India Inverter Market is Expected to Register a 8.11% CAGR Through 2031
Growth of Renewable Energy Sources and Increasing
Electricity Demand & Power Supply Instability are likely to propel the market
during the forecast period.
According to
TechSci Research report, “India Inverter Market – By Region,
Competition, Forecast and Opportunities, 2021-2031F”, India Inverter Market was valued at USD 1.95 Billion
in 2025 and is expected to reach USD 3.14 Billion by 2031 with a CAGR of 8.11%
during the forecast period.
Technological advancements and the
continuous reduction in the cost of inverter components are also significant
drivers of the inverter market in India. Over the years, inverter technology
has evolved to become more efficient, durable, and user-friendly. Modern
inverters now incorporate advanced features like Maximum Power Point Tracking
(MPPT), smart grid integration, and remote monitoring capabilities. These
advancements not only enhance the performance of solar and backup power systems
but also make them more attractive to consumers due to their improved
efficiency and ease of use.
The development of battery storage
systems in conjunction with inverters has created new market opportunities.
Inverters are now integrated with energy storage solutions, enabling consumers
to store excess energy generated by solar panels for use during peak hours or
in the event of power outages. This hybrid system, which combines inverters,
batteries, and solar panels, has become increasingly popular in both
residential and commercial sectors as it provides greater energy independence
and reliability.
In terms of cost, the price of solar
inverters has been steadily decreasing, making them more affordable for
consumers. This reduction in cost is attributed to improvements in
manufacturing processes, economies of scale, and competition among inverter manufacturers.
As a result, inverters have become more accessible to a broader segment of the
population, driving their adoption across various applications. Additionally,
as the Indian government continues to provide subsidies and incentives for
renewable energy adoption, the upfront cost of installing solar systems,
including inverters, has become more manageable. This trend, coupled with the
long-term savings on electricity bills and the growing focus on sustainability,
is encouraging consumers to invest in inverters.
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Based
on Vertical, The residential segment dominated the India inverter market
due to several key factors related to increasing demand for reliable power
supply, cost savings, and the government’s push for renewable energy adoption.
Frequent
power outages and unreliable grid electricity supply in many parts of India
have led residential consumers to invest in backup power solutions, such as
inverters. Inverter-based systems provide households with uninterrupted
electricity during power cuts, ensuring the smooth functioning of daily
activities. This has made inverters a crucial part of the residential energy
solution, particularly in rural and semi-urban areas where grid instability is
common.
The
growing adoption of solar rooftop systems in residential areas is a
major driver. Solar energy is becoming increasingly popular as a means to
reduce electricity bills and promote environmental sustainability. Solar
inverters are essential for converting the DC power generated by solar panels
into usable AC power for homes. Additionally, many residential solar systems
are integrated with battery storage solutions, which require hybrid inverters
for efficient energy management. With the Indian government offering subsidies
and incentives for solar panel installations, the demand for residential solar
inverters has surged.
Cost-effectiveness
is another crucial factor. As energy prices rise, residential consumers are
looking for ways to reduce their dependence on grid power, and solar inverters
provide an economically viable solution in the long term. Homeowners are
increasingly aware of the benefits of self-sufficiency in energy production,
and many view inverters as an investment that not only reduces energy bills but
also increases property value.
Government
initiatives and rising awareness about clean energy further boost the
residential sector’s growth in the inverter market. Programs such as the
Pradhan Mantri Ujjwala Yojana and Solar Rooftop Scheme have provided incentives
for residential solar adoption, contributing to the dominance of this segment
in the inverter market.
Based
on Region, North India is the fastest-growing region in the India inverter
market due to several key factors that contribute to its rapid adoption of
inverter technology, particularly solar inverters.
Solar
energy adoption is rising significantly in North India, driven by the region’s
abundant sunlight, particularly in states like Rajasthan, Punjab, Haryana, and
Uttar Pradesh. These states offer high solar radiation, making them ideal for
solar power generation. The government's strong push for renewable energy,
including ambitious solar power targets under the National Solar Mission, has
created favorable conditions for the growth of solar energy and, consequently,
solar inverters. With rising electricity costs and power outages in many parts
of North India, the demand for solar power systems and efficient solar
inverters has surged.
Power
supply issues in North India, particularly in rural and semi-urban areas, drive
the adoption of inverters. Frequent power outages and grid instability lead
both residential and commercial consumers to seek reliable backup power
solutions, making inverters a necessity. North India, with its growing
urbanization and industrialization, faces a higher electricity demand that
often exceeds supply, especially during peak summer months. Inverters,
including both standalone and hybrid models, provide a critical solution for
uninterrupted power.
Government
incentives and policies aimed at promoting renewable energy, such as subsidies
and tax benefits for solar installations, are helping to lower the cost of
solar inverters, making them more accessible. States like Haryana, Rajasthan,
and Uttar Pradesh offer additional state-level subsidies and incentives,
boosting the growth of solar installations and inverter demand.
Major companies
operating in the India Inverter Market are:
- Sungrow Power
Supply Co., Ltd.
- Fronius
International GmbH
- Siemens AG
- Schneider
Electric SE
- ABB Ltd.
- Enphase Energy,
Inc.
- Huawei
Technologies Co., Ltd.
- TMEIC
Corporation
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“The India inverter market presents
significant growth opportunities driven by the increasing adoption of renewable
energy sources, particularly solar power. With the government’s focus on
achieving ambitious renewable energy targets and promoting energy-efficient
solutions, the demand for inverters, especially solar and hybrid models, is set
to rise. Additionally, growing electricity demand, frequent power outages, and
rising consumer awareness of sustainability create further opportunities. The
expanding commercial, industrial, and residential sectors, combined with
technological advancements in smart and efficient inverters, position the
market for substantial expansion, offering businesses the potential for
long-term growth in a dynamic energy landscape.,” said Mr.
Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“India Inverter Market, By Type (Vehicle Inverter, Solar Inverter, Others), By
Mode of Operation (Stand-Alone Inverters, Grid-Connected Inverters, Bimodal Inverters),
By Vertical (Residential, Commercial, Industrial) By Region, Competition,
Forecast & Opportunities, 2021-2031F”, has 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 make sound investment decisions., The
report also identifies and analyzes the emerging trends along with essential
drivers, challenges, and opportunities in the India Inverter Market.
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