According to a recent research, the India solar Inverter market is projected to grow at a CAGR of over 20.3% during 2019-2025.
The India solar inverter market is anticipated to grow at a rapid pace on account of several policies such as National Solar Mission by Government of India targeting 100 GW solar energy by the year 2022. Rising consumer awareness, the growing participation of residential and commercial segments towards solar system installations, supportive government policies & solar schemes as well as and private sector involvement are further contributing towards the growth of this market.
As per a recent report by Research&Markets, solar inverter market is dominated by the utility sector owing to its large-scale solar projects deploying a large number of solar inverters. Further, the commercial segment is estimated to exhibit the highest growth rate during the forecast period. This high growth is attributed to growing solar installations across educational institutes, offices, factories, hospitals, and warehouses. In addition, the residential segment is also exhibiting significant growth with a focus on sustainable development and to overlay the rising power cost in the country. Government initiatives such as the Smart City project, development of solar parks and solar energy subsidy scheme would further accelerate the adoption of solar installations across the residential and commercial segments.
Moreover, among system type, on-grid systems dominated the India solar inverter market share in 2018 owing to huge adoption across different applications, whereas, off-grid systems are majorly limited to rural electrification applications only.