DUBLIN--(BUSINESS WIRE)--The "India Solar Inverter Market (2020-2026): Market Forecast by Types, by System Type, by Applications, by Power Rating, by Regions, and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
The India Solar Inverter Market size is projected to grow at a CAGR of 14.4% during 2020-2026F.
The Indian solar inverter market grew at a considerable rate during the period 2016-2019 as a result of several government efforts to improve the share of solar power in the country's energy generation mix such as the National Solar Mission by the Government of India targeting 100 GW solar energy by the year 2022.
Rising consumer awareness, the growing participation of residential and commercial segments towards solar system installations, supportive government policies & solar schemes, and increasing private sector involvement are the other major factors contributing to the growth of the solar inverter market in India.
However, the ongoing pandemic COVID-19 slowed down the growth rate of market revenues during the year 2020 as a result of a decline in market demand in the lockdown phase across the country. Moreover, with the gradual opening of the economy and removal of lockdown measures, the market began to show signs of improvement during the second half of the year and is anticipated to return to a normal growth trajectory in the upcoming years.
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.
Moreover, among system types, on-grid systems dominated the market in 2019 owing to huge adoption across different applications, whereas, off-grid systems are majorly limited to rural electrification applications only however, growth is expected in coming years.
The India solar inverter market report comprehensively covers the market by type, system type, power rating, application and region. The India solar inverter market outlook report provides an unbiased and detailed analysis of the India solar inverter market trends, 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.
Key Highlights of the Report
- India Solar Inverter Market Overview
- India Solar Inverter Market Outlook
- India Solar Inverter Market Forecast
- India Solar Inverter Market Share, By Regions
- India Solar Inverter Market Size and India Solar Inverter Market Forecast, for the Period 2016-2026F
- Historical data of India Solar Inverter Market Revenues, By Types for the Period 2016-2019
- Market Size & Forecast data of India Solar Inverter Market Revenues, By Types until 2026F
- Historical data of India Solar Inverter Market Revenues, By System Types for the Period 2016-2019
- Market Size & Forecast data of India Solar Inverter Market Revenues, By System Types until 2026F
- Historical data of India Solar Inverter Market Revenues, By Applications for the Period 2016-2019
- Market Size and Forecast data of India Solar Inverter Market Revenues, By Applications until 2026F
- Historical data of India Solar Inverter Market Revenues, By Power Rating for the Period 2016-2019
- Market Size and Forecast data of India Solar Inverter Market Revenues, By Power Rating until 2026F
- Historical data of India Solar Inverter Market Revenues, By Region for the Period 2016-2019
- Market Size and Forecast data of India Solar Inverter Market Revenues, By Region until 2026F
- India Solar Inverter Market Drivers and Restraints
- India Solar Inverter Market Trends
- Industry Life Cycle
- Porter's Five Force Analysis
- Market Opportunity Assessment
- India Solar Inverter Market Share, By Companies
- India Solar Inverter Market Overview, By Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
India solar inverter market report provides a detailed analysis of the following market segments:
By System Type
- Power Utility
By Power Rating
- Below 10 kW
- 10-100 kW
- 1-1 MW
- Above 1 MW
- Delta Electronics India Pvt. Ltd.
- FIMER Ltd.
- Hitachi Hi-Rel Power Electronics Power Ltd.
- Huawei Technology Co Ltd
- Kehua Technology Pvt Ltd.
- Medha Servo Drives Pvt. Ltd.
- Sineng Electric Co Ltd
- Sungrow Power Supply Co., Ltd
- TBEA Energy (India) Pvt. Ltd.
- Toshiba Mitsubishi-Electric Industrial Systems Corporation
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