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 2024-2028, Escalating 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.
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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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