Government incentives along with several upcoming solar power plants in Malaysia would accelerate the demand for solar inverters over the years to come. Additionally, government subsidies and schemes such as Feed in Tariff and Net Metering are expected to further boost the demand for solar inverters in the residential and commercial verticals in Malaysia.
According to 6Wresearch, Malaysia Solar Inverter market revenues are forecast to grow at a CAGR of 7.0% during 2018-24. The government of Malaysia, under the National Renewable Energy Policy and Action Plan, aims to achieve 2,080 MW of renewable energy by 2020. Additionally, the country is nearer to the equator with high solar energy potential of 4,500 kWh m-2 average solar radiation per day, which makes Malaysia more suitable for the utility scale solar power projects.
According to Priya Sharma, Research Analyst, Research and Consulting, 6Wresearch, "Implementation of government schemes, such as Sarawak Alternatives Rural Electrification plan and MySuria would further accelerate the demand for solar inverters in the residential vertical of the country. Moreover, the demand for solar inverters in the utility vertical would register maximum growth in the projected period on account of several upcoming solar power plant projects approved by the government in 2018."
"In addition, large number of upcoming solar power projects under the Large Scale Solar (LSS) scheme such as TNB Bukit Selambau Solar Sdn Bhd's plant (30 MW) and Gebeng's solar power plant (29.92 MW) would further fuel the growth in utility vertical in Malaysia during the forecast period, "Priya Concluded
According to Prithu Chawla, Research Associate, Research and Consulting, 6Wresearch, "Central solar inverters would account for majority of the revenue share in the overall Malaysia's solar inverter market during the forecast period due to deployment of such inverters in the utility vertical. Furthermore, the maintenance charges of central type inverters are lower in comparison to their counterparts, which makes them a popular choice among utility end users in Malaysia."
"Peninsular Malaysia is expected to hold majority of the market revenue share in the solar inverter market in Malaysia due to upcoming solar farm projects in the region. Additionally, high disposable income of consumers along with high urbanization rate of Peninsular Malaysia region as compared to the regions of Sabah and Sarawak would benefit the rooftop solar inverter market in the Peninsular Malaysia region over the coming years," Prithu further added.
Some of the key players in Malaysia Solar Inverter market include ABB Malaysia, Fronius International, Huawei Technologies Malaysia, SMA Solar Technology and Schneider Electric.
"Malaysia Solar Inverter Market (2018-2024)" provides an in-depth analysis with 32 figures and 25 tables covered in more than 120 pages. The report estimates and forecast the overall Malaysia Solar Inverter market by revenue, volume, power rating, 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.