According to a Future Market Insights (FMI) report, it is expected that size of the India residential solar inverter market would increase with annual growth of 7.9% by 2023, anticipated to be valued at over USD 148.2 Million.
By 2033, the market is projected to reach a valuation of USD 330.2 Million. It is set to develop significantly between 2023 and 2033, with a CAGR of 8.3%. In 2022, the market had a value of USD 137.3 Million.
National and state governments have been offering subsidies for those who choose solar power as part of the push toward renewable energies. These include cash awards and allowances that can be applied to consumers’ electricity bills.
Along with subsidies, the India market has seen a rise in demand for power bill cost savings. This is another key factor anticipated to expand the market for solar products, ultimately leading to an exponential rise in the need for solar inverters across the nation.
Several people have shifted to renewable energy options as technology has advanced at an accelerating rate. India market for solar energy systems has expanded significantly in recent years.
Due to a number of factors, the market has also seen a notable price drop in solar inverters. On-grid solar power systems help consumers lower their monthly electricity bills, as well as their long-term operating costs and maintenance expenses.
Most of the Indian clients choose medium-capacity solar inverters with a 6 kW maximum output. They are doing this in an effort to equip their homes with high-performance and energy-efficient items.
On average, homes in the country use less than 100 energy units each month. Solar energy systems with inverters around 6 kW are adequate for single-family homes as they often only require a small quantity of electricity.
Future Market Insights (FMI) projects that West India would account for a sizable portion of the market. On the other hand, South and North India are predicted to produce futuristic opportunities with strong growth rates. According to projections, West India will produce around 7/10ths of the market value for household solar inverters in India.
Key Takeaways from India Residential Solar Inverter Market Study:
- Demand for residential solar inverters in India witnessed moderate growth at a CAGR of about 0% between 2018 and 2022.
- West India is projected to contribute to about 3/5th of the total market value share by 2033.
- By product type, the on-grid inverter segment is expected to create an absolute dollar opportunity of US$ 135.7 Million between 2023 and 2033.
- In terms of capacity, the 2 to 5 kW and 5 to 7 kW segments are set to generate more than 85% of the India market share in 2033.
- Based on phase, single phase solar inverters are predicted to contribute to about 87% of the India residential solar inverter industry share by 2033.
Competitive Landscape: India Residential Solar Inverter Market
Leading players are competing on price to attract customers who are looking for affordable solar solutions. This includes offering discounts, promotions, and financing options. Price competitiveness can also be an effective strategy for reaching new customers and increasing sales volume.
A few local firms are investing in customer service and support to provide a high-quality experience for customers. This includes providing technical support, training, and installation assistance. Good customer service can help them to build loyalty and lead to positive word-of-mouth referrals, which can drive future sales.
For instance,
- In March 2021, Fuji Electric India declared that it is planning to unveil two new segments, namely, solar inverters to operate large projects and uninterrupted power supply systems for data centers. Both these products are expected to be manufactured at the company’s factory located in Pune, Maharashtra.
Key Companies Profiled in the India Residential Solar Inverter Industry Report:
- Lento Industries Pvt. Ltd
- Delta Electronics Inc.
- Sungrow Power Supply Co. Ltd.
- Luminous Power Technologies Private Limited
- Kehua Data Co., Ltd.
- Sineng Electric Co. Ltd.
- Polycab India Ltd
- Ginlong Technologies Co., Ltd.
- Hitachi Hi-Rel Power Electronics Private Limited
- GOODWE
- SMA Solar Technology AG
- Huawei Technologies Co., Ltd.
- Others
India Residential Solar Inverter Industry Segmentation Analysis:
By Product Type:
- On Grid
- Off-grid
- Hybrid
By Capacity:
- Up to 2 kW
- 2 to 5 kW
- 5 to 7 kW
- 7 to 10 kW
By Phase:
- Single-Phase
- Multi-phase
By Region:
- North India
- West India
- South India
- East India
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