Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Battery storage technology is essential to enhance the replacement of fossil fuels with renewable energy. Battery energy storage devices is particularly effective when combined with solar energy, because solar energy storage mitigates the intermittent nature of renewable power and guarantees a steady supply of electricity. A solar battery storage inverter can help you track your system’s electrical generation so you can streamline and maximise your system’s power output. The Asia-Pacific region is considered to be the most important market for the Stationary Battery Storage owing to the high growth in the overall energy sector. A boost in the number of renewable energy projects undertaken by the government for alternative energy production is likely to fuel the growth of the market. All countries in the Asia-Pacific region stand out as strong competitors in the renewable energy sector. It anticipated to provide new growth opportunities for key players in the market over the forecast period.
The growth of the market is primarily driven by the increase in renewable energy production in Asia. According to GlobalData’s most recent report on Asia Energy Transition, Asia’s overall power capacity is forecast to see a continuous increase in renewable capacity, with 63% in 2035, compared to 40% in 2022. Asia’s installed renewable energy capacity almost tripled between 2009 and 2018, increasing from 349.1GW to 1,023.5GW. The growth is primarily led by China, which now accounts for around 68% of the region’s total installed capacity. India is the second largest producer of renewable energy in Asia and also finds place among the top ten in the world. The country is a major producer of hydroelectric power, with an installed capacity of 50GW in 2018. India is home to the 2GW Pavagada Solar Park in Karnataka owned by the Karnataka Solar Power Development Corporation (KSPDCL), the 1GW Kurnool Ultra Mega Solar Park in Andhra Pradesh owned by the Andhra Pradesh Solar Power Corporation (APSPCL), and the 648MW Kamuthi Solar Power Project in Tamil Nadu owned by Adani Power. Thus, an increase in renewable energy production is a major factor anticipated to drive the growth of the market during the forecast period. Furthermore, innovation in energy storage technology is anticipated to further drive market growth over the estimated time period.
The market is expected to have new opportunities with increasing investment in the renewable energy industry by public as well as private organizations. Also, a rise in the construction of renewable energy projects are expected to positively impact the growth of the market. For instance, in 2018, AC Energy and TBC announced plans to jointly build renewable energy projects with 700MW capacity in Vietnam. AC Energy planned to commence the construction wind farms with a combined capacity of 200MW in Vietnam in 2019.
Due to the high cost of solar power generation, a lot of the equipment used in a solar power plant has to be imported. This is expected to act as a hurdler for the growth of the market. Also, the shortage of essential raw materials is expected to negatively impact the growth of the market.
A lack of knowledge and skill to install solar battery storage inverters is expected to be a major challenge for the market’s growth over the forecast period. Even though solar modules and other equipment have a life of about 25 odd years, the modules do get damaged and need to be disposed of. This contributes to the solar waste in the country. Currently, some nations like India does not have a solar waste disposal policy and need one similar to the one for e-waste, where guidelines are set for the proper disposal or recycling of waste generated by the solar industry. Such issues may challenge the growth of the market.
The report provides an in-depth analysis of the Asia-Pacific Solar Battery Storage Inverter market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. An increasing production of solar energy is anticipated to stimulate the demand for solar battery storage inverter and due to this factor, the market is expected to witness growth at a specific CAGR from 2023-2029.
The Asia-Pacific Solar Battery Storage Inverter market comprises of different market segments like product, type, application and country.
By product, the Asia-Pacific Solar Battery Storage Inverter market includes key segments like
The three-phase medium power followed by the single-phase power segment is anticipated to witness high demand over the estimated time period. A three-phase power supply can transmit three times as much power as a single-phase power supply, while only needing one additional wire (that is, three wires instead of two). Single phase power supply units have a wide range of applications. Loads that have a limited power need up to 1000 watts make the most efficient use of a single-phase AC power supply.
By type, the Asia-Pacific Solar Battery Storage Inverter market includes segments like
The string inverter segment is expected to lead the market over the forecast period. String inverters are commonly used in residential and commercial applications. It is intended for immediate use because string inverters are primarily utilised in grid-based solar systems, meaning that whatever power isn’t used is pushed back onto the electrical grid.
The microinverter segment is expected to witness high growth over the estimated time period. A major advantage of micro-inverters is that it is are designed to find the ideal voltage for each system and generate the maximum peak power voltage. Microinverters are expected to witness high demand as they aren’t capped by their lowest producing solar panel like string inverters.
The Asia-Pacific Solar Battery Storage Inverter market finds major applications in
The commercial segment is estimated to lead the market during the forecast period. The growth of the segment can be attributed to large scale use of solar battery storage inverters in various commercial applications. Increasing investments in renewable energy generation is expected to contribute to the growth of the segment. According to Wood Mackenzie, Asia-Pacific investments in renewable energy generation by 2030 may double to $1.3 trillion from the previous decade.
The residential application is expected to grow at a high rate over the forecast period. The Solar Battery Storage Inverter is being widely used in residential spaces. Studies show that homeowners pay a premium for a solar home; one study by the Lawrence Berkeley National Laboratory showed that on average, solar increased the value of a home by about $15,000. Although market factors like electricity rates and system size may impact the size of the premium, solar homes can sell for more than homes without PV. It is expected to contribute to the growth of the segment.
