The solar inverter Market for India will continue to grow at a considerable pace in the next few years with addition of new players and continuous support from government. The market is predicted to grow at a CAGR of 76.9% from FY’2015-FY’2020. Factors such as augmenting level of population, growing power demand coupled with the incompetency of government to meet demand-supply gap have provided a major thrust to the need for adoption of alternate method of clean energy generation and have impelled the scope for solar inverter market in India for several years in the past. The trend is expected to continue in the future years as well owing the industry innovations, improved penetration of the companies, organized distribution channel, increasing awareness amongst the rural population, government subsidization scheme and others.
India solar inverter market is vibrant and valued at INR~ million as witnessed in FY’2015. Over the last few years from FY’2011-FY’2015, the industry has observed an average annual growth of ~% in value terms. The growth in the Indian solar inverter market over the period FY’2011-FY’2015 was primarily supplemented by the remarkably rising population and technological improvements supported by rising number of solar inverter manufacturers in India.
The future of the Indian solar inverter market is expected to be favorable on account of impelling demand due to research and development activities being carried out in companies, emergence of new and compact size solar inverters as well as by competition in terms of prices due to augmenting competition in the market. Another important factor that is likely to influence the market for solar inverters in the future is the greater efficiency and benefits such as reduction in electricity bill and others, which is likely to be impelled attributing to the growing consumer awareness and adoption of solar inverters at both commercial as well as residential level. It is expected that favorable government policies will continue to support the growth of Indian solar inverter market in the coming five years.
“According to Research Analyst at Ken Research- The domestic players need to place increased focus on after sale services and should invest greater amount in research and development in order to produce innovative and energy efficient solar inverters. The industry, however, is expected to face major challenges in terms of high import tariffs and rapid technology obsolescence which may negatively affect the solar inverter market in the long term”.
The report titled “India Solar Inverter Market Outlook to 2020 – Continuous Government Support and Advent of Micro Solar Inverter to Foster Future Growth” provides a comprehensive analysis of the solar inverter market in India. This report helps readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will help industry consultants, solar inverter manufacturing companies, suppliers, retail chains, new players and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.