Market Size of India Solar Inverter Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 8.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
India Solar Inverter Market Analysis
India's solar inverter market is expected to register a CAGR of more than 8 % during the forecast period. Covid-19 was first detected in India in early 2020; the country was under strict lockdown, drastically impacting the solar inverter market. The market witnessed a decline due to the lockdown, delays in manufacturing inverters, and supply chain disruption. However, supportive government policies and initiatives for the electrification of remote areas using solar energy are likely to propel the demand for solar PV inverters in the forecast period. The high cost and difficulty in usage are anticipated to restrain the solar inverters market during the forecast period.
- Central Inverters have dominated the market in the past. They are expected to grow during the forecast period as these inverters have a low per kilowatt cost and easier installation.
- Solar PV inverter manufacturers strive for continuous technological developments, including optimized product opera ions, flexibility, and efficiency. This factor is expected to create immense opportunities for the solar PV inverter market in the near future.
- The increased investment in solar energy projects from private companies is likely to boost the demand for solar inverters in India during the forecast period.
