Philippines government plans to attain 100% electrification rate by 2022. In order to cater to the country's current power needs, the expansion of the solar energy base in Philippines is a viable option owing to the falling cost of solar equipment and the short gestation period of solar rooftop projects. Additionally, the country is placed well geographically for the deployment of solar energy.
According to 6Wresearch, Philippines Solar Inverter market revenues are projected to grow at a CAGR of 2.4% during 2018-24. The solar sector is still relatively untapped in the country and therefore offers high growth prospects. Central solar inverters dominate the overall market of solar inverters in Philippines due to the widescale deployment of such inverters across the utility sector. Moreover, the central solar inverter segment is anticipated to undergo highest growth by type during the forecast period.
According to Priya Sharma, Research Analyst, Research and Consulting, 6Wresearch, "Solar inverters with a capacity of more than 1 MW accounted for maximum revenue share in the overall solar inverter market owing to large number of solar projects in the utility segment employing such high rating units. The continued dominance of this segment in the market is attributed to large number of utility solar projects in the pipeline. These upcoming projects are of high capacity and thereby would require deployment of high capacity solar inverters."
"However, solar inverters falling in the range of 100.1 kW - 1 MW would exhibit maximum growth during the forecast period due to increasing penetration in off-grid solar installations and solar rooftop projects in the country, "Priya further added.
According to Kanika Arora, Research Associate, Research and Consulting, 6Wresearch," utility scale solar power projects are responsible for major share of the total installed capacity of solar energy in the country. As a result, the usage of central solar inverters over the years were witnessed in the country."
"The use of string and micro inverters is also expected to gain traction over the coming years due to the implementation of multiple government initiatives to increase the penetration of solar energy in the country," Kanika further added.
Some of the major companies in Philippines Solar Inverter Market include SMA Solar Technology AG, Huawei Technologies Co. Ltd., Jiangsu Goodwe Power Supply Technology Ltd., Sungrow Power Supply Co. Ltd., and Schneider Electric (Philippines) Inc.
"Philippines Solar Inverter Market (2018-2024)" provides an in-depth analysis with 45 figures and 7 tables covered in over 110 pages. The report estimates and forecast the overall Philippines 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.