Why is the Asia-Pacific solar inverter market booming?

Over the short term, the Asia-Pacific solar inverter market is predicted to flourish due to the ambitious solar energy targets set by the Asian countries and the interests shown by private investors. On the other hand, the cut-throat competition from other renewables is expected to restrain the market shortly.

What is a solar PV inverter?

The solar PV inverter is the most important component of a solar energy system that converts the direct current (DC) electricity (generated by solar panels) to alternating current (AC) electricity (the power used by the grid).

What is the current solar energy installed capacity in 2021?

The current solar energy installed capacity is 40GW as of 2021 and is expected to escalate in the near future due to the upcoming solar PV projects. Solar PV projects highly demand central inverters due to their technical benefits.

Why do solar PV projects need central inverters?

Solar PV projects highly demand central inverters due to their technical benefits. For example, in October 2022, a 1.5MW hybrid BESS system commissioned in Leh Ladakh, India, featured a PVS980 1MW central inverter and a PVS980-BC 2MW energy storage inverter, provided by FIMER, one of the leading solar PV inverter companies in India.

Will China become a leader in solar energy capacity growth?

China Huaneng Group has revealed new plans to build a 10GW solar panel factory in Guangxi province. Such developments are expected to make the country the frontrunner in solar energy capacity growth in the coming years. The Asia-Pacific solar inverter market is fragmented.

How will China's solar power generation mix change in 2021?

Its share in the renewable power generation mix was around 327TWh in 2021 and will show a greater value due to the upcoming PV projects. For example, in March 2022, the Chinese government announced new plans to build solar and wind power plants in the Gobi Desert. The two plants will be installed with a total power capacity of 450GW.