India Inverter market is anticipated to grow at a robust pace during the forecast period, 2024-2028. Inverters are used in a variety of
applications, including solar power systems and industrial processes, and are
required for backup power during power outages. Because of supportive policy
interventions and sector reforms, India, the world's fourth largest producer of
electricity, has seen a transformational change in the energy sector. Despite
recent phenomenal growth in generation capacity, India is experiencing a power
deficit. Over 15.5 million BPL households and 9,500 villages continue to be
without electricity. The eastern Indian states of Odisha, Jharkhand, and West
Bengal have abundant coal reserves but face a power crisis. An uninterrupted
supply of power is one of the prerequisites for any developing economy like
India. As a result, many positive steps are being taken to address the issue of
power shortages, such as the implementation of various government initiatives
and policies, such as the National Solar Mission, which has increased demand
for inverters in India. Furthermore, the Inverter Market in India has been
steadily growing in recent years, owing to factors such as insufficient power
supply in many areas, rising power consumption, and an increase in the number
of electronic devices and appliances. Furthermore, the government's initiatives
to promote renewable energy, such as solar power, have increased demand for
inverters.
In India, the residential sector accounts
for a sizable portion of the inverter market. During power outages, homeowners
rely on inverters to provide backup power, ensuring the continued operation of
essential appliances such as lights, fans, refrigerators, and home
entertainment systems. Inverter market growth is also supported by the
commercial and industrial sectors. Businesses need dependable backup power
solutions to protect their operations, avoid data loss, and avoid financial
losses during power outages. Inverters are heavily used in industries such as
manufacturing, information technology, healthcare, and telecommunications to
ensure continuous power supply. Solar power system adoption has increased in
India, owing to government incentives, and growing environmental awareness. Solar
inverters, which convert the DC power generated by solar panels into usable AC
power, are critical components of these systems. Because of the country's
ambitious renewable energy targets, demand for solar inverters has increased
significantly. Standalone inverters, hybrid inverters (combining solar and
battery storage), and grid-tied inverters for solar installations are all
available in India. The type of inverter selected is determined by the specific
power backup requirements and usage scenario. The Indian government has put in
place several policies and initiatives to promote renewable energy and improve
power infrastructure. Programs such as the Smart Cities Mission, make in India,
and the National Solar Mission have had a positive impact on the inverter
market by creating an environment conducive to growth and innovation.
Overall, the inverter market in India is
expanding rapidly because of rising demand for dependable power backup
solutions, the adoption of solar power systems, and the expansion of the
residential, commercial, and industrial sectors. The market is expected to
continue its upward trajectory in the coming years, thanks to ongoing
technological advancements and government support.
Increasing demand for reliable power
backup solutions
Increased demand for dependable power
backup solutions would help the inverter market in India grow. India, like many
other countries, suffers from frequent power outages or unreliable power supply
in certain areas. These issues have the potential to have a significant impact
on a variety of industries, including residential, commercial, and industrial.
In such cases, inverters are critical in
providing backup power. Inverters convert direct current (DC) power from
batteries or solar panels into alternating current (AC) power that can be used
to power a variety of electrical appliances and devices. During power outages,
they are commonly used as a backup power source.
Several factors contribute to India's
growing demand for dependable power backup solutions. For starters, rising
population and urbanization have increased electricity consumption. This, combined
with insufficient power infrastructure and distribution networks, leads to
frequent power outages and unreliable power supply.
Furthermore, the expansion of industries
and the commercial sector in India has led to a greater reliance on continuous
power supply. Businesses, especially those operating in sectors such as
information technology, manufacturing, healthcare, and telecommunications,
require uninterrupted power to ensure smooth operations and prevent financial
losses.
As a result of these factors, the demand
for inverter-based power backup solutions has been on the rise in India.
Inverters are available in various capacities and types, including standalone
inverters, solar inverters, and hybrid inverters that combine solar and battery
storage. Additionally, advancements in technology have led to the development
of more efficient and cost-effective inverters, further driving their adoption.
To cater to the increasing demand,
several companies in India are manufacturing and supplying inverters and related
products. These companies are investing in research and development to improve
the performance and reliability of their products and are also offering
after-sales services to ensure customer satisfaction.
Overall, the growing need for reliable
power backup solutions, driven by factors such as inadequate power
infrastructure and increasing electricity consumption, is expected to boost the
growth of the inverter market in India.
Increasing adoption of electric vehicles
The increasing adoption of electric
vehicles is driving the demand for inverters, which are essential of EV
charging infrastructure.
Inverters are used to convert the DC
power stored in an EV battery to AC power that can be used to charge the
vehicle or power other electrical devices. As more people switch to EVs, there
is a growing need for more charging stations, both at homes and in public
places, which requires the installation of more inverters. In addition to
charging infrastructure, inverters are also used in other parts of the EV ecosystem,
such as solar-powered charging stations, battery storage systems, and electric
grid management systems. As the demand for these technologies grows, so does
the demand for inverters.
