India Power Inverter Market Overview, 2029

India Power Inverter Market Overview, 2029

In India, the inverter market is prospering because of its importance in the sustainable power area, particularly solar power age. Inverters are vital for changing over DC power from solar chargers into AC power for utilization. With the public authority’s push for solar energy reception and a developing consciousness of feasible power sources, the inverter market is extending quickly. The India Inverter market experienced difficulties during the pandemic as the assembling and inventory network disturbances influenced creation. With the expanded significance of environmentally friendly power sources, there has been resurgence in the inverter market. Driven by the requirement for proficient and dependable inverters for sun oriented and wind power establishments. The Indian government sent off a few drives pointed toward reinforcing the market extension, zeroing in on improving energy security, advancing environmentally friendly power sources, and guaranteeing continuous power supply the nation over. For example, a rural electrification programme, Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY), looks to guarantee ceaseless power supply to provincial India, working with the establishment of inverters in regions with unsound power supply. By May 2023, India achieved 179 GW of installed renewable energy capacity, with solar and wind energy contributing 67 GW and 43 GW, respectively, showcasing significant growth. 15th January 2024, Hopewind launched its pioneering HSHV 385K string inverter in India, enhancing utility-scale solar solutions. India aims to add 15.5GW solar capacity in FY23-24, targeting 50% renewable energy by 2030. Oct 6th, 2023, At REI 2023, Sungrow introduced new solar-plus-storage solutions, featuring the ""1+X"" modular inverter, the 320kW SG320HX-20 string inverter, and the next-gen PowerTitan 2.0 energy storage system. The key players in the India inverter market include Su-Kam, Luminous Power Technologies, Microtek, and Delta Electronics India.

According to the research report, ""India Power Inverter Market Outlook, 2029,"" published by Bonafide Research, the India power inverter market is anticipated to add to more than USD 2 Billion by 2024–29. The escalating demand for a continuous power supply in India is driving the India power inverter market growth. The country's expanding population and rapid urbanisation have led to an increase in power consumption, highlighting the need for power inverters to mitigate the inconvenience caused by power outages. The escalating demand for electronics and appliances that require steady power supplies. The growing penetration of smart power inverters that efficiently deliver energy while regulating voltage, withstanding abnormal frequency and voltage, responding to frequency, and changing operations in response to instructions is expected to fuel the market. As distributed and renewable energy sources require advanced power electronics that can offer anti-islanding functionalities, the deployment of smart inverters is likely to surge in the forecast period. With the increasing launches of innovative smart power inverters offering advanced functions such as voltage and frequency regulation, enhanced situational awareness, adaptive protection, advanced system recovery and restoration, and DER reconnect/disconnect, among others, the India power inverter market is poised to witness rapid growth in the forecast period. With the rising exploration of solar energy as a renewable power source and the expansion of solar plants in India, the demand for power inverters for large-scale solar plants is significantly growing. The introduction of various favourable government initiatives to boost the adoption of solar PVs in the residential, commercial, and industrial sectors is also aiding the India power inverter market expansion. The growth of the market in India can further be attributed to the rising demand for high-capacity PV modules, the ease of installation offered by innovative power inverters, and the increasing emphasis on reducing the levelised cost of electricity (LCOE).

5 KW to 100 KW portion is as of now driving the power inverter market in India because of its great many applications in both private and business areas. The rising interest for dependable power reinforcement arrangements in workplaces, medical clinics, shopping centers, and homes drives the development of this fragment. The developing reception of environmentally friendly power sources, especially solar power, for power age likewise adds to the portion of the overall industry of this section. The Indian government's drives to advance the utilization of solar energy, for example, the Public Sun oriented Mission, further fuel the demand for power inverters in this power rating. The under 5 KW fragment is seeing critical development in India because of the rising requirement for continuous power supply in provincial regions and private areas. The developing mindfulness about energy preservation and the rising utilization of solar home frameworks and housetop solar PV frameworks are driving the development of this section. Besides, the Indian government's drives, for example, the Atmanirbhar Bharat Abhiyan and the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM-KUSUM), are supposed to set out worthwhile open doors for the development of this fragment. 100 KW to 500 KW, this fragment takes care of the power reinforcement requirements of huge business and modern foundations. The developing interest for dependable power supply in businesses like assembling, telecom, and server farms drives the demand for power inverters in this power rating. In excess of 500 KW, this section is principally utilized in huge scope ventures and utility-scale environmentally friendly power projects. The rising interest in sustainable power projects, especially sunlight based and wind energy, in India is driving the demand for power inverters in this power rating. The Indian government's aggressive objective to introduce 175 GW of environmentally friendly power limit by 2022 and 450 GW by 2030 is supposed to give a huge lift to this portion.

