Posted On: 2020-11-27
Power utility segment acquired the largest revenue share in the overall India solar inverter market in 2019 – 6Wresearch.
India is presently emerging as one of the leading countries in terms of usage of solar energy. As the solar industry continues to gain momentum through initiatives such as Solar Energy Subsidy Scheme, UDAY Scheme, SESI Scheme, Jawaharlal Nehru National Solar Mission, and the ambitious Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM-KUSUM), the market demand for solar inverter is anticipated to grow at a significant pace over the coming years. However, the ongoing pandemic COVID-19 slowed down the growth of market during the year 2020 as a result of decline in demand due to lockdown and social distancing measures adopted across the country to curtail the spread of the corona outbreak. Moreover, with the gradual opening of the economy and the removal of lockdown measures, the market is anticipated to show signs of improvement in the latter part of the year.
According to 6Wresearch, the India Solar Inverter Market size is projected to grow at a CAGR of 14.4%% during 2020-26. Rising awareness among people and declining prices of solar energy would act as a catalyst for the solar inverter market growth in India. Further, an increasing number of solar power utility projects such as Rooftop Implementation for Solar Transfiguration of India (SRISTI), the Solar Energy Corporation of India’s 2-GW ISTS-connected scheme, and Rooftop Solar mission, would generate prospects for the deployment of solar inverters over the years to come while opening new avenues for solar industry across the country.
According to Alpana Tyagi, Research Analyst, 6Wresearch, “By verticals, power utility segment holds the maximum revenue share in the overall solar inverter market as India’s solar power sector is majorly driven by large scale utility projects. As the government plans to radically restructure the energy mix of the country the growing solar energy need is anticipated to be met by large-scale upcoming utility solar power plants which would foster the demand for solar inverters in the utility application over the upcoming period.
Additionally, the residential segment is projected to grow at a faster pace in terms of market revenues, on the back of increasing rooftop solar installation across apartments in Tier I cities including Mumbai, Pune, Hyderabad, Bengaluru, Ahmedabad, and New Delhi. Increasing subsidies from the government on rooftop solar installations would also generate a huge demand for solar inverters from the residential sector in years to come.” Alpana concluded.
According to Kajal Saraswat, Research Associate, 6Wresearch, “On the basis of the regions, Western India is anticipated to witness substantial growth in terms of market revenues over the years to come as the region is backed by large scale solar power utility projects such as 750MW Kadapa solar park project, and Tata Power will also develop a 120MW solar project in the Indian state of Gujarat. Further, the Northern region is anticipated to retain its dominant position in the overall India solar inverter market revenues during the forecast period, owing to the development of solar power projects such as Bhadla solar park, Pokran-Phalodi solar park, 750 MW Rajasthan projects, 150 MW grid-connected floating solar PV plants and Mansa solar power plant, the CPSU scheme’s tranche-I of 2 GW and tranche-II of 1,500 MW in the states of Rajasthan, Uttar Pradesh and Punjab.”
Some of the major companies in India solar inverter market include Huawei, TMEIC, Sungrow, Fimer, TBEA, Hitachi and Delta.
"India Solar Inverter Market(2020-2026)" report provides an in-depth analysis with 29 figures and 8 tables covered in 104 pages. The report estimates and forecast the overall India solar inverter market by type, system type, applications, power rating and regions. The report provides an unbiased and detailed analysis of the India solar inverter market on-going trends, outlook, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.