India Solar Inverter Market Size (2024 - 2029)

India Solar Inverter Market Size Summary

The solar inverter market in India is poised for significant growth, driven by supportive government policies and increasing investments in solar energy projects. Despite initial setbacks due to the COVID-19 pandemic, which caused manufacturing delays and supply chain disruptions, the market is expected to expand steadily. Central inverters, known for their cost-effectiveness and ease of installation, have historically dominated the market and are anticipated to continue their growth trajectory. The market is also witnessing continuous technological advancements, enhancing product efficiency and flexibility, which are likely to create substantial opportunities in the coming years. The government's initiatives to electrify remote areas using solar energy are expected to further boost the demand for solar PV inverters.

India's solar inverter market is one of the largest in the Asia-Pacific region, with a rapidly growing domestic market fueled by increased solar deployment across various end-user segments. The government's ambitious targets for non-fossil fuel capacity, coupled with programs like the Grid-connected Rooftop and Small Solar Power Plants Programme, are driving the expansion of solar inverters. These initiatives, along with financial incentives for residential and small-scale consumers, are expected to significantly contribute to market growth. The market is highly fragmented, with key players like Schneider Electric SE, Siemens AG, and Mitsubishi Electric Corporation actively participating. Recent expansions and product launches by companies such as SUNGROW and Delta further underscore the dynamic nature of the market, catering to the rising demand from residential, commercial, and utility-scale sectors.