The motor drives portion is driving the power inverter market in India because of the rising interest for energy-effective engine control frameworks in different ventures like assembling, oil and gas, and water and wastewater treatment. Power inverters are utilized in engine drives to control the speed and force of electric engines and the Indian government's drives to advance energy proficiency, like the Perform, Accomplish, and Trade (PAT) plot and the National Mission for Enhanced Energy Efficiency (NMEEE), are driving the development of this fragment. The electric vehicle portion is seeing huge development in India because of the rising interest for perfect and practical transportation and power inverters are utilized in electric vehicles to change over the DC power from the battery to AC power for the electric engine. The Indian government's drives to advance the reception of electric vehicles, for example, the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) conspire and the Public Electric Mobility Mission Plan (NEMMP) 2020. They are driving the development of this fragment. The solar PV section is one of the significant uses of force inverters in India because of the country's bountiful solar assets and the rising reception of sun powered power for power age.

The Indian government's initiatives to promote the use of solar energy, such as the National Solar Mission and the Kisan Urja Suraksha evam Utthan Mahabhiyan (KUSUM) scheme. Those are driving the growth of this segment. The uninterruptible power supply (UPS) portion is one more significant utilization of force inverters in India because of the requirement for dependable power reinforcement arrangements in different areas like private, business, and modern. Power inverters are utilized in UPS frameworks to change over the DC power from the battery to AC power during blackouts. The rising interest for continuous power supply in basic applications, for example, server farms, medical clinics, and telecom framework is driving the development of this portion. The wind turbines section is a developing utilization of force inverters in India because of the rising reception of wind energy for power age. Power inverters are utilized in wind turbines to change over the variable recurrence and voltage result of the turbine to a steady AC power for framework association. The Indian government's drives to advance the utilization of wind energy. For example, the National Wind-Solar Hybrid Policy and the Wind Power Program, are driving the growth of this segment. The others segment includes applications such as rail traction, marine, and aerospace, the growth of this segment is driven by the increasing demand for power inverters in these niche applications.

The commercial and industrial portion is driving the power inverter market in India because of the rising interest for solid power reinforcement arrangements in different areas like assembling, medical care, retail, and cordiality. Power inverters are utilized in business and modern applications to give continuous power supply during blackouts and to work on the productivity of electrical frameworks. The developing industrialization and urbanization in India and combined with the rising interest for energy-proficient arrangements, are driving the development of this section. The utility fragment is seeing huge development in India because of the rising reception of sustainable power hotspots for power age. Power inverters are utilized in utility-scale environmentally friendly power ventures. For example, solar PV power plants and wind ranches to change over the DC power produced by the sustainable power sources into AC power for network association. The Indian government's aggressive objective to introduce 175 GW of sustainable power limit by 2022 and 450 GW by 2030 is driving the development of this fragment. The residential portion is one more significant end-client of force inverters in India because of the requirement for solid power reinforcement arrangements in families. Power inverters are utilized in private applications to give continuous power supply during blackouts and to work on the effectiveness of electrical frameworks. The Indian government's drives to advance the utilization of environmentally friendly power in the private area. Like the Rooftop Solar Program and the Atal Jyoti Yojana (AJAY), are further boosting the demand for power inverters in this segment.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Power Inverter market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type
• 5 KW to 100 KW
• Less than 5 KW
• 100 KW to 500 KW
• More than 500 KW

By Application
• Motor Drives
• Electric Vehicle
• Solar PV
• UPS
• Wind Turbines
• Others

By End User
• Commercial and Industrial
• Utility
• Residential

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Power Inverter industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.