India Micro Inverter Market - Industry Trends and Forecast to 2029

Description

List of Tables

India micro inverter market is projected to register a CAGR of 16.1% in the forecast period of 2022 to 2029.The new market report contains data for historic year 2020, the base year of calculation is 2021 and the forecast period is 2022 to 2029.

Market Segmentation:

India Micro Inverter Market, By Connection Type (Stand-Alone and Grid-Tied), Utility (Rapid Shutdown, Panel-Level Monitoring, System Expansion Ease, Multiple Angel Installation, Higher Durability and Others), Type (Single Phase and Three Phase), Offering (Hardware, Software and Services), Communication Technology (Wired and Wireless), Power Rating (Below 250 W, Between 251 W & 500 W, Above 500 W and Others), Sales Channel (Direct and Indirect), Industry (Residential, Commercial and PV Power Plants) Industry Trends And Forecast To 2029

Some of the major factors contributing to the growth of the market are:

Increasing adoption of solar panels across the industry

Rising investment in renewable sources in the organizations

Market Players

Some of the major players operating in the micro inverter market are:

Infineon Technologies AG

Fchoice Solar Tech India Pvt Ltd

Nordic (India) Solutions Pvt. Ltd

SunSights Solar

U R Energy

Enphase Energy

360 Power Products

gracerenew.com

Sun Sine Solution Private Limited

Texas Instruments Incorporated

SuratExim

Waaree Energies Ltd.

SMA Solar Technology AG

P2 Power Solutions Pvt. Ltd

1 INTRODUCTION 13

1.1 OBJECTIVES OF THE STUDY 13
1.2 MARKET DEFINITION 13
1.3 OVERVIEW OF INDIA MICRO INVERTER MARKET 13
1.4 CURRENCY AND PRICING 15
1.5 LIMITATIONS 15
1.6 MARKETS COVERED 15

2 MARKET SEGMENTATION 21

2.1 MARKETS COVERED 21
2.2 GEOGRAPHICAL SCOPE 22
2.3 YEARS CONSIDERED FOR THE STUDY 22
2.4 DBMR TRIPOD DATA VALIDATION MODEL 23
2.5 PRIMARY INTERVIEWS WITH KEY OPINION LEADERS 26
2.6 DBMR MARKET POSITION GRID 27
2.7 MULTIVARIATE MODELING 29
2.8 CONNECTION TYPE TIMELINE CURVE 29
2.9 MARKET CHALLENGE MATRIX 30
2.10 SECONDARY SOURCES 31
2.11 ASSUMPTIONS 31

3 EXECUTIVE SUMMARY 32

4 PREMIUM INSIGHTS 35

4.1 VALUE CHAIN ANALYSIS 36
4.2 ECOSYSTEM 36
4.3 TECHNOLOGY ANALYSIS 37
4.4 PRICING ANALYSIS 37
4.5 REGULATIONS 38
4.6 CASE STUDY 40
- 4.6.1 ENPHASE INSTALLED 7X M250 MICRO INVERTERS AND 1X ENVOY-R FOR RESIDENTIAL END USERS AS ENVIRONMENTALLY FRIENDLY SOLAR INVESTMENT 40
- 4.6.2 ENPHASE INSTALLED M215 MICRO INVERTERS FOR FAT WEST MEATS (US) COMMERCIAL PROJECT, PROVING THEM BETTER THAN DC OPTIMIZERS 40

