increasing electricity demand, supportive government initiatives, and a growing recognition of the significance of green energy options, the Asia Pacific region is now recognized as an emerging leader in the renewable energy sector, particularly in the residential solar PV inverter market. China, in particular, ranks as one of the world's top solar PV markets, with massive volumes of solar installations taking place each year.

Report Coverage

This research report categorizes the market for Asia Pacific Residential Solar PV Inverter Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Asia Pacific Residential Solar PV Inverter Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Asia Pacific Residential Solar PV Inverter Market.

Driving Factors

The Asia Pacific region's energy demands are massive, with increasing major cities and growing industrialization. Solar energy, as a renewable and clean source, is capable of meeting this rising need without negatively impacting the environment. Solar energy solutions have been widely adopted in countries such as China, India, Australia, and Japan. Additionally, inverter technology has advanced in the Asia Pacific region. Local and foreign manufacturers have created high-efficiency, grid-friendly inverters adapted to the region's distinct energy terrain. Moreover, many governments in the region have implemented favorable regulations and incentives to encourage the use of solar energy. Feed-in tariffs, tax breaks, and net metering programs are among the policies that support residential solar installations.

Market Segment

• In 2022, the String Inverter segment is expected to hold the largest share of Asia Pacific Residential Solar PV Inverter market during the forecast period.

Based on the Product, the Asia Pacific Residential Solar PV Inverter Market is classified into String Inverter, Micro Inverter, Central Inverter. Among these, the String Inverter segment is expected to hold the largest share of the Asia Pacific Residential Solar PV Inverter market during the forecast period. Because of their cost-efficiency and adaptability for medium to large residential systems, they are a popular choice in many Asian nations. A string inverter is designed to handle many solar panels connected in series, sometimes known as a 'string.' It is appropriate for bigger household systems as well as modest business settings. In ideal conditions, they are also more efficient than micro inverters.

• In 2022, the Single Phase segment is witnessing the largest CAGR over the forecast period.

On the basis of Phase, the Asia Pacific Residential Solar PV Inverter Market is segmented into Single Phase, Three Phase. Among these segments, the Single Phase segment dominates the largest market share over the forecast period. This is due to the large number of single-family homes and smaller residential properties, as well as the extensive use of single-phase electrical infrastructure over much of Asia Pacific. Single phase inverters convert DC to AC and are ideal for residential properties with smaller electrical requirements and a single-phase grid connection. Single-phase inverters are commonly employed in the Asia Pacific region because a significant number of households are individual homes, townhouses, or small apartment complexes with low energy demand.

• In 2022, the On-grid segment accounted for the largest revenue share of more than 62.3% over the forecast period.

On the basis of Connectivity, the Asia Pacific Residential Solar PV Inverter Market is segmented into Standalone, On-grid. Among these, the On-grid segment dominates the market with the highest revenue share of 62.3% over the forecast period. This dominance is ascribed to the region's expansion of grid infrastructure, urbanization, and government regulations that favor grid-connected solar systems for long-term energy goals. Furthermore, the low cost and possible financial benefits of feeding back into the grid make on-grid systems more tempting to many homeowners. On-grid system adoption is higher in countries with favorable net metering rules or incentives for solar grid feed-ins.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Asia Pacific Residential Solar PV Inverter Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• SolarEdge Technologies
• Huawei Technologies
• Hitachi Hi-Rel Power Electronics Private Limited
• TMEIC
• Panasonic Corporation
• Ginlong Technologies
• Shenzhen SOFARSOLAR Co., Ltd.
• Power Electronics SL
• Powerone Micro Systems Pvt Ltd.
• Sineng Electric o Ltd.
• SMA Solar Technology AG
• Fimer SpA
• Delta Electronics Inc.
• EnerTech UPS Pvt Ltd
• GoodWe Technologies Co. Ltd

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2021 to 2032. Spherical Insights has segmented the Asia Pacific Residential Solar PV Inverter Market based on the below-mentioned segments:

Asia Pacific Residential Solar PV Inverter Market, By Product

• String Inverter
• Micro Inverter
• Central Inverter    

Asia Pacific Residential Solar PV Inverter Market, By Phase

• Single Phase
• Three Phase     

Asia Pacific Residential Solar PV Inverter Market, By Connectivity

• Standalone
• On-grid   

Asia Pacific Residential Solar PV Inverter Market, By Country

• China
• Japan
• India
• South Korea
• Taiwan
• Rest of the Asia Pacific