The India residential solar inverter market is expected to grow at a year-on-year rate of 7.9% in 2023, reaching an estimated valuation of approximately USD 148.2 million. By 2033, the market is projected to surpass USD 330.2 million, experiencing substantial growth with a CAGR of 8.3% from 2023 to 2033. In 2022, the market was valued at USD 137.3 million.
Both national and state governments are promoting the adoption of solar power by offering incentives, including subsidies, cash rewards, and allowances to help offset electricity costs for consumers.
Beyond subsidies, there is a growing desire among consumers to reduce their power bills, which is expected to boost demand for solar products and significantly increase the need for solar inverters across the country.
With rapid advancements in technology, many individuals have shifted toward renewable energy options, leading to substantial growth in India’s solar energy market in recent years.
Several factors have contributed to the notable decline in solar inverter prices. On-grid solar power systems allow consumers to lower both their monthly electricity expenses and long-term operational and maintenance costs.
Most Indian consumers prefer medium-capacity solar inverters with a maximum output of 6 kW, aiming to equip their homes with high-performance, energy-efficient products.
Typically, Indian households consume fewer than 100 energy units per month, making 6 kW solar systems with inverters ideal for single-family homes due to their moderate electricity needs.
FMI anticipates that West India will hold a significant market share, while South and North India are expected to provide promising opportunities with strong growth rates. Projections indicate that West India will contribute approximately 70% of the market value for residential solar inverters in the country.
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 industry share by 2033.
Competitive Landscape: India Residential Solar Inverter Market
Key industry players are vying for cost-conscious customers by offering competitive pricing through discounts, promotions, and financing choices. Price competitiveness proves to be an effective tactic for expanding customer reach and boosting sales.
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 in the India Residential Solar Inverter Industry Report:
- 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
India 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
Report Preview: https://www.futuremarketinsights.com/reports/india-residential-solar-inverter-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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