Posted On: 2018-12-01
The solar inverter market in Indonesia remains highly untapped and is still under the initial growth phase. This is attributed to the fact that the country's energy mix is heavily influenced by the coal industry present in the region. However, the solar energy industry in Indonesia is anticipated to witness growth over the coming years owing to government initiatives such as the signing of Paris Climate Agreement by the Indonesian government and launch of programs such as Indonesia Solar Rooftop PV Program (ISPRP). Moreover, upcoming solar projects such as Gorontalo PLTS (10 MW) and Melaya plant (50MW) would further surge the demand for solar inverters in the country during 2018-24.
According to 6Wresearch, Indonesia Solar Inverter Market revenues are projected to grow at a CAGR of 9.2% during 2018-24. Upcoming solar projects under the utility sector such as Citara Dam Floating Solar Farm (200MW) and Melaya Solar Farm (50MW) coupled with government's Thousand Island Electrification Program are anticipated to further strengthen the solar energy sector in Indonesia, thus, paving way for the upliftment of solar inverter market in the country.
According to Ravi Bhandari, Research Manager, Research and Consulting, 6Wresearch, "10kW-100kW rating solar inverters constitute the key revenue generating segment in the overall Indonesia solar inverter market owing to the fact that majority of the solar plant projects across the country are of low power capacity and fall under the 500kW category.
"Other major segments include below 10kW rating solar inverters. The inverters are mostly deployed in very small-scale solar projects for the electrification of rural sites across the country. The segment is further anticipated to register sound growth during the forecast owing to increasing rooftop solar PV systems penetration across the residential, commercial and industrial sectors during the forecast period," Ravi further added.
According to Devesh Kumar, Research Associate, Research and Consulting, 6Wresearch, "By types, central solar inverters held the highest revenue share in the overall Indonesia Solar Inverter Market and the segment is projected to maintain its dominance during the forecast period due to increasing number of small-scale utility projects across the country. However, string solar inverter segment is also anticipated to register significant growth during the forecast period on account of the characteristics such as easier installment, lower cost, and reliable efficiency."
"By regions, Java dominated the solar inverter market revenues on account of higher adoption of solar energy in the commercial and industrial sectors across the region. However, during the forecast period, Papua, Sulawesi and Sumatra are anticipated to register growth apart from Java on the back of government initiatives such as Thousand Island Electrification Project utilizing the solar energy," Devesh further added.
Some of the major companies in Indonesia Solar Inverter Market include - PT ABB Sakti Industri, SolaX Power Co., Ltd., Enphase Energy Inc., Fronius International GMBH, Jiangsu Goodwe Power Supply Technology Ltd., Shenzhen Growatt New Energy Technology Co., Ltd, KACO new energy GmbH, Schneider Electric SE, SMA Solar Technology AG and Sungrow Power Supply Co., Ltd.
Indonesia Solar Inverter Market (2018-2024) report provides in-depth analysis with 45 figures and 10 tables covered in more than 110 pages. The report estimates and forecast the overall Indonesia Solar Inverter Market by power ratings, types, verticals and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.