India solar inverter market is expected grow during the forecast period due to
rapid growth in installation of off-grid solar systems, growing demand for
electricity from green and clean energy sources, increasing demand from rural
area, rising government investment and policies to promote solar systems, etc. For
instance, investment in renewable energy hit record levels in India in the
2021-22. A total of USD14.5 billion were invested in renewable energy, up by
125% compared with financial year 2020-21 and 72% higher than in the
pre-pandemic period of the 2019-20 financial year. Additionally, in the Union
Budget 2022-23, the government allocated USD 2.57 billion for a PLI scheme to
boost manufacturing of high-efficiency solar modules.
An electrical
converter known as a solar inverter converts the direct current (DC)
electricity generated by solar panels into alternating current (AC), the
regular flow of electricity needed for household appliances and electrical
circuits. It enables the conversion of direct current (DC) into alternating
current (AC), making the energy usable for a wide range of residential,
commercial, as well as industrial applications, such as powering various instruments
ranging from large industrial equipment to common home appliances like
refrigerators, televisions, and microwaves.
India Solar Inverter
Market: Drivers
Rapid Growth in
Installing Off-Grid Solar Systems- An off grid solar system is in great demand in India as
it enables consumers to be power independent and self-reliant of the power grid
and avoid facing power outages owing to shutdowns and grid failures. Moreover,
remote locations with little or no electricity have been the main application areas
for off-grid solar systems. These solar systems are necessary for farms, food
processing mills, and other commercial and industrial locations that are away
from main roads to reduce and optimize grid electricity use. Further, with the
appropriate government initiatives such as Make in India and the
entrepreneurial wave that has sparked innovations across the country, it is
believed that 85% power from renewable energy can be reached by 2050, which
positively augment the India solar inverter market in coming years.
Growing Demand for
Electricity from Green and Clean Energy Sources- Electricity demand in India continues to grow
exponentially, and the government wants to boost renewable energy generation
capacity to partly meet the increasing demand. As a result, solar power is a
cheap, clean, modular and flexible energy source. It is currently one of the
cheapest renewable energies. Rooftop solar power system along with solar
inverters, is one of the worthwhile investments when considering its long-term
use. Millions of commercial and residential buildings in India have rooftops
that receive plenty of sunlight and can be easily used to generate electricity
by installing solar panels. Solar energy, as one of the most prominent sources
of green and renewable energy, has the potential to play a critical role in
meeting the soaring demand for rising electricity bills while maintaining
environmental safety. Making it highly profitable and sustainable.
India Solar Inverter
Market: Challenges
Solar Inverter
Overheating Issue- The temperature
within the inverter is the most crucial element affecting its lifespan. Several
internal electrical components in solar inverters are vulnerable to temperature
fluctuations. As a result, putting solar power inverter without ventilation or
in direct sunlight might soon cause it to overheat. Therefore, solar inverter
overheating issue can hamper the growth of the India solar inverter market
during the forecast period.
High Maintenance- It is essential to frequently inspect them to make sure
that no dust or debris have gathered. This will stop vents, heat sinks, and
electrical parts from getting blocked or damaged. Making room for solar
inverters is also essential since they need ventilation to prevent overheating.
It is advisable to thoroughly inspect the inverter every few months, which
should reduce the necessity for solar inverters.
Solar Sector Initiatives
from the Indian Government:
Solar inverters are
necessary for every solar panel system to operate properly since batteries and
solar panels need a DC to function. Installed solar producing capacity has
rapidly increased in recent years, along with improvements in cost,
performance, and technology. Yet, in order to increase solar power at a reduced
cost, government support and encouragement in the form of projects and programs
are required. The Jawaharlal Nehru National Solar Mission, rooftop programs,
solar park programs, VGF (Viability Gap Funding) programs, government yojana
solar energy subsidy programs, and UDAY programs are just a few of the top
government initiatives the government has taken in the solar sector to
encourage more and more people and businesses to go solar and 100% renewable.