5 MARKET OVERVIEW 42

5.1 DRIVERS 44
- 5.1.1 RISE IN DEMAND FOR RENEWABLE ENERGY ACROSS THE SECTOR 44
- 5.1.2 INCREASE IN INSTALLATIONS OF SOLAR PRODUCTS SUCH AS SOLAR PANELS ACROSS THE COUNTRY 44
- 5.1.3 TECHNICAL ADVANTAGES OF MICRO INVERTERS OVER CONVENTIONAL SOLAR INVERTERS 45
5.2 RESTRAINTS 46
- 5.2.1 HIGHER INSTALLATION AND MAINTENANCE COSTS OF MICRO-INVERTERS 46
- 5.2.2 HIGHER DEPENDENCE ON CONVENTIONAL SOURCES OF ENERGY FOR ELECTRICITY GENERATION 46
5.3 OPPORTUNITIES 47
- 5.3.1 INCREASE IN ACQUISITION AND PARTNERSHIP AMONG VARIOUS ORGANIZATIONS 47
- 5.3.2 THE INTEGRATED STRUCTURE OF MICRO INVERTER IS PROVING OPPORTUNITIES FOR MANY MARKET PLAYERS 47
- 5.3.3 GROWING GOVERNMENT INITIATIVES FOR USING ALTERNATIVES SOURCE OF ENERGY 47
5.4 CHALLENGES 48
- 5.4.1 RISING ADOPTION OF DC OPTIMIZERS ACROSS THE MARKET 48
- 5.4.2 COMPLICATED DESIGN STRUCTURE OF MICRO INVERTER 48

6 ANALYSIS OF IMPACT OF COVID 19 ON THE MARKET 49

6.1 AFTERMATH OF COVID-19 AND GOVERNMENT INITIATIVE TO BOOST MARKET GROWTH 49
6.2 STRATEGIC DECISIONS FOR MANUFACTURERS AFTER COVID-19 TO GAIN COMPETITIVE MARKET SHARE 50
6.3 IMPACT ON DEMAND, SUPPLY, AND PRICE 50
6.4 CONCLUSION 50

7 INDIA MICRO INVERTER MARKET, BY CONNECTION TYPE 51

7.1 OVERVIEW 52
7.2 GRID-TIED 54
- 7.2.1 SINGLE INPUT SINGLE OUTPUT (SISO)PLATFORM 54
- 7.2.2 MULTI INPUT SINGLE OUTPUT (MISO) PLATFORM 54
7.3 STAND-ALONE 55
- 7.3.1 PURE SINE WAVE 55
- 7.3.2 SQUARE WAVE 55
- 7.3.3 MODIFIED SINE WAVE 55

8 INDIA MICRO INVERTER MARKET, BY UTILITY 56

8.1 OVERVIEW 57
8.2 RAPID SHUTDOWN 58
8.3 PANEL-LEVEL MONITORING 58
8.4 SYSTEM EXPANSION EASE 58
8.5 MULTIPLE ANGEL INSTALLATION 59
8.6 HIGHER DURABILITY 59
8.7 OTHERS 59

