SINGAPORE, June 15, 2017 /PRNewswire/ -- While the Asia-Pacific renewable energy (RE) inverters market is reaching maturity, the Southeast Asia market is entering a growth phase. Robust renewable energy targets (RETs), favourable RE government regulations, and feed-in electricity tariff (FiT) schemes are factors augmenting growth. To succeed in a fiercely competitive ecosystem, companies must adopt value-added, consumer-centric business models and become one-stop solution providers.
"As RE prices continue to fall and market growth remains stable, it is imperative for inverter suppliers to consolidate their propositions, reduce costs, and collaborate with RE and energy storage companies to secure strategic deals," said Frost & Sullivan Energy & Environment Industry Analyst Avanthika Satheesh Pallickadavil.
"Consolidation through partnerships or mergers and acquisitions will help achieve integrated solutions and a competitor advantage," she added.
Asia-Pacific Renewable Energy Inverters Market, Forecast to 2021, part of Frost & Sullivan's Energy Storage Growth Partnership Service program, finds that the East Asia region is the largest revenue contributor in the Asia-Pacific market; however, Southeast Asia is the fastest growing market. The study provides an analysis of current and expected market developments, drivers, restraints, revenue forecast by country, and growth opportunities. Market share and competitive landscape for majors such as Tabuchi Electric, TMEIC, Omron Corporation, Sharp Corporation, Fuji Electric, SMA, ABB, Schneider Electric, Solar Edge, Fronius, and Enphase are also provided.
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Regional trends driving growth in the Asia-Pacific RE inverters market include:
- Boost to solar power industry due to supportive government policies and tax rebates on equipment machinery;
- Rise in residential sector solar photovoltaic (PV) system adoption due to FiT policies;
- Strong revenues in Japan, Australia, the Philippines, and Malaysia due to rapid adoption of rooftop solar PV plants;
- New wind energy projects in Japan, Australia, South Korea, the Philippines, and Thailand;
- Large residential solar panel installations in Singapore; and
- Push by Taiwanese government to develop rooftop PV plants and mound projects.
"With an influx of low-cost, popular commercial and residential RE inverter products by Chinese manufacturers such as Sungrow, Huawei, and Xantrex, competition is stiff. Value-added propositions such as consultancy and customisation are a must to secure brand equity and reinforce market presence in view of fierce competition," noted Avanthika.
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Asia-Pacific Renewable Energy Inverters Market, Forecast to 2021
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SOURCE Frost & Sullivan