Indian Solar Electric System and Inverter Market to Reach 609.5 GW by 2032, Impelled by An Enhanced Focus on Sustainable Development

May 03, 2022 | Energy & Mining

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According to the latest report by IMARC Group, titled "Indian Solar Electric System and Inverter Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," the Indian solar electric system and inverter market reached a volume of 84.4 GW in 2023. The solar electric system generally works by capturing energy directly from the sun and converting it into electricity. It is equipped with photovoltaic (PV) cells that are integrated together in weather-protected modules. On the other hand, a solar inverter is an electric converter that is utilized to convert the direct current (DC) into a utility frequency alternating current (AC), which can be used by electrical networks. It is considered to be an important component of the solar energy system that makes solar energy usable across the residential, commercial and industrial sectors. Due to the declining costs of solar electric systems and inverters in India, there has been a considerable increase in the adoption of these products.

Indian Solar Electric System and Inverter Market Trends:

The market in India is primarily driven by the rising preference for renewable energy sources among individuals. This is supported by an enhanced focus on sustainable development among the masses. Moreover, several initiatives undertaken by the government of India to promote the uptake of solar energy resources, are, in turn, catalyzing the product demand. Besides this, the introduction of various schemes that aim to enhance the utilization of affordable and reliable renewable energy in rural India is further creating a positive market outlook. In line with this, the increasing investments by private and public firms in the expansion and development of solar power plants and solar parks are providing a boost to the market growth. Additionally, the easy availability of solar electric systems and inverters across numerous distribution channels and diversified product offerings in the market are acting as other major growth-inducing factors. Other factors, including rapid industrialization, augmenting electricity prices, the growing initiatives for smart city development, and extensive research and development (R&D) activities conducted by key players, are also favoring the market across India. On account of the aforementioned factors, the market is anticipated to reach a volume of 609.5 GW by 2032, expanding at a CAGR of 23.8% during 2024-2032.

Market Summary:

Indian Solar Electric System Market

On the basis of the technology type, the market has been bifurcated into crystalline silicon and thin films. Among these, crystalline silicon (c-Si) represents the largest market segment.
Based on the installation type, the market has been segmented into ground mounted and rooftop. Currently, ground mounted solar panels exhibit a clear dominance in the market.
On the basis of the regional insights, the market has been classified into Telangana, Rajasthan, Andhra Pradesh, Tamil Nadu, Karnataka, Gujarat and others. Among these, Telangana holds the leading position in the market.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players are Vikram Solar Pvt Ltd, Waree Solar Energy Pvt Ltd, Adani Enterprises Ltd, Goldi Green Technologies Pvt Ltd, Tata Power Solar Systems Ltd, Moser Baer Solar Ltd, XL Energy Ltd, Solar Semiconductor Pvt Ltd, Emmvee Photovoltaics Pvt Ltd and Navitas Green Solutions Pvt Ltd.

Indian Solar Inverter Market

Based on the inverter type, the market has been segregated into central, string and other inverters. Presently, central inverters represent the biggest market share.
On the basis of the regional insights, the market has been divided into Telangana, Tamil Nadu, Rajasthan, Andhra Pradesh, Gujarat, Karnataka and others. Among these, Telangana holds the leading position in the market.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players are ABB, TMEIC, SMA, Hitachi, Sungrow Power Supply Co., LTD., Huawei and Schneider Electric.

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Indian Solar Electric System and Inverter Market to Reach 609.5 GW by 2032, Impelled by An Enhanced Focus on Sustainable Development

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