Powering the Future: Exploring India’s Residential Solar Inverter Market Growth at 8.3% CAGR from 2023 to 2033,Future Market Insights.Inc

The India Residential Solar Inverter Market in is expected to grow at a 7.9% annual rate through 2023. It is expected to be worth more than US$ 148.2 million by 2023.

The market is expected to be worth US$ 330.2 million by 2033. 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 towards renewable energies, national and state governments have been offering subsidies to those who choose solar power. These include cash awards and allowances that can be applied to electricity bills for consumers.

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Along with subsidies, the India market has seen a rise in demand for power bill cost savings. This is another key factor anticipated to expand the market for solar products, ultimately leading to an exponential rise in the need for solar inverters across the nation.

Several people have shifted to renewable energy options as technology has advanced at an accelerating rate. India 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 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.

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“Significant investments and advances are occurring in the India electricity sector, particularly in the area of renewable energy sources such as solar and wind. It is anticipated that this will increase popularity of solar energy systems across businesses and create profitable new markets for solar inverter producers.” – Says a lead analyst.

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.

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.

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