Renewable Energy Target (RET) Scheme and Favorable Government Policies Would Surge the Demand for Australia Solar Inverter Market - 6Wresearch

Australia Solar Inverter market is at the growing stage. Several upcoming solar power plant projects such as Western Downs Green Power Hub (500MW), Yuleba North Solar Project (300MW), and Wandoan South Solar Project (1,000MW) in the country along with increasing residential rooftop solar PV systems are expected to drive the demand for solar inverters across Australia over the coming years. Further, the Australian government invested around $8.5 billion in renewables in 2017, according to a United Nations (UN) report and $316.2 million has been allocated to the Australian Renewable Energy Agency budget in 2019, which would help to strengthen the solar energy sector across the country and pave way for the upliftment of the solar inverter market over the coming years.

According to 6Wresearch, Australia Solar Inverter Market revenues are projected to reach $884.5 million by 2024. Upcoming large-scale solar plant projects under the utility sector such as Kennedy Energy Park Phase 2 Solar Project (650MW) and Gympie Regional Energy Hub - Stage 2 (1,000MW) coupled with Renewable Energy Target (RET) Scheme designed to produce 20 percent of Australia's electricity from renewable energy sources by 2020 are anticipated to further strengthen the solar energy sector in Australia, which would strengthen the solar inverter market in the country.

According to Ravi Bhandari, Research Manager, Research and Consulting, 6Wresearch, "Below 10kW rating solar inverters followed by the 10kW-100kW rating solar inverters were the key revenue-generating segments in 2017 on account of significant deployment of the mentioned segments in the residential, commercial and industrial-scale solar power projects across the country."

"Other major segments include 100.1kW-1MW rated solar inverters and above 1MW rated solar inverters. The segment is under the growth phase on account of considerable investment under the utility sector solar projects and is further anticipated to witness healthy growth on account of strengthening commercial & industrial sector of the country," Ravi further added.

According to Devesh Kumar, Research Associate, Research and Consulting, 6Wresearch, "By types, the string solar inverters held the highest revenue share in the overall Australia Solar Inverter Market and the segment is projected to maintain its dominance during the forecast period. However, the central solar inverter segment is also anticipated to register significant growth during the forecast period on account of several large-scale utility projects such as Bouldercombe Solar Farm (280MW) and Riverland Solar Farm (330MW)."

"By Regions, Queensland dominated the solar inverter market revenues owing to higher solar rooftop PV installations in the residential and commercial sector across the region. New South Wales followed Queensland in the solar inverter market revenues in Australia in 2017 and the region is further expected to witness substantial growth due to upcoming projects such as Finley Solar Farm (170MW) and Sandigo Solar Farm (300MW)," Devesh further added.

Some of the major companies in Australia Solar Inverter Market include - ABB Australia Pty Ltd, Delta Energy Systems (Australia) Pty Ltd, Enphase Energy Australia, Fronius Australia Pty Ltd, Huawei Technologies (Australia) Pty Ltd, Redback Technologies Pty Ltd, SMA Australia Pty Ltd, SolarEdge Technologies (Australia) Pty Ltd, SolaX Power Australia Pty Ltd, and Sungrow Australia Group Pty Ltd.

"Australia Solar Inverter Market (2018-2024)" provides an in-depth analysis with 38 figures and 8 tables covered in more than 110 pages. The report estimates and forecasts the overall Australia Solar Inverter market by revenue, volume, power rating, verticals, and regions. The report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.