Press Release

India solar inverter market to be driven by increasing government initiatives and investments in solar sector by 2028

Increasing demand for electricity from clean energy sources is driving the India solar inverter market in the forecast period 2028-2028.


According to TechSci Research report, “India Solar Inverter Market - By Region, Competition Forecast & Opportunities, 2018-2028F”, the India Solar Inverter market is expected to register robust growth during the forecast period 2024-2028Escalating concerns regarding the environment, increasing carbon emissions, and rising demand for clean, green, and sustainable energy will bolster the growth of the India solar inverter market during the forecast period. In addition, the surging awareness of solar panel systems/units resulting in several people installing these rooftop units in the past two years also contributes significantly to the overall market growth. The demand for alternative energy sources and how they are beneficial for the environment are certain thoughts that have been driving the target market growth during the past few years.

Furthermore, the government has been launching new initiatives and programs to attract the attention of the general public toward alternative power and energy sources so as to lessen their carbon footprint and help preserve the environment. This is expected to have a positive impact on the India solar inverter market growth.

Moreover, the India solar inverter market has witnessed steady growth in 2020, owing to outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries, thereby decreasing manpower across the country, which, in turn, decreased consumer spending and thus, decreased the demand for electrical products, vehicles, construction equipment and others which has resulted in decreasing the need for electricity and thereby affecting the market growth.

 

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "India Solar Inverter Market


India Solar Inverter market is segmented into type, connection type, phase, end user, region and competitive landscape. Based on type, the market is segmented into central inverter, string inverter, and micro inverter. Based on connection type, the market is segmented into on-grid and off-grid. Based on phase, the market is segmented into single phase and three phase. Based on end user, the market is segmented into residential, commercial, industrial and utilities. Based on region, the market is segmented into south, north, west, east.

Based on type, central inverter dominated the India solar inverter market in 2022 because central inverters are the most common type of solar inverter and most popular due to their robustness and durability properties. Moreover, central inverters provide numerous benefits over other inverters, including safety, reliability, cost-effectiveness, more energy production, and better ROI (Return on Investment). They are also more future-proof and flexible over time.

Based on connection type, on-grid dominates the India solar inverter market. This growth is linked to increased investment in direct electricity supply rather than battery storage. Additionally, benefits of on-grid solar inverters include simple energy feeding, simple installation, cost effectiveness, and management of high electricity demand. These benefits are anticipated to drive the market's expansion in the following years. Hence, rising utilization of on-grid systems is anticipated to positively impact the market growth.

Based on end user, utilities dominated the India solar inverter market in 2022 because the utility sector is expanding for several reasons, primary due to rising demand for renewable energy, the decreasing cost of solar energy and equipment, and the emergence of government subsidies. The segment is growing as a result of the presence of major players who provide customers market-leading utility-scale solutions through their pre-integrated power plants to increase efficiency and lower balance-of-system costs.

Based on region, the south region dominated the India solar inverter market in 2022 because the southern area of India has major solar projects. However, current innovations and initiatives in the pipeline anticipate that the northern region will outshine the southern region in terms of maximum deployed solar PV capacity.

 

Key market players in the India solar inverter market include:

  • Lento Industries Pvt. Ltd.
  • Microtek
  • Delta Electronics, Inc.
  • Sungrow Power Supply Co., Ltd.
  • Asea Brown Boveri
  • Hitachi Hi-Rel Power Electronics Private Limited
  • Huawei Technologies Co., Ltd.
  • Sineng Electric Co., Ltd.
  • Luminous Power Technologies
  • Kehua Data Co., Ltd.

 

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The growing usage of solar inverters in the residential sector is augmenting the solar inverter market growth in India. With the rising ownership of consumer electronics such as televisions, smartphones, and refrigerators, among others, the utilization of solar inverters to ensure seamless electricity supply is growing. The growing prevalence of power cuts, especially in rural and semi-urban regions, is boosting the demand for cost-effective solar inverters. Moreover, the India solar inverter market is being fueled by the surging launches of compact, efficient, safe, low maintenance inverters with high-rated performance and minimal carbon footprint.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

India Solar Inverter Market By Type (Central Inverter, String Inverter, and Micro Inverter), By Connection Type (On-Grid and Off-Grid), By Phase (Single Phase and Three Phase), By End User (Residential, Commercial, Industrial and Utilities), By Region, Competition Forecast & Opportunities, 2018-2028F,” has assessed the India Solar Inverter market's future development potential and provides data and information on market size, structure, and projected market growth. The report's goal is to give current market knowledge and assist decision makers in making informed investment decisions. Furthermore, the study identifies and analyses emerging trends, as well as key drivers, constraints, and opportunities in the India Solar Inverter market.


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