9 INDIA MICRO INVERTER MARKET, BY TYPE 60

9.1 OVERVIEW 61
9.2 SINGLE PHASE 62
9.3 THREE PHASE 62

10 INDIA MICRO INVERTER MARKET, BY OFFERING 63

10.1 OVERVIEW 64
10.2 HARDWARE 65
10.3 SERVICES 65
10.4 SOFTWARE 65

11 INDIA MICRO INVERTER MARKET, BY COMMUNICATION TECHNOLOGY 66

11.1 OVERVIEW 67
11.2 WIRED 68
11.3 WIRELESS 68

12 INDIA MICRO INVERTER MARKET, BY POWER RATING 69

12.1 OVERVIEW 70
12.2 BETWEEN 251 & 500 W 71
12.3 BELOW 250 W 71
12.4 ABOVE 500 W 71

13 INDIA MICRO INVERTER MARKET, BY SALES CHANNEL 72

13.1 OVERVIEW 73
13.2 INDIRECT CHANNEL 74
13.3 DIRECT CHANNEL 74

14 INDIA MICRO INVERTER MARKET, BY INDUSTRY 75

14.1 OVERVIEW 76
14.2 RESIDENTIAL 77
- 14.2.1 INDIVIDUAL HOMES 78
  - 14.2.1.1 RAPID SHUTDOWN 78
  - 14.2.1.2 PANEL-LEVEL MONITORING 78
  - 14.2.1.3 SYSTEM EXPANSION EASE 78
  - 14.2.1.4 MULTIPLE ANGEL INSTALLATION 78
  - 14.2.1.5 HIGHER DURABILITY 78
  - 14.2.1.6 OTHERS 78
- 14.2.2 APARTMENTS 79
  - 14.2.2.1 RAPID SHUTDOWN 79
  - 14.2.2.2 PANEL-LEVEL MONITORING 79
  - 14.2.2.3 SYSTEM EXPANSION EASE 79
  - 14.2.2.4 MULTIPLE ANGEL INSTALLATION 79
  - 14.2.2.5 HIGHER DURABILITY 79
  - 14.2.2.6 OTHERS 79
- 14.2.3 SOCIETIES 80
  - 14.2.3.1 RAPID SHUTDOWN 80
  - 14.2.3.2 PANEL-LEVEL MONITORING 80
  - 14.2.3.3 SYSTEM EXPANSION EASE 80
  - 14.2.3.4 MULTIPLE ANGEL INSTALLATION 80
  - 14.2.3.5 HIGHER DURABILITY 80
  - 14.2.3.6 OTHERS 80
14.3 COMMERCIAL 81
- 14.3.1 RETAIL 82
  - 14.3.1.1 RAPID SHUTDOWN 82
  - 14.3.1.2 PANEL-LEVEL MONITORING 82
  - 14.3.1.3 SYSTEM EXPANSION EASE 82
  - 14.3.1.4 MULTIPLE ANGEL INSTALLATION 82
  - 14.3.1.5 HIGHER DURABILITY 82
  - 14.3.1.6 OTHERS 82
- 14.3.2 HOTELS & RESTAURANTS 83
  - 14.3.2.1 RAPID SHUTDOWN 83
  - 14.3.2.2 PANEL-LEVEL MONITORING 83
  - 14.3.2.3 SYSTEM EXPANSION EASE 83
  - 14.3.2.4 MULTIPLE ANGEL INSTALLATION 83
  - 14.3.2.5 HIGHER DURABILITY 83
  - 14.3.2.6 OTHERS 83

14.3.3 EDUCATIONAL INSTITUTIONS 84
- 14.3.3.1 RAPID SHUTDOWN 84
- 14.3.3.2 PANEL-LEVEL MONITORING 84
- 14.3.3.3 SYSTEM EXPANSION EASE 84
- 14.3.3.4 MULTIPLE ANGEL INSTALLATION 84
- 14.3.3.5 HIGHER DURABILITY 84
- 14.3.3.6 OTHERS 85
14.3.4 GOVERNMENT INSTITUTIONS 85
- 14.3.4.1 RAPID SHUTDOWN 85
- 14.3.4.2 PANEL-LEVEL MONITORING 85
- 14.3.4.3 SYSTEM EXPANSION EASE 85
- 14.3.4.4 MULTIPLE ANGEL INSTALLATION 85
- 14.3.4.5 HIGHER DURABILITY 85
- 14.3.4.6 OTHERS 86
14.3.5 HOSPITALS 86
- 14.3.5.1 RAPID SHUTDOWN 86
- 14.3.5.2 PANEL-LEVEL MONITORING 86
- 14.3.5.3 SYSTEM EXPANSION EASE 86
- 14.3.5.4 MULTIPLE ANGEL INSTALLATION 86
- 14.3.5.5 HIGHER DURABILITY 86
- 14.3.5.6 OTHERS 87
14.3.6 AGRICULTURE 87
- 14.3.6.1 RAPID SHUTDOWN 87
- 14.3.6.2 PANEL-LEVEL MONITORING 87
- 14.3.6.3 SYSTEM EXPANSION EASE 87
- 14.3.6.4 MULTIPLE ANGEL INSTALLATION 87
- 14.3.6.5 HIGHER DURABILITY 87
- 14.3.6.6 OTHERS 88

