INDIA SOLAR INVERTER MARKET

A solar inverter or photovoltaic inverter is a type of an electrical inverter that is used to convert the direct current (DC) output into a utility frequency alternation current (AC). The converted current is then transferred into the commercial electrical grid, which is used for residential and industrial purposes in case of a power cut off. There are various types of solar inverters available in the market, includes central-inverters, micro-inverters, string inverters, and power optimizers.

Major India Solar Inverter Market Drivers

The primary factor boosting the demand of the India Solar Inverter market includes the increasing emphasis of the government on using renewable energy sources for power generation. Under the Paris Agreement in United Nations Framework Convention on Climate Change, India is one of the 194 countries which are aiming for 40% of the electricity production to be contributed by renewable energy sources by the end of 2030. In addition to this, the government is focusing on smart cities projects and is heavily investing in clean and free energy sources, thereby surging the demand for solar inverter in the coming years. The rising consumer awareness regarding the utilization of solar-based systems, especially among the residential, industrial, and commercial consumer base, will pave the way for market growth. The solar inverter eliminates the high cost of electricity bills and provides higher efficiency in the long run. However, factors such as high initial installation cost, the regular need of sunlight, and the requirement of a large area for installation are the major factors which will have a negative impact on the strong demand of the market in the coming years.

Based on Technology, the market is segmented into central inverters, micro-inverters, string inverters, and power optimizers. Among these, the central inverters segment is projected to grow at a higher CAGR during the forecast period due to the increasing electricity demand driven by the rapid rise in population growth and the strong demand for 24*7 electricity supply among the urban population. The central inverters offer lower capital price per watt, provides higher efficiency, and are easy to install as compared to other types of solar inverters. All these remarkable advantages will accelerate the demand for central inverters.

Based on the End Use, the market is segmented into industrial, commercial, and utility inverters. The industrial segment is anticipated to lead the market over the forecast period owing to the growing emphasis of the Indian government towards the usage of renewable energy sources for power generation. In addition to this, the drastic increase in the industrial sector in the country will have a positive impact on the growing demand for this segment.

Top Market Players

Various notable players in the market include ABB India Ltd., SMA Solar India Pvt. Ltd., Delta India Electronics Pvt. Ltd., Chint Electric India Pvt. Ltd., Schneider Electric India Pvt. Ltd., Hitachi Hi-Rel Power Electronics Pvt. Ltd., Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), SuKam, Microtek, and Luminous among others.

Segments covered in the Report:

The India Solar Inverter Market has been segmented on the basis of inverter type, connection type and application. Based on the inverter type, the market is segmented into central inverters, string inverters, micro inverters. Based on the connection type, the market is segmented into On-Grid Connection and Off-Grid Connection. Based on the application, the market is segmented into residential, commercial and industrial, utility-scale.

Key questions answered in this research report:

• • At what pace is India Solar Inverter market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in India Solar Inverter market? What will be the impact of market drivers and market restraints in the future?
  • Which technology generated maximum revenues in 2019 and identify the most promising technology during the forecast period?
  • What are the various end use areas of India Solar Inverter market and how they are poised to grow?
  • What companies are the major participants in India Solar Inverter market and their business strategies, how does the competitive landscape look like?

Market Segmentation

India Solar Inverter Market by Inverter Type

• • Central Inverters
  • String Inverters
  • Micro Inverters

India Solar Inverter Market by Connection Type

• • On-Grid Connection
  • Off-Grid Connection

India Solar Inverter Market by Application

• • Residential
  • Commercial and Industrial
  • Utility-scale

India Solar Inverter Leading Market Players (Option 1: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • ABB India Ltd.
  • SMA Solar India Pvt. Ltd.
  • Delta India Electronics Pvt. Ltd.
  • Chint Electric India Pvt. Ltd.
  • Schneider Electric India Pvt. Ltd.
  • Hitachi Hi-Rel Power Electronics Pvt. Ltd.
  • Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC)
  • SuKam
  • Microtek
  • Luminous