PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1463793
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1463793
Key Highlights
The Indian non-solar high-capacity inverter market was valued at USD 452.3 million in 2023, and it will increase to USD 769.2 million, with an 8.0% CAGR, by 2030.
The Indian solar high-capacity inverter market was USD 501.2 million in 2023, which will touch USD 1,124.4 million, powering at a 12.4% CAGR, by 2030.
The swift developments in the solar energy industry in terms of energy production and consumption are resulting in a surge in the number of solar PV installations for many applications in India.
The increasing acceptance of renewable energy in this nation improves the growth potential of the industry.
The solar energy sector is thriving in India, and it is likely to generate growth opportunities for companies providing solar inverters.
A rise in the installation of PV power plants across the globe is also generating potential growth opportunities for this sector.
The rising penetration of hybrid inverters in SMEs is a key trend being observed in the market.
The demand for high-end hybrid inverters is growing as several users are searching for UPS systems for commercial purposes, which require less expenses than generators.
Because of the erratic power situations, some businesses and small offices/home offices (SOHO) are moving towards hybrid inverters from generators. These inverters have fewer operating expenses and are more suitable.
Key Insights
Karnataka was the largest contributor to the Indian solar high-capacity inverter industry in 2023, with a share of approximately 30%. 20% of the state's daily power necessities were provided by solar energy in 2021.
Tamil Nadu accounted for the largest share of the Indian non-solar high-capacity inverter industry in 2023, of 35%.
The state has the largest wind farm in Kanyakumari, which delivers 1,500 MW of power; Tamil Nadu has approximately 3,000 wind turbines.
The non-solar single-phase category accounted for a share of approximately 75% in 2023, and it will further propel at a higher CAGR, of 8.2%, in the years to come.
Single-phase non-solar inverters are chosen over three-phase inverters owing to their low price as well as ease of installation compared to three-phase inverters.
Solar high-capacity inverters are mostly employed in the utility & power industry, which contributed approximately 70% of the industry revenue in 2023, and this category is likely to show significant growth, of 12.6%, in the years to come.
The sine wave category was the largest contributor to the industry in 2023, with a share of approximately 50%, and this category will further advance at the fastest compound annual growth rate, of 11.0%, in the years to come.
This will be because sine-wave non-solar inverters offer a greater power supply, together with greater handling power fluctuations to defend appliances, particularly electronics, from damage.
The India high-capacity inverter industry is highly fragmented, because of the presence of various players in this nation. The constant arrival of new players is impacting the recognized and new players.
Key players in this market have been involved in various strategic expansions, including acquisitions and product launches, to improve their presence in the industry.