India Power Inverter Market Report and Forecast 2024-2032

India Power Inverter Market Outlook

The India power inverter market size reached about USD 5.52 billion in 2023. The market is estimated to grow in the forecast period of 2024-2032 at a CAGR of 15% to reach nearly USD 19.39 billion by 2032.

Key Takeaways

• 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.

• In 2022, vehicle sales in India increased by nearly 10% to approximately 22 million, while electric vehicle (EV) sales surged by close to 47%, reaching 1.03 million units.

• In 2023, EVs accounted for 6.38% of India's auto sales, a sharp increase from 1.75% in 2021.

A power inverter is an electronic device that transforms direct current (DC) into alternative current (AC). It is used to ensure seamless electricity supply to electrical gadgets by using batteries and energy from sources like wind turbines and solar PVs. Power inverters are typically energy-efficient, durable, and ideal for handling high power requirements, due to which they find extensive use in the residential, commercial, and utility sectors.

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.

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Key Trends and Developments

Growing shift towards solar inverters; government initiatives and regulatory backing; technological advancements; and rising demand for high-capacity inverters are positively impacting the India power inverter market growth

India Power Inverter Market Trends

The Indian government launched several initiatives aimed at bolstering the market expansion, focusing on enhancing energy security, promoting renewable energy sources, and ensuring uninterrupted power supply across the country. For instance, a rural electrification programme, Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY), seeks to ensure continuous power supply to rural India, facilitating the installation of inverters in areas with unstable power supply.

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).

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Market Segmentation

“India Power Inverter Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Increasing investment in sustainable energy technologies is expected to propel the India power inverter market expansion

Governments and various international companies are increasingly investing in renewable energy solutions, including offshore wind energy generation. The Indian government has implemented several policies and incentives to encourage the growth of the wind energy sector.

Wind turbines dominate the India power inverter market share. In wind turbine applications, power inverters are essential for converting the variable DC output generated from the wind turbine's generator into a stable AC power supply that can be fed into the electrical grid or used directly.

Meanwhile, UPS (Uninterruptible Power Supplies) and rail traction are expected to hold significant importance in the India power inverter market as such inverters are essential for the conversion of DC power into AC power.

The residential sector is rapidly adopting power inverters for seamless energy supply

The growing usage of power inverters in the residential sector is augmenting the market growth in India. With rapid urbanisation and growing disposable incomes, coupled with the rising ownership of consumer electronics such as televisions, smartphones, and refrigerators, among others, the utilisation of power inverters to ensure seamless electricity supply is growing.

The growing prevalence of power cuts, especially in rural and semi-urban regions, is boosting the demand for cost-effective power inverters. Moreover, the India power inverter market is being fuelled by the surging launches of compact, efficient, safe, low-maintenance inverters with high-rated performance and minimal carbon footprint.

On the other hand, the automotive and transportation sector is expected to rapidly adopt power inverters owing to the surge in demand for electric vehicles. Power inverters are a key component in EVs, converting DC power from the battery to AC power for the electric motor. Moreover, the development of EV charging stations across India is expected to further propel the India power inverter market expansion in the coming years.

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Competitive Landscape

An overview of the market players included in the report is as follows:

Some of the major players are increasingly investing in renewable energy generation, boosting the India power inverter market

Other key players in the India Power Inverter market are Genus Power Infrastructures Ltd, and SolarEdge Technologies Inc., among others.

Various leading companies are expanding their manufacturing capabilities in response to the “Make in India” scheme, which is expected to boost the accessibility and cost-effectiveness of innovative power inverters in the country in the coming years. In addition, companies are focusing on the development of advanced power inverter technologies, such as smart inverters that can efficiently manage power flow, improve energy savings, and offer remote monitoring capabilities. Innovations also include the integration of IoT (Internet of Things) technologies for better device management and connectivity.

Key Highlights of the Report