India Solar Inverter Market (2020-2026) | Size, Share, Growth, Trends, Forecast, Revenue, Outlook, Analysis & COVID-19 IMPACT

India Solar Inverter Market report thoroughly covers the market by product types, demographics, and distribution channels. The India Solar Inverter market outlook report provides an unbiased and detailed analysis of the India Solar Inverter market trends, opportunities high growth areas, and market drivers which would help the stakeholders device and align their market strategies according to the current and future market dynamics.

Latest 2023 Developments of the India Solar Inverter Market

India Solar Inverter Market is experiencing significant growth due to the increasing adoption of solar energy in the country and growing demand for solar inverters in the country. Solar inverters are more efficient and cost-effective than traditional DC inverters and offer better performance in low-light conditions. Apart from this, India is home to some of the world's largest solar energy projects, which have contributed significantly to the growth of the solar inverter market.

Moreover, the growing demand for renewable energy sources in India due to increasing awareness about climate change and environmental degradation further proliferates the demand for solar inverters. The cost of solar technology has been declining rapidly which makes it more affordable for consumers and businesses. Solar inverter technology has been progressive in recent years, leading to more efficient and reliable inverters. This has also contributed to the growth of the solar inverter market share in India. 

The India Solar Inverter Market is growing and it is estimated to rise more as many developments in the sector are taking place. The government of the country is encouraging renewable energy sources use such as wind, solar, etc. The government has been doing it to reduce the reliance on non-renewable sources as well as to decrease their carbon footprint. The country’s government has taken many initiatives such as Jawaharlal Nehru National Solar Mission, Solar Energy Subsidy Scheme, and Solar Rooftop Scheme, which have been supporting the India Solar Inverter Market Growth. The efforts made by the government have been developing the market in the country.

The Smart City project and the development of solar parks are other initiatives by the Indian government that are projected to enable the adoption of solar installations across both residential as well as commercial segments in the nation.

The market players have been supporting the sector by adopting advanced technologies and by using innovative strategies. The players with their efforts supporting the sector and are doing everything for the adoption of solar installations. The sector has been increasingly growing owing to the efforts made by the government and the market players.

India Solar Inverter Market Synopsis

India Solar Inverter Market grew at a considerable rate during the period 2016-2019 as a result of several government efforts to improve the share of solar power in the country’s energy generation mix such as the National Solar Mission by the Government of India targeting 100 GW solar energy by the year 2022. Rising consumer awareness, the growing participation of residential and commercial segments towards solar system installations, supportive government policies & solar schemes, and increasing private sector involvement are the other major factors contributing to the India Solar Inverter Market Growth. However, the ongoing pandemic COVID-19 slowed down the growth rate of market revenues during the year 2020 as a result of a decline in market demand during the lockdown phase across the country. Moreover, with the gradual opening of the economy and the removal of lockdown measures, the market began to show signs of improvement during the second half of the year and is anticipated to return to a normal growth trajectory in the upcoming years. The market has seen a halt owing to the massive outbreak of COVID-19 which resulted in nationwide lockdowns to combat the spread of the virus and has led to a decline in the overall India Solar Inverter Market Growth.

According to 6Wresearch, the India Solar Inverter Market size is projected to grow at a CAGR of 14.4% during 2020-2026. Increasing environmental awareness, and financial support from the government in the form of subsidies, new initiatives, and targets for renewable energy launched by the Ministry of New and Renewable Energy (MNRE) would further drive the solar inverter market revenues in India over the coming years. Increasing penetration towards the deployment of renewable sources is accelerating the India Solar Inverter Market Share. Additionally, the extensive usage of solar inverters in various sectors such as residential, commercial, and industrial is adding to the development of the market. Growing advancements in technology and surging usage of inverters drive the development of the market.

