India Solar Inverter Market (2020-2027): By Power Rating (Less Than 10kw, 10kw-100kw, 100.1-1 MW and More Than 1MW), By Inverter Types (Micro, String, and Central Inverter), By System Types (On-Grid and Off-Grid), By Applications (Residential, Commercial, and Utility), By Regions (Northern, Southern, Eastern, Western, and Central India) Opportunities and Forecast
According to Pheonix Research, The size of the Solar Inverter Market in India is forecast to gain at a CAGR of over 23.2% during 2020-26. A solar panel is a set of solar power cells that are deployed to convert solar energy into useful electrical energy. Where solar inverter is an electro-mechanical device that assists in transforming the direct current (DC) originated from solar panels into alternating current (AC). This energy is transferred to power grids, storage batteries, or other utilities for multiple appliance operations purposes. Valuable efforts introduced by the Indian Government to increase awareness towards renewable sources, such as solar, geothermal, wind, etc. for fulfilling the daily energy needs in the country. Compared to other natural energy resources, solar power is the rapidly growing segment, thanks to the appropriate geography of India where sunlight is available throughout the year.
As per the Paris Agreement in the United Nations Framework Assembly on Global Climate Change, more than 40% of the electricity generation will be supplied from natural/renewable energy sources until 2030 and India belongs to this convention along with other 194 nations. Additionally, government enterprises such as smart cities plan and growing awareness for clean and green energy sources and low cost is the prime factor boosting the growth of solar inverters Indian market. Also, the high equipment and installation expenditure of solar inverter systems is the considerable reason restraining the market expansion in the country.
Based on installed capacity, ABB India Ltd has become a dominant player in the Solar Inverter market in India. ABB cumulates a significant share of the entire solar inverter deployed in FY’2015. Another key player in the market is SMA (German Manufacturer) India in FY’2015.
Major players in the solar inverter market include Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), ABB India Ltd., SMA Solar India Pvt. Ltd., Schneider Electric India Pvt. Ltd., Hitachi Hi-Rel Power Electronics Pvt. Ltd., Chint Electric India Pvt. Ltd., Microtek, Delta India Electronics Pvt. Ltd., Luminous, Su-Kam, and others.
The India solar inverter market study provides a comprehensive analysis of the market Power Rating, Inverter Types, System Types, applications, and major geographies. The research report also focuses on the prime market drivers enhancing the growth together with challenges encountered by the market shareholders. The report presents the market forecast and size for the Solar Inverter Market. Additionally, the report also offers an analysis of the recent developments, competitive landscape, notable players, and their blueprint for 2018.
• What are the primary product types in the solar inverter market?
• Market intensity at which Solar Inverter growing in India?
• Market Drivers & Restraints
• Modern technology utilized
• Regional Market Analysis and forecast breakdowns?
• Multiple application zones and how they affect the growth
Market Segmentation
By Power Rating
• Less Than 10kw
• 10kw-100kw
• 100.1-1 MW
• More Than 1MW
By Inverter Types
• Micro
• String
• Central Inverter
By System Types
• On-Grid
• Off-Grid
By Applications
• Residential
• Commercial
• Utility
By Regions
• Northern
• Southern
• Eastern
• Western
• Central India