14.4 PV POWER PLANTS 88
- 14.4.1 ON-GRID 89
  - 14.4.1.1 RAPID SHUTDOWN 89
  - 14.4.1.2 PANEL-LEVEL MONITORING 89
  - 14.4.1.3 SYSTEM EXPANSION EASE 89
  - 14.4.1.4 MULTIPLE ANGEL INSTALLATION 89
  - 14.4.1.5 HIGHER DURABILITY 89
  - 14.4.1.6 OTHERS 89

14.4.2 OFF-GRID 90
- 14.4.2.1 RAPID SHUTDOWN 90
- 14.4.2.2 PANEL-LEVEL MONITORING 90
- 14.4.2.3 SYSTEM EXPANSION EASE 90
- 14.4.2.4 MULTIPLE ANGEL INSTALLATION 90
- 14.4.2.5 HIGHER DURABILITY 90
- 14.4.2.6 OTHERS 91
14.4.3 HYBRID 91
- 14.4.3.1 RAPID SHUTDOWN 91
- 14.4.3.2 PANEL-LEVEL MONITORING 91
- 14.4.3.3 SYSTEM EXPANSION EASE 91
- 14.4.3.4 MULTIPLE ANGEL INSTALLATION 91
- 14.4.3.5 HIGHER DURABILITY 91
- 14.4.3.6 OTHERS 91

15 INDIA MICRO INVERTER MARKET, COMPANY LANDSCAPE 93

15.1 COMPANY SHARE ANALYSIS: INDIA 93

16 SWOT ANALYSIS 94

17 COMPANY PROFILE 95

17.1 ENPHASE ENERGY 95
- 17.1.1 COMPANY SNAPSHOT 95
- 17.1.2 REVENUE ANALYSIS 95
- 17.1.3 PRODUCT PORTFOLIO 96
- 17.1.4 RECENT DEVELOPMENTS 96
17.2 WAAREE ENERGIES LTD. 97
- 17.2.1 COMPANY SNAPSHOT 97
- 17.2.2 PRODUCT PORTFOLIO 97
- 17.2.3 RECENT DEVELOPMENTS 97
17.3 FCHOICE SOLAR TECH INDIA PVT LTD 98
- 17.3.1 COMPANY SNAPSHOT 98
- 17.3.2 PRODUCT PORTFOLIO 98
- 17.3.3 RECENT DEVELOPMENT 98
17.4 P2 POWER SOLUTIONS PVT. LTD. 99
- 17.4.1 COMPANY SNAPSHOT 99
- 17.4.2 SERVICE PORTFOLIO 99
- 17.4.3 RECENT DEVELOPMENT 99

17.5 SUN SINE SOLUTION PRIVATE LIMITED 100
- 17.5.1 COMPANY SNAPSHOT 100
- 17.5.2 PRODUCT PORTFOLIO 100
- 17.5.3 RECENT DEVELOPMENT 100
17.6 GRACERENEW.COM 101
- 17.6.1 COMPANY SNAPSHOT 101
- 17.6.2 PRODUCT PORTFOLIO 101
- 17.6.3 RECENT DEVELOPMENTS 101
17.7 INFINEON TECHNOLOGIES AG 102
- 17.7.1 COMPANY SNAPSHOT 102
- 17.7.2 REVENUE ANALYSIS 102
- 17.7.3 SOLUTION PORTFOLIO 103
- 17.7.4 RECENT DEVELOPMENT 103
17.8 NORDIC (INDIA) SOLUTIONS PVT. LTD 104
- 17.8.1 COMPANY SNAPSHOT 104
- 17.8.2 PRODUCT PORTFOLIO 104
- 17.8.3 RECENT DEVELOPMENT 104
17.9 360 POWER PRODUCTS 105
- 17.9.1 COMPANY SNAPSHOT 105
- 17.9.2 PRODUCT PORTFOLIO 105
- 17.9.3 RECENT DEVELOPMENT 105
17.10 SURATEXIM 106
- 17.10.1 COMPANY SNAPSHOT 106
- 17.10.2 PRODUCT PORTFOLIO 106
- 17.10.3 RECENT DEVELOPMENT 106
17.11 SMA SOLAR TECHNOLOGY AG 107
- 17.11.1 COMPANY SNAPSHOT 107
- 17.11.2 REVENUE ANALYSIS 107
- 17.11.3 PRODUCT PORTFOLIO 108
- 17.11.4 RECENT DEVELOPMENT 108
17.12 SUNSIGHTS SOLAR 109
- 17.12.1 COMPANY SNAPSHOT 109
- 17.12.2 PRODUCT PORTFOLIO 109
- 17.12.3 RECENT DEVELOPMENT 109
17.13 TEXAS INSTRUMENTS INCORPORATED 110
- 17.13.1 COMPANY SNAPSHOT 110
- 17.13.2 REVENUE ANALYSIS 110
- 17.13.3 SOLUTION PORTFOLIO 111
- 17.13.4 RECENT DEVELOPMENT 111

