India's Residential Solar Inverter Market Dynamics and Projections 2023 to 2033
The India residential solar inverter market size is anticipated to expand with a year-on-year growth of 7.9% in 2023. It is projected to reach a valuation of about US$ 148.2 million by 2023.
By 2033, the market is expected to be worth US$ 330.2 million. It is expected to grow significantly between 2023 and 2033, at an 8.3% CAGR. The market was worth US$ 137.3 million in 2022.
As part of the push toward renewable energies, both the federal and state governments have been providing subsidies for those who choose solar power. These consist of grants and cash awards that can be used to lower consumers’ electricity bills.
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In addition to subsidies, there has been an increase in power demand in India. Several people have shifted to renewable energy options as technology has advanced at an accelerating rate. India’s 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 of 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 2.0% 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 market 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:
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
Find More Valuable Insights into India Residential Solar Inverter Market
The research report analyzes the demand for residential solar inverters in India. The India residential solar inverter market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background. As per Future Market Insights (FMI), the market has been analyzed based on product type (on grid, off-grid, hybrid), capacity (up to 2 kW, 2 to 5 kW, 5 to 7 kW, 7 to 10 kW), phase (single phase, multi-phase), and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply-side and demand factors.
Indian Residential Solar Inverter Market Outlook by Category
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
