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, 2028” 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 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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