17.14 U R ENERGY 112
- 17.14.1 COMPANY SNAPSHOT 112
- 17.14.2 PRODUCT PORTFOLIO 112
- 17.14.3 RECENT DEVELOPMENT 112

18 QUESTIONNAIRE 113

19 RELATED REPORTS 117

LIST OF TABLES

TABLE 1 PRICE RANGE OF SOME MICRO INVERTERS BY COMPANIES IN INDIA: 38
TABLE 2 INDIA MICRO INVERTER MARKET, BY CONNECTION TYPE, 2020-2029 (USD THOUSAND) 53
TABLE 3 INDIA MICRO INVERTER MARKET, BY CONNECTION TYPE, 2020-2029 (THOUSAND UNITS) 53
TABLE 4 INDIA GRID-TIED IN MICRO INVERTER MARKET, BY PLATFORM, 2020-2029 (USD THOUSAND) 54
TABLE 5 INDIA STAND-ALONE IN MICRO INVERTER MARKET, BY POWER OUTPUT TYPE, 2020-2029 (USD THOUSAND) 55
TABLE 6 INDIA MICRO INVERTER MARKET, BY UTILITY, 2020-2029 (USD THOUSAND) 58
TABLE 7 INDIA MICRO INVERTER MARKET, BY TYPE, 2020-2029 (USD THOUSAND) 62
TABLE 8 INDIA MICRO INVERTER MARKET, BY OFFERING, 2020-2029 (USD THOUSAND) 65
TABLE 9 INDIA MICRO INVERTER MARKET, BY COMMUNICATION TECHNOLOGY, 2020-2029 (USD THOUSAND) 68
TABLE 10 INDIA MICRO INVERTER MARKET, BY POWER RATING, 2020-2029 (USD THOUSAND) 71
TABLE 11 INDIA MICRO INVERTER MARKET, BY SALES CHANNEL, 2020-2029 (USD THOUSAND) 74
TABLE 12 INDIA MICRO INVERTER MARKET, BY INDUSTRY, 2020-2029 (USD THOUSAND) 77
TABLE 13 INDIA RESIDENTIAL IN MICRO INVERTER MARKET, BY TYPE, 2020-2029 (USD THOUSAND) 77
TABLE 14 INDIA INDIVIDUAL HOMES IN MICRO INVERTER MARKET, BY UTILITY, 2020-2029 (USD THOUSAND) 78
TABLE 15 INDIA APARTMENTS IN MICRO INVERTER MARKET, BY UTILITY, 2020-2029 (USD THOUSAND) 79
TABLE 16 INDIA SOCIETIES IN MICRO INVERTER MARKET, BY UTILITY, 2020-2029 (USD THOUSAND) 80
TABLE 17 INDIA COMMERCIAL IN MICRO INVERTER MARKET, BY TYPE, 2020-2029 (USD THOUSAND) 81
TABLE 18 INDIA RETAIL IN MICRO INVERTER MARKET, BY UTILITY, 2020-2029 (USD THOUSAND) 82
TABLE 19 INDIA HOTELS & RESTAURANTS IN MICRO INVERTER MARKET, BY UTILITY, 2020-2029 (USD THOUSAND) 83
TABLE 20 INDIA EDUCATIONAL INSTITUTIONS IN MICRO INVERTER MARKET, BY UTILITY, 2020-2029 (USD THOUSAND) 84
TABLE 21 INDIA GOVERNMENT INSTITUTIONS IN MICRO INVERTER MARKET, BY UTILITY, 2020-2029 (USD THOUSAND) 85
TABLE 22 INDIA HOSPITALS IN MICRO INVERTER MARKET, BY UTILITY, 2020-2029 (USD THOUSAND) 86
TABLE 23 INDIA AGRICULTURE IN MICRO INVERTER MARKET, BY UTILITY, 2020-2029 (USD THOUSAND) 87
TABLE 24 INDIA PV POWER PLANTS IN MICRO INVERTER MARKET, BY TYPE, 2020-2029 (USD THOUSAND) 88
TABLE 25 INDIA ON-GRID IN MICRO INVERTER MARKET, BY UTILITY, 2020-2029 (USD THOUSAND) 89
TABLE 26 INDIA OFF-GRID IN MICRO INVERTER MARKET, BY UTILITY, 2020-2029 (USD THOUSAND) 90
TABLE 27 INDIA HYBRID IN MICRO INVERTER MARKET, BY UTILITY, 2020-2029 (USD THOUSAND) 91

