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India Inverter Market to be dominated by residential vertical through 2028

Favorable government initiatives are expected to drive India Inverter market during the forecast period, 2024-2028

According to TechSci Research report, India Inverter Market - India Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028, the India Inverter Market is expected to register a robust growth during the forecast period, 2024-2028. The inverter market in India has been growing rapidly in recent years, driven by several factors such as the increasing demand for uninterrupted power supply, rising disposable incomes, and the growing adoption of renewable energy sources. However, the market also faces several challenges, including competition from other power backup solutions and the high cost of inverters.

Some of the driving factors of inverter market are increasing demand for uninterrupted power supply as India has been facing significant power shortages, particularly in rural areas, which has led to a rise in demand for power backup solutions such as inverters, growing adoption of renewable energy sources, the Indian government has been promoting the adoption of renewable energy sources, such as solar power, which has boosted the demand for solar inverters, rising disposable incomes as the Indian middle class grows, more people are able to afford power backup solutions such as inverters. Some of the restraints of the inverter market are competition from other power backup solutions. The inverter market in India faces competition from other power backup solutions such as generators and UPS systems, which can offer similar functionality at a lower cost, high cost of inverters, it can be expensive, particularly high-capacity ones, which can make them less accessible to lower-income households.

The future of inverters in India looks bright as they play a crucial role in providing uninterrupted power supply to households, businesses, and industries. With frequent power outages and voltage fluctuations, especially in rural areas, inverters have become an essential appliance in many Indian households. In recent years, there has been a significant increase in the adoption of inverter technology in India due to the growing demand for reliable power supply. Moreover, the government's push for renewable energy sources and the increasing awareness of energy conservation has also led to the rise in the usage of inverters. In addition, the market for inverters in India is expected to grow due to the rapid growth in the construction of residential and commercial buildings, which will require a reliable backup power supply. Furthermore, with the advent of new technologies and the growing demand for smart homes and buildings, the future of inverters is expected to be more energy-efficient, cost-effective, and feature-rich. Companies are investing heavily in research and development to improve the efficiency and capabilities of inverters. Overall, the future of inverters in India looks promising, and we can expect to see continued growth and innovation in this space. In November 2022, Amara Raja Batteries, invested USD 267 million to set up a manufacturing facility in Andhra Pradesh.

Browse over 30 market data Figures spread through 70 Pages and an in-depth TOC on "
India Inverter Market

India Inverter market can be broadly segmented into type, mode of operation, vertical and region. In terms of vertical, the market can be further categorized into
residential, commercial, and industrial. Among all, residential is expected to register the highest CAGR as the demand for inverters in the residential segment in India has been increasing steadily in recent years due to various factors. One of the main drivers of this demand is the growing need for reliable and uninterrupted power supply, especially in areas where power outages are frequent or where the grid is unreliable. The Indian government has also been promoting the use of renewable energy sources and has introduced several initiatives and incentives to encourage their adoption, further driving the demand for inverters in the residential segment. Overall, the demand for inverters in the residential segment in India is expected to continue growing in the coming years as more people seek reliable and sustainable sources of power for their homes.

The residential segment comprises individual households and small businesses, while the commercial and industrial segment includes larger businesses and industries. The Indian inverter market is expected to continue to grow in the coming years, driven by factors such as increasing power outages and a rising demand for renewable energy solutions. In addition, government initiatives such as the Smart Cities Mission and the Atmanirbhar Bharat Abhiyan are expected to boost demand for energy-efficient and self-sufficient power solutions, including inverters.

Key market players in the
India Inverter market:

  • Luminous Power Technologies Pvt. Ltd.
  • V-Guard Industries
  • Microtek International Private Limited
  • Su-Kam Power Systems Limited
  • Exide Industries Limited
  • Amara Raja Batteries Limited
  • Genus Innovation Limited
  • Arise India Limited
  • Consul Neowatt Power Solutions Private Limited
  • Uniline Energy Systems Private Limited

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“The inverter market in India has been growing steadily in recent years owing to various factors, such as the increasing demand for reliable and uninterrupted power supply, the rise in renewable energy sources, and the government's focus on promoting clean energy.
The residential segment is the largest market for inverters in India, accounting for over half of the total market share. The commercial and industrial segments also have significant demand for inverters, particularly for large-scale solar power installations. Overall, the inverter market in India is expected to continue to grow in the coming years as the country moves toward a more sustainable and clean energy future, thereby positively influencing the inverter market in the country in the coming years” said, Mr. Karan Chechi, Research Director with TechSci Research, a research-based India management consulting firm.

India Inverter Market Segmented by Type (Vehicle Inverter, Solar Inverter, and Others), By Mode of operation (Stand-alone inverters, Grid-connected inverters, Bimodal inverters), By Vertical (Residential, Commercial, and Industrial), By Region, Competition, Forecast and Opportunities, 2028has evaluated the future growth potential of India Inverter market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Inverter market.


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