The increasing adoption of EVs is also
driving innovation in inverter technology, with manufacturers developing new
and more efficient inverters to meet the demands of the EV market. For example,
some companies are working on bidirectional inverters, which can not only
convert DC power to AC power for charging an EV but also convert AC power back
to DC power to store excess energy in the vehicle's battery or feed it back to
the grid.
Overall, the increasing adoption of
electric vehicles is creating new opportunities for the inverter industry, both
in terms of increased demand for traditional inverters and the development of
new and innovative inverter technologies.
Regulations of inverters
The regulations for inverters in India vary
depending on their type and usage. Here are some of the common regulations for inverters
across India:
Bureau of Indian Standards (BIS)
certification: All inverters manufactured, imported, or sold in India must be
BIS certified. The BIS certification ensures that the product meets the
required safety, performance, and quality standards.
Power rating limits: The Central Electricity Authority (CEA)
has set limits on the power ratings of inverters that can be installed in homes
and offices. As of 2021, the maximum power rating allowed for a single-phase
inverter is 10 kW, and for a three-phase inverter, it is 100 kW.
Grid-tie inverter regulations: Grid-tie inverters, which are used to
connect solar panels to the grid, must comply with the Central Electricity
Regulatory Commission (CERC) regulations. These regulations require the inverters
to have features such as anti-islanding protection, DC injection suppression,
and voltage and frequency regulation.
India Inverter
Market Recent Developments
In January 2023, Technology startup Matter Energy and Luminous Power Technologies formed a strategic partnership. This strategic collaboration helps
in the diversified variety of innovative solutions in the power backup for
residential markets.
Overall, there is a
lot of activity in the Indian Inverter market, with several companies investing
in R&D and forming partnerships to develop new technologies and products.
The Indian government's push toward electric mobility and renewable energy is
also driving demand for these batteries, which is likely to spur further
innovation and development in the sector.
Download Free Sample Report
Market Segmentation
India Inverter market is segmented based
on type, mode of operation, vertical and
region. Based on type, the market is further segmented into vehicle
inverter, solar inverter, and others. Based on mode of operation, the market is further
split into stand-alone inverters, grid-connected inverters, and bimodal inverters.
Based on vertical, the market is further divided into residential, commercial,
and industrial. Based on region, the market is further segmented into North
India, South India, East India, and West India.
Market Players
Some
of the key players in the India inverter market include companies such as Luminous
Power Technologies Pvt. Ltd., V-Guard Industries, Microtek International
Private Limited, Su-Kam Power Systems Limited, Exide Industries Limited, Amara
Raja Batteries Limited, Genus Innovation Limited, Arise India Limited, Consul
Neowatt Power Solutions Private Limited, and Uniline Energy Systems Private
Limited. These companies offer a range of inverters, from basic entry-level
models to high-end inverters with advanced features such as remote monitoring
and control.
|
Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
|
2018 –
2021
|
|
Estimated Year
|
2023
|
|
Forecast Period
|
2024
– 2028
|
|
Quantitative Units
|
Revenue in USD Million and CAGR for 2018-2022 and 2024-2028
|
|
Report coverage
|
Revenue
forecast, company share, growth factors, and trends
|
|
Segments covered
|
By Type
By Mode of Operation
By Vertical
By Region
|
|
Country scope
|
India
|
|
Regional scope
|
North India, South India, East India, West India
|
|
Key companies profiled
|
Luminous Power Technologies
Pvt. Ltd., V-Guard Industries, Microtek International Private Limited, Su-Kam
Power Systems Limited, Exide Industries Limited, Amara Raja Batteries
Limited, Genus Innovation Limited, Arise India Limited, Consul Neowatt Power
Solutions Private Limited, and Uniline Energy Systems Private Limited
|
|
Customization scope
|
10% free report customization with purchase. Addition or
alteration to country, regional & segment scope.
|
|
Pricing and purchase options
|
Avail
customized purchase options to meet your exact research needs. Explore purchase options
|
|
Delivery Format
|
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
|
Report Scope:
In this report, the India Inverter market has been segmented into the following categories,
in addition to the industry trends which have also been detailed below:
·
India Inverter Market, By Type:
o Vehicle Inverter
o Solar Inverter
o Others
·
India Inverter Market, By Mode of Operation:
o Stand-Alone Inverters
o Grid-Connected Inverters
o Bimodal Inverter
·
India Inverter Market, By Vertical:
o Residential
o Commercial
o Industrial
·
India Inverter Market, By Region:
o North India
o South India
o East India
o West India
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in the India Inverter
market.
Available Customizations:
With the
given market data, Tech Sci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
Detailed analysis and profiling of
additional market players (up to five).
The India Inverter market is an upcoming report to be released soon. If you wish an early delivery
of this report or want to confirm the date of release, please contact us at [email protected]