Rising smart home market and power shortage concern in country has pull the demand of Power inverter market to support residential energy storage: Bonafide Research
Apr, 24
2018

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Rising smart home market and power shortage concern in country has pull the demand of Power inverter market to support residential energy storage: Bonafide Research

 

"In last few years, smart home market has gain colossal momentum in India. Increasing awareness of smart homes among users is key growth driver for smart home and power back up industry. The awareness is high in metros but slightly lower in non-metros. On other hands, Power shortage concerns in country have pulled the demand of power inverters in tier-II and tier III cities." India is the world’s third-largest producer of electricity, after China and the US. Even as demand grows some 10% a year, the country is on track to produce more power than it consumes. Still, power outages are a way of life for the average Indian. Many Indians have limited or no access to electricity. On other hand, increasing disposable income is the primary factor that has enables people to consider loT based devices to make their homes smart with complete power back up solution. According to recently published report of Bonafide Research "India Power Inverter Market Outlook, 2023" India power inverters market is expected to grow with a CAGR of more than 8.5 % from 2012-17. The extending procuring vitality of consumer and what's more openness of unassuming varieties has been a basic factor towards the advancement of power inverter exhibit in India. Initially, inverters were used tier-1 cities to control basic electronic kinds of apparatus, while the necessity of Indian customers has changed today. Inverters are at present used to give support vitality to work regions, ACs, and other family machines. Aside from residential, an enduring interest has been contributed by the industrial, commercial, and small enterprises. Furthermore, the India Power inverter advertises is divided with various chaotic players offering sub-standard items. The penetration of inverters in rural areas has mainly been facilitated by rising electrification initiatives of the government. Additionally, the rising standard of living of Indian consumers, growing awareness of smart homes has acted as a catalyst behind the increasing sales of inverters in India in semi-urban and rural parts of the nation. The market has witnessed huge demand of power inverters from north and south region. Power inverter market has an immense potential taking into consideration the power shortage in India, increasing demand from industries and unplanned power cuts. A shift towards better quality and reliable products at competitive prices will lead to technology innovations as well as the need to conserve energy will drive manufacturing companies to produces efficient products. Expansion of distribution and service network will supplement the growth of the market. Major companies operating in the power inverter market of India are Swelect Energy Systems Limited, Luminous Power Technologies Private Limited, Microtek International private limited, Su-Kam Power Systems Limited, Genus innovation Limited, Consul Neowatt Power solutions Private Limited, Tritronics India Private Limited, True power international Limited, Uniline Energy Systems Private Limited, Arise India Limited. Report: India Power inverter Market Outlook, 2023 Base Year: 2017 Estimated Year: 2018, Forecast Year: 2023 Pages: 111, Figures: 21, Tables: 19

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