Solar inverters are based on the concept of converting variable direct current of photovoltaic (PV) to alternating current. It is the most important element for generating solar electric power for the purpose of the utilization. Solar inverters also known as photovoltaic solar inverters and are proven to be very cost effective. It includes solar panel and the battery which are placed at the rooftops so that they are directly faced in the sunlight and then further converts sunlight into the electricity.
India being among the 194 countries in the Paris Agreement in United Nations Framework Convention on Climate Change, so that 40% of the electricity production will be contributed from renewable energy source till 2030. Also, the government initiatives like smart cities project and increasing investment more for clean and free energy sources being the major factor driving the growth of the solar inverter market in India. Moreover, rise in the awareness for utilizing solar based system including residential, industrial and commercial consumer base paving a way for the market growth of the solar inverters in the Indian region. In addition, low cost associated with the solar power projects are also propelling the market growth of the solar inverters in the region. On the other hand, the higher cost of the solar inverters is the major factor restraining the market growth of the solar inverter in the region. Also, the limitations for the consistent power supply in India even in the tire I or tire II cities also encouraging the growth of the solar inverters in the region.
Various notable players in the market includes 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 etc
The Solar Inverter Market in India has been segmented on the basis of type, applications, system types, end user, power rating – opportunity and forecast 2019 – 2026. Based on type, the market comprises of Central Inverter, String Inverter and Micro Inverter. System Types segment categorised into Off Grid and On Grid. Based on End Users segment market comprises of Commercial, Utility and Residential. Based on the Power Rating the market comprises of below 10 KW, 10kW-100 KW, 100.1 KW – 1 MW and Above 1 MW. The research report “Solar Inverter Market in India” provides in-depth analysis of Solar Inverter Market in India based on type, system types, power ratings and major geographies for the forecast period from 2019 to 2026. The report also highlights the major market drivers propelling the growth as well as challenges faced by market participants. The research report provides market size and forecast for the Solar Inverter Market in India. In addition, the report also analyses the competitive landscape, majorplayers and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
Key questions answered in this research report:
1- At what pace is Solar Inverter Market in India growing? What will be growth trend in future?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Solar Inverter Market in India?
4- What are the various application areas and how they are poised to grow?
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