Indian PV Inverter Market

How big is India solar inverter market?

According to 6Wresearch, the India Solar Inverter Market size is projected to grow at a CAGR of 14.4% during 2020-2026.

What drives the growth of the solar inverter market in India?

All these initiatives and investments are likely to be a significent driving factor in the growth of the solar inverters market in India during the forecast period. India solar inverter market is highly fragmented. Some of the key players in the market include Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, ABB Ltd, and SMA.

Will India residential solar inverter market grow in 2033?

According to Future Market Insights (FMI), the market is expected to flourish with 8.3% CAGR through 2033. The India residential solar inverter industry is further projected to expand by 2.2x in 2033, as compared to 2023.

Why are solar inverters popular in India?

Solar inverters are more efficient and cost-effective than traditional DC inverters and offer better performance in low-light conditions. Apart from this, India is home to some of the world's largest solar energy projects, which have contributed significantly to the growth of the solar inverter market.

What is the domestic market for solar inverters?

The domestic market for solar inverters has been growing with rapid rise in solar deployment across all end-user segments. As domestic electricity prices have risen, many consumers in off-grid or remote areas with unreliable electricity supply have opted for solar inverters for backup.

Who are the key players in India solar inverter market?

India solar inverter market is highly fragmented. Some of the key players in the market include Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, ABB Ltd, and SMA. Need More Details on Market Players and Competitors? In March 2022, SUNGROW inaugurated its expanded scale of manufacturing capacity in India.