So, it is anticipated that the Indian solar inverter market will grow as a
result of the government of India's solar projects and programs.
India Solar Inverter
Market: Technology Trends
Since inverters are
an essential component of a solar PV system and convert the DC electricity
generated by solar panels into AC, which may be consumed in homes and
businesses or provided to the grid, the rise in solar PV installations has also
caused a stir in the India solar inverter industry. The creation of smart
modules, or those that are integrated with power optimizers, is thus a major
trend in the solar inverter industry. These are known as AC modules when solar
modules and microinverters are combined. Both smart and AC modules are
integrated at the manufacturing stage itself to bring down costs, reduce the
time required for project installations and offer better power quality.
However, the uptake of such technologies, which are considered premium products,
is restricted to the residential, commercial and industrial segments, and it
may take a long time for them to be accepted for utility installations due to
the large size of utility projects.
In addition, smart
hybrid inverters are being developed to bring in more flexibility and automate
the management of energy supply from different sources like solar PV, grid and
batteries. These inverters can work both on-grid and off-grid. They ensure
negligible loss of energy as they store energy in batteries when the production
of solar energy is greater than the consumption and give the option to choose
when to store energy in batteries and when to provide it to the grid. In this
way, they work as hybrid inverters, that is, they can work both on-grid and
off-grid at the same time, as well as provide backup. These inverters can be
deployed by residential rooftop owners to leverage net metering benefits and
ensure uninterrupted quality power supply in their houses. Smart inverters will
pave the way for future intelligent inverters.
Further, many large companies
are investing in the development of large modular centralised solutions with
much smaller central inverter blocks. This would maximize redundancy and
increase flexibility. Another emerging trend in the inverter space is the
development of virtual central inverters, which are a combination of string
inverters and modular central inverters. A virtual central inverter consists of
a number of strings in a large, containerized solution. This offers better
control, as in the case of central inverters, while retaining the flexibility
of string inverters. Hence, due to these technology trends, the India solar
inverter market is expected to increase during the forecast period.
Recent Developments
in India Solar Inverter Market:
- In 2022, Enphase Energy, Inc. entered into partnership with Salcomp. The Enphase-Salcomp unit has emerged as India’s largest solar inverter manufacturer with an annual capacity of more than 6 million units.
- In November 2022, Poweron released the PSE series of wall-mountable, hybrid solar inverters with nominal power ratings of 3.68 kW, 4.6 kW, and 5 kW. They are compatible with lead-acid and Li-ion batteries.
- In November 2022, Enphase Energy, Inc. announced a partnership with Vashi Integrated Solutions Limited (VISL) to enhance the distribution of Enphase products to solar installers in India. It will also equip installers with necessary skills and tools to install solar energy systems efficiently and safely.
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Market Segments
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, utilities. Based on region,
the market is segmented into south, north, west, east.
Market Players
Major market players in the India solar inverter market are 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.
|
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 2023-2028
|
|
Report coverage
|
Revenue
forecast, company share, growth factors, and trends
|
|
Segments covered
|
By Type
By Connection Type
By Phase
By End User
By Region
|
|
Regional scope
|
South,
North, West, East
|
|
Key companies profiled
|
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.
|
|
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, India solar inverter market has been
segmented into following categories, in addition to the industry trends which
have also been detailed below:
·
India Solar Inverter Market, By Type:
o Central
Inverter
o String Inverter
o Micro
Inverter
·
India Solar Inverter Market, By Connection Type:
o
On-Grid
o
Off-Grid
·
India Solar Inverter Market, By Phase:
o
Single Phase
o
Three Phase
·
India Solar Inverter Market, By End User:
o
Residential
o
Commercial
o
Industrial
o
Utilities
·
India Solar Inverter Market, By Region:
o South
o North
o West
o East
Competitive Landscape
Company Profiles: Detailed analysis of the
major companies present in India Solar Inverter
Market
Available Customizations:
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).
India Solar 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]