The Asia-Pacific Solar Battery Storage Inverter market is studied for the following countries
China is expected to dominate the market over the forecast period. The rise in production of lithium-ion batteries, and implementation of renewable energy initiatives are key factors driving the growth of the market in China. In 2018, China surpassed the United Kingdom as the world’s leading offshore market in new installations. The country’s long-term target of achieving 5 GW grid-connected offshore wind by 2020 was already reached in 2019, following the installation of 2.4 GW of offshore wind that year. As of 2021, China had a cumulative installed offshore wind capacity of around 26.3 GW, making it the third-highest in the world.
Adding to that, India is expected to fitness fastest growth over the forecast period due to increase in production of renewable energy and rising investments in renewable energy projects. In February 2021, Amara Raja Batteries Ltd (ARBL) announced plans to set up a 50 MW solar power plant in the Chittoor district of Andhra Pradesh, with a total investment of INR 220 crore over the next 18 months. In August 2021, ArcelorMittal SA announced plans to set up a 4.5 GW solar park in Rajasthan with an investment of INR 19,000 crore. It also plans to invest in Gujarat’s solar energy. In January 2022, Azure Power commissioned a 600 MW solar power project in Bikaner, Rajasthan. The power generated from the project will be supplied to Solar Energy Corporation of India Limited (SECI) at a tariff of INR 2.53 per kWh for 25 years.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the Asia-Pacific Solar Battery Storage Inverter Market. In addition, a complete analysis of changes on the Asia-Pacific Solar Battery Storage Inverter Market expenditure, economic and the international policies on supply and demand side is provided in this exclusive report. The report also studies the impact of pandemic on Asia-Pacific economies, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
The COVID-19 pandemic has become a global healthcare emergency and it has significantly affected the health, economy, and society. It has changed the global economic situation. According to reports published by MOSPI and CEA, during 2021, solar power capacity additions fell by 36% as compared to 2020. This can largely be attributed to disruptions in supply chains, construction delays and logistical restrictions because of the lockdown. But despite these roadblocks, India’s aggregate solar capacity in February 2021 surpassed its total wind capacity. Also, between April 2020 and February 2021, solar generation was almost 8% higher than in the previous year and that its share in the total supply was consistently higher. This signifies that the must-run status of renewable energy projects, reinforced during the lockdown, did have a positive effect. It is expected to provide significant growth opportunities for the market over the forecast period.
The competitive landscape analysis of the Asia-Pacific Solar Battery Storage Inverter Market is primarily focused on expanding the growth of solar battery storage inverter industry in the Asia-Pacific region with new product innovation, and business expansion. An increasing presence of range of manufacturers operating in renewable energy sector has led the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumers, which further contributes to healthy growth in the market.
The key players studied in market are
March 2022: Taiwanese solar inverter maker Delta announced that the company will unveil its new M100A Flex three-phase inverter at the Solar Solutions International 2022 event. It has a power range of 15 to 250kW and can be used in residential and commercial rooftop PV projects. It can operate at an ambient operating temperature comprised between -25 degrees Celsius and 60 degrees Celsius. They also feature IP66 protection and a cooling technique based on natural convection.
July 2021: Panasonic Life Solutions India (PLSIND) unveiled Solar Grid-Tie Inverters in Punjab, Kerala and Gujarat. The launch of the solar Inverter is the second major step by PLSIND, after solar modules, in offering clean energy solutions for conscious, and eco-driven consumers.
By product, the Asia-Pacific Solar Battery Storage Inverter market includes key segments like single phase, three phase low power, three phase medium power, and three phase high power. The three-phase medium power segment is anticipated to lead the market over the forecast period. By type, the Asia-Pacific Solar Battery Storage Inverter market includes segments like string inverters, microinverters, battery inverters and hybrid inverters. The string inverter segment is expected to dominate the market over the projected time period. The Asia-Pacific Solar Battery Storage Inverter Market finds major applications in residential, commercial, and others. The commercial segment is estimated to lead the market during the forecast period. The Asia-Pacific Solar Battery Storage Inverter market is studied for countries: China, Japan, India, and the Rest of the Asia-Pacific. China is expected to dominate the market over the forecast period.
| Market
Sizing for Year: | 2019-2029 |
| Base
Year: | 2022 |
| Forecast
Period: | 2023-2029 |
| Value: | USD million |
| Market
Segment studied: | Product Type Applications |
| Market
Players and its Competitors: | Luminous Plico Loom Solar Solax Power Kaco Good We SMA Solar Technology AG SolarEdge Huawei Sungrow FIMER |
FREQUENTLY ASKED QUESTIONS
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report.
Which is the leading application segment for Asia-Pacific Solar Battery Storage Inverter market?
Commercial sector is expected to lead the market during the forecast period.
Which country is gaining majority of market share during the forecast period (2023-2029)?
China is expected to gain a major share of the market during the forecast period (2023-2029).
