Expert Market Research Explores the Top 6 Companies in the India Power Inverter Market

ABB Ltd., Huawei Technologies Co., Ltd., Delta Electronics, Inc., SMA Solar India Private Limited, Genus Power Infrastructures Ltd, and SolarEdge Technologies Inc., among others, are the major players in the India power inverter market.

The India power inverter market stood at a value of about USD 5.52 billion in 2023. The market is estimated to grow at a CAGR of 15% in the forecast period of 2024-2032 to reach nearly USD 19.39 billion by 2032. As per the analysis by Expert Market Research, the market is expected to be driven by the growing urban population, increasing demand for reliable energy sources, and increasing research and development activities in the field.

A power inverter converts direct current (DC) into alternating current (AC), ensuring seamless electricity supply to devices using batteries and renewable sources like wind turbines and solar PVs, among others. Inverters are widely used in residential, commercial, and utility sectors. The rising urban population drives the need for energy, and thus supports the market growth.

The market is expected to grow due to the increasing R&D innovation, adopting smart power inverters that efficiently manage energy, regulate voltage, and offer advanced functionalities such as anti-islanding. Innovative smart inverters with features like voltage and frequency regulation and adaptive protection are expected to drive the growth of the India power inverter market in the forecast period.

With increasing emphasis on reducing carbon emissions, the Indian government is focusing on the new Standards and Labelling Programme, which is shaping the market dynamics. In March 2024, the Bureau of Energy Efficiency (BEE) launched a new Standards and Labeling Programme for Grid-Connected Solar Inverters to help consumers make informed choices about energy-efficient appliances, aiming to save energy and reduce electricity consumption. The program was inaugurated by Union Power and New & Renewable Energy Minister in New Delhi, highlighting its role in promoting higher-quality inverters for solar rooftop systems. Such initiatives are expected to significantly help reduce carbon dioxide emissions, with the Standards and Labeling Programs cutting 60 million tonnes annually.

Top 6 Manufacturers of Power Inverters in India:

ABB Ltd.

ABB is a multinational technology conglomerate company, dedicated to fostering a sustainable and resource-efficient future. The company has a legacy of over 140 years. It has a team of over 105,000 employees and is committed to driving innovation and accelerating industrial transformation. The company generated a revenue of USD 32 billion in the calendar year 2023.

Huawei Technologies Co., Ltd.

Huawei is a global leader in ICT infrastructure and smart devices, offering integrated solutions in telecom networks, IT, smart devices, and cloud services. Committed to creating a fully connected, intelligent world, Huawei collaborates with ecosystem partners to provide secure, competitive products and services. With a strong focus on customer-driven innovation, Huawei invests heavily in research and development. Employing over 180,000 people and operating in 170+ countries, Huawei is a private company founded in 1987.

Delta Electronics, Inc.

Delta, founded in 1971, is a global provider of power and thermal management solutions with a mission to offer innovative, clean, and energy-efficient solutions to address environmental issues like climate change. The company excels in power electronics, mobility, automation, and infrastructure, providing highly efficient power products, including PV inverters with up to 99.2% efficiency. Headquartered in Taiwan, Delta invests over 8% of its annual sales revenues in R&D, with facilities worldwide. Delta remains committed to developing energy-saving products and solutions to support sustainable development. Delta's consolidated worldwide sales revenue in 2023 was USD 12.89 billion.

SMA Solar India Private Limited

SMA India, a subsidiary of Germany's SMA Solar Technology AG, is a leading provider of PV inverters and energy management solutions for grid-tied and off-grid systems. The company offers solar PV solutions for residential, commercial, and utility sectors in India, with its headquarters in Mumbai. A dedicated team provides pre-sales technical consultation, sales, and service support, including remote support for designing, commissioning, and maintenance of solar PV plants.

Genus Power Infrastructures Ltd

Genus Power Infrastructures Limited is a part of the Kailash Group. It provides innovative solutions to the power sector through its Genus Metering Solution Division. The company offers a diverse range of electricity meters and related technologies. Genus is committed to delivering innovative, affordable electricity, gas, and water solutions. The company’s advanced research and development facility enables it to maintain its dominance in the power infrastructure sector and be a technology leader.

SolarEdge Technologies Inc.

SolarEdge was established in 2006. It is a global leader in smart energy technology, known for its innovative DC optimized inverter solution that enhances power generation and reduces energy costs in photovoltaic (PV) systems. The company focuses on innovation and world-class engineering to drive future progress in smart energy solutions. SolarEdge's product offerings span residential, commercial, and large-scale PV systems, battery storage, EV charging, home energy management, grid services, virtual power plants, and uninterrupted power supply (UPS) solutions.