India Solar Inverter Market is projected to find its true potential owing to rising concern towards environmental degradation in the country. Inverters are being deployed massively in all the major verticals including retail, residential and commercial sectors as power backup sources underpinned by the rising electricity need to perform essential works aligned with rising energy consumption, which has led to stimulating the government to produce renewable energy, therefore the growth of the solar inverter is estimated to gain popularity and is expected to act as a catalyst in pioneer the growth of the India Solar Inverter Market in the upcoming six years.

Solar inverter market share in India

India Solar Inverter Market has been attaining growth as the sector in the nation is driven by many growth factors. The Solar Inverter Market Share in India is continuously growing as the government of the nation has taken an initiative which is the National Solar Mission Government to target 100 GW of solar energy by the year 2022. Other growth drivers for the sector include rising participation of commercial as well as residential segments towards solar system installations, rising involvement from the private sector and increasing consumer awareness.

Rising environmental awareness, new initiatives by the government, financial support from the country’s government, and the renewable energy targets launched by the Ministry of New and Renewable Energy (MNRE)are further stimulating the India Solar Inverter Market Growth. The India Solar Inverter Industry which has become a crucial part of the Asia Pacific Solar Inverter Market is likely to discover its true potential on the back of the environmental degradation in the nation. Inverters are deployed in each major vertical such as commercial, residential, and retail since power backup sources are underpinned by increasing electricity requirements to perform crucial tasks associated with the growing energy consumption, which enabled the government to produce renewable energy, thus it is stimulating India Solar Inverter Market Growth.

Market Analysis by System Type

Government initiatives such as the Smart City project, the development of solar parks, and the solar energy subsidy scheme would further accelerate the adoption of solar installations across residential and commercial segments. Moreover, among system types, on-grid systems dominated the market in 2019 owing to huge adoption across different applications, whereas, off-grid systems are majorly limited to rural electrification applications only however, growth is expected in coming years.

Market Analysis by Application

The market is dominated by the utility sector owing to its large-scale solar projects deploying a large number of solar inverters. Further, the commercial segment is estimated to exhibit the highest growth rate during the forecast period. The high growth is attributed to growing solar installations across educational institutes, offices, factories, hospitals, and warehouses. In addition, the residential segment is also exhibiting significant growth with a focus on sustainable development and overlaying the rising power cost in the country.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2016 to 2020.
• Base Year: 2019
• Forecast Data until 2026.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• India Solar Inverter Market Overview
• India Solar Inverter Market Outlook
• India Solar Inverter Market Forecast
• India Solar Inverter Market Share, By Regions
• India Solar Inverter Market Size and India Solar Inverter Market Forecast, for the Period 2016-2026F
• Historical data of India Solar Inverter Market Revenues, By Types for the Period 2016-2019
• Market Size & Forecast data of India Solar Inverter Market Revenues, By Types until 2026F
• Historical data of India Solar Inverter Market Revenues, By System Types for the Period 2016-2019
• Market Size & Forecast data of India Solar Inverter Market Revenues, By System Types until 2026F
• Historical data of India Solar Inverter Market Revenues, By Applications for the Period 2016-2019
• Market Size and Forecast data of India Solar Inverter Market Revenues, By Applications until 2026F
• Historical data of India Solar Inverter Market Revenues, By Power Rating for the Period 2016-2019
• Market Size and Forecast data of India Solar Inverter Market Revenues, By Power Rating until 2026F
• Historical data of India Solar Inverter Market Revenues, By Region for the Period 2016-2019
• Market Size and Forecast data of India Solar Inverter Market Revenues, By Region until 2026F
• India Solar Inverter Market Drivers and Restraints
• India Solar Inverter Market Trends
• Industry Life Cycle
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• India Solar Inverter Market Share, By Companies
• India Solar Inverter Market Overview, By Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Type

• Central
• String
• Micro

By System Type

• Off-Grid
• On-Grid

By Applications

• Commercial
• Power Utility
• Residential

By Power Rating

• Below 10 kW
• 10-100 kW
• 1-1 MW
• Above 1 MW

By Regions

• Northern
• Eastern
• Western
• Southern