Photovoltaic (PV) inverter performs the conversion of the variable DC output of the PV module into a clean sinusoidal 50 or 60 Hz AC current that is then applied directly to the commercial electrical grid or to a local, off-grid electrical network. The PV inverter is the cornerstone for PV system design and installation. The PV inverter has a relatively small amount of installed system costs, but this may be the most important decision in the design of a PV system. This report is about the market size of the PV inverters in India and how is it going to help the economy of the country by providing back up of the power whenever needed. This report reveals how government is supporting the PV inverter market by providing subsidies and releasing state wise subsidies to achieve the grid parity in India. The report also reveals the trend in this industry is shifting to smart inverters and solar hybrid inverter in Indian power inverter market. The PV Inverter market in India was expected to grow with a CAGR of more than 13% from the year of 2022-23 to 2027-28. The manufacturing ecosystem for these products is quite mature while technological requirements of PV Inverter manufacturing are greater than the manufacturing and design capabilities present in India currently. Some of the major players in the PV inverters market are SMA Solar, Bonfiglioli, and Power One. Steady demand from the home and SOHO segments and the increasing government support towards renewable energy is expected to buttress the growth of the inverter market. The unorganized segment had a large share of the PV inverter market till 2012, though its share has been declining lately due to enhanced consumer awareness.
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According to “India PV Inverter Market Outlook, 2027-28”, the market for PV inverters in India is expected to grow with a continuously increasing CAGR of more than 13% from 2022-23 to 2027-28. String Inverters are the major market share acquirers of the inverter market. Micro-inverters are also forecasted to increase its share technology wise. Residential segment is the new target of the inverter industry. The unorganized sector which was leading the market till 2012 is forecasted to shrink in the coming years. New entrants are also increasing and their revenue share is expected to grow over the forecasted period, owing to their expansion plans and widening of dealership networks. Increasing environmental awareness, 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. 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. 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. Micro inverter technologies are becoming increasingly popular as a choice of grid connection for small-scale photovoltaic systems are required to harvest direct current (DC) electrical energy from PV modules and convert it to alternating Current (AC). Micro inverter consists of many hardware components such as fly back converter, switches, filter and other electronics components. In any PV (Photovoltaic) system, multiple solar modules are connected in series and parallel to provide voltage output. Combinations of these panels are then connected to a single centralized inverter to yield certain power modules. As each inverter is independently located below a solar panel, a communication bus and a common monitoring system is required as there is on board display system like in string inverters. Hence, the complicated design structure of micro inverter is imposing a challenge for the market to grow.
COVID-19 created a major impact on the micro inverter market as almost every country opted for the shutdown of every production facility except the ones dealing in producing the essential goods. The production of micro inverter system got hampered during lockdown. In post lockdown scenario, the growth of India micro inverter market is attributed to the increasing adoption of solar PV systems and technologies across all regions and countries. India's increasing renewable energy demand is major factor that contribute to the growth of the India micro inverter market. Manufacturers & solution providers are making various strategic decisions to bounce back post-COVID-19. The players are conducting multiple research and development activities to improve the technology involved in the micro inverter. With this, the companies will bring advanced technologies to the market. In addition, government initiatives related to smart energy system has led to the market's growth “India PV Inverter Market Outlook, 2027-28” discusses the following aspects of PV inverters in India: Key Segment • India PV Inverter Market Outlook “India PV inverter Market Outlook, 2027-28” examines the following aspects of PV inverter in India: The report gives an in-depth understanding of Photo voltaic Inverter market in India: - India PV Inverter Market Outlook - Market Size, Share & Forecast, By Company, By Region, By End User Segment, By Technology, By Organized vs Unorganized market. - Pricing Analysis - Organized V/s Unorganized Market - Policy & Regulatory Landscape - Changing Market Trends & Emerging Opportunities - Competitive Landscape & Strategic Recommendations
This report can be useful to Industry consultants, manufacturers and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. Report Methodology The information contained in this report is based upon both primary and secondary research. Primary research included interviews with various channel partners of Photo voltaic inverter in India. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.