Indian Solar Electric System and Inverter Market Outlook
According to the report by Expert Market Research (EMR), the Indian solar electric system and inverter market is projected to grow at a CAGR of 13.1% between 2024 and 2032. Aided by favourable government initiatives and decreasing prices of solar panels, the market is expected to grow significantly by 2032.
Solar panels, the cornerstone of this market, consist of a collection of solar cells designed to harness sunlight as a source of electricity. Complementing these are solar inverters, innovative devices that convert the direct current from solar panels into alternating current, suitable for use in homes, businesses, and for feeding into the power grid. India’s geographical advantage, lying between the Tropic of Cancer and the Equator, ensures abundant solar radiation, a key driver in the industry’s growth.
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The Indian government’s proactive stance in promoting renewable energy sources like solar and wind power is pivotal to the Indian solar electric system and inverter growth. Key initiatives include the Solar Rooftop Scheme, Jawaharlal Nehru National Solar Mission, and Solar Energy Subsidy Scheme, all aimed at reducing reliance on non-renewable energy sources and diminishing the country’s carbon footprint.
Additionally, the market offers diverse solar power systems, such as off-grid, grid inter-tied with battery backup, and grid inter-tied without battery backup, catering to varied consumer needs. As per the Indian solar electric system and inverter analysis, India’s high solar radiation potential, coupled with the availability of ample barren land, makes it an ideal location for large-scale solar energy systems.
Crystalline silicon (c-Si), currently a key driver of the market, signifies the industry’s technological advancements and preference for efficient, reliable solar power solutions, contributing to the Indian solar electric system and inverter size. Ground-mounted solar panels also boost the market expansion due to their ease of installation, productivity, and maintenance. Rooftop installations, although significant, trail behind in market share.
Geographically, the market spans across various Indian states, with Telangana leading the pack due to the state government’s forward-thinking ‘Telangana Solar Power Policy 2015’. Other significant contributors include Rajasthan, Andhra Pradesh, Tamil Nadu, Karnataka, and Gujarat.
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The decreasing prices of solar panel manufacturing equipment have notably reduced the overall cost of solar photovoltaic (PV) panels, further propelling Indian solar electric system and inverter demand. This cost reduction is enabling solar power companies to expand their capacities, thus fostering a more competitive and dynamic market.
Indian Solar Electric System and Inverter Market Segmentation
The Indian solar electric system market can be divided based on technology type, installation type, and states, whereas the Indian solar inverter market can be classified based on inverter type and states.
Indian Solar Electric System Market Breakup by Technology Type
- Crystalline Silicon
- Thin Films
Indian Solar Electric System Market Breakup by Installation Type
- Ground Mounted
- Rooftop
Indian Solar Inverter Market Breakup by Inverter Type
- Central Inverter
- String Inverter
- Others
Indian Solar Electric System and Inverter Market Breakup by States
- Telangana
- Tamil Nadu
- Rajasthan
- Andhra Pradesh
- Gujarat
- Karnataka
- Others
Indian Solar Electric System and Inverter Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Indian solar electric system and inverter market. Some of the major players explored in the report by Expert Market Research are as follows:
- Fimer S.p.A.
- Toshiba Mitsubishi-Electric Industrial Systems Corporation
- SMA Solar Technology AG
- Hitachi Hi-Rel Power Electronics Private Limited
- Vikram Solar Limited
- Waaree Energies Ltd.
- Adani Group
- Goldi Solar Pvt Ltd
- Tata Power Solar Systems Ltd
- Moser Baer Solar Limited
- XL Energy Ltd.
- Others
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