LIST OF FIGURES

FIGURE 1 INDIA MICRO INVERTER MARKET: SEGMENTATION 21
FIGURE 2 INDIA MICRO INVERTER MARKET: DATA TRIANGULATION 23
FIGURE 3 INDIA MICRO INVERTER MARKET: DROC ANALYSIS 24
FIGURE 4 INDIA MICRO INVERTER MARKET: REGIONAL VS COUNTRY MARKET ANALYSIS 25
FIGURE 5 INDIA MICRO INVERTER MARKET: COMPANY RESEARCH ANALYSIS 25
FIGURE 6 INDIA MICRO INVERTER MARKET: INTERVIEW DEMOGRAPHICS 26
FIGURE 7 INDIA MICRO INVERTER MARKET: DBMR MARKET POSITION GRID 27
FIGURE 8 INDIA MICRO INVERTER MARKET: SEGMENTATION 34
FIGURE 9 RISE IN DEMAND OF RENEWABLE ENERGY ACROSS THE SECTOR IS EXPECTED TO DRIVE THE INDIA MICRO INVERTER MARKETIN THE FORECAST PERIOD OF 2022 TO 2029 35
FIGURE 10 GRID-TIED SEGMENT IS EXPECTED TO ACCOUNT FOR THE LARGEST SHARE OF INDIA MICRO INVERTER MARKETIN 2022 & 2029 35
FIGURE 11 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES OF INDIA MICRO INVERTER MARKET 43
FIGURE 12 GLOBAL CUMULATIVE PV INSTALLATION, BY REGION (2020) 45
FIGURE 13 INDIA MICRO INVERTER MARKET: BY CONNECTION TYPE, 2021 52
FIGURE 14 INDIA MICRO INVERTER MARKET: BY UTILITY, 2021 57
FIGURE 15 INDIA MICRO INVERTER MARKET: BY TYPE, 2021 61
FIGURE 16 INDIA MICRO INVERTER MARKET: BY OFFERING, 2021 64
FIGURE 17 INDIA MICRO INVERTER MARKET: BY COMMUNICATION TECHNOLOGY, 2021 67
FIGURE 18 INDIA MICRO INVERTER MARKET: BY POWER RATING, 2021 70
FIGURE 19 INDIA MICRO INVERTER MARKET: BY SALES CHANNEL, 2021 73
FIGURE 20 INDIA MICRO INVERTER MARKET: BY INDUSTRY, 2021 76
FIGURE 21 INDIA MICRO INVERTER MARKET: COMPANY SHARE 2021 (%) 93