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India Power Inverter Market

India Power Inverter Market Trends, Analysis, Forecast: By Rating; By Application: Motor Drives, UPS, Rail Traction, Wind Turbines, EVs/HEVs, Solar PVs, Others; By End Use: Utilities, Residential, Commercial and Industrial, Automotive and Transportation, Others; Market Dynamics: SWOT Analysis; Competitive Landscape; 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.

 

india-power-inverter-market

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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

 

Date Event
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.
Oct 5th 2023 Fuji Electric India showcased the Central solar inverter PV 1500 series at the Renewable Energy India Expo, expanding its portfolio in the solar energy sector.
Sept 6th 2023 WattPower inaugurated a 10 GW string inverter factory in Chennai, Tamil Nadu, spanning 3.5 acres with 40% green space, dedicated to producing string PV inverters.

 

 

Topic Details
Shift towards solar inverters There has been a notable shift towards solar inverters in the Indian market due to a growing emphasis on sustainable and renewable energy sources.
Government initiatives and regulatory support Government initiatives promoting solar energy use are boosting the solar inverter segment, with increased installations in both urban and rural areas enhancing market expansion.
Technological advancements and smart features Technological advancements, including the development of smart inverters with IoT integration, are gaining traction, offering remote monitoring and management features for energy efficiency and reliability.
Increased demand for high-capacity inverters The rising consumption of electronic devices and appliances in Indian households and businesses has led to an increased demand for high-capacity inverters.

 

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).

 

india-power-inverter-market-by-segments

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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:

 

Market Breakup Categories
Rating <5KW, 5kW to 100kW, 100kW to 500kW, Above 500kW
Application Motor Drives, UPS, Rail Traction, Wind Turbines, EVs/HEVs, Solar PVs, Others
End-Use Utilities, Residential, Commercial and Industrial, Automotive and Transportation, Others

 

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.

 

india-power-inverter-market-by-region

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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

 

Company Headquarters Industry Products/Services
ABB Ltd. Zurich, Switzerland Technology Robotics, power, electrical equipment, automation technologies
Huawei Technologies Co., Ltd. Shenzhen, China Information and communications technology (ICT) Carrier networks, enterprise technology solutions, cloud computing services, consumer electronics
Delta Electronics, Inc. Taipei, Taiwan Power and thermal management solutions Power supplies, components, visual displays, industrial automation, networking products, renewable energy solutions
SMA Solar Technology AG Niestetal, Germany Photovoltaic system technology Inverters, technology solutions for solar installations

 

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

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Rating
  • Application
  • End Use
Breakup by Rating
  • <5KW
  • 5kW to 100kW
  • 100kW to 500kW
  • Above 500kW
Breakup by Application
  • Motor Drives
  • UPS
  • Rail Traction
  • Wind Turbines
  • EVs/HEVs
  • Solar PVs
  • Others
Breakup by End Use
  • Utilities
  • Residential
  • Commercial and Industrial
  • Automotive and Transportation
  • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • ABB Ltd.
  • Huawei Technologies Co., Ltd.
  • Delta Electronics, Inc.
  • SMA Solar India Private Limited
  • Genus Power Infrastructures Ltd
  • SolarEdge Technologies Inc.
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface 
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions   
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments  
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
7    India Power Inverter Market

    7.1    India Power Inverter Historical Market (2018-2023) 
    7.2    India Power Inverter Market Forecast (2024-2032)
    7.3    India Power Inverter Market by Rating
        7.3.1    <5KW
            7.3.1.1    Market Share
            7.3.1.2    Historical Trend (2018-2023)
            7.3.1.3    Forecast Trend (2024-2032)
        7.3.2    5kW to 100kW
            7.3.2.1    Market Share
            7.3.2.2    Historical Trend (2018-2023)
            7.3.2.3    Forecast Trend (2024-2032)
        7.3.3    100kW to 500kW
            7.3.3.1    Market Share
            7.3.3.2    Historical Trend (2018-2023)
            7.3.3.3    Forecast Trend (2024-2032)
        7.3.4    Above 500kW
            7.3.4.1    Market Share
            7.3.4.2    Historical Trend (2018-2023)
            7.3.4.3    Forecast Trend (2024-2032)
    7.4    India Power Inverter Market by Application
        7.4.1    Motor Drives
            7.4.1.1    Market Share
            7.4.1.2    Historical Trend (2018-2023)
            7.4.1.3    Forecast Trend (2024-2032)
        7.4.2    UPS
            7.4.2.1    Market Share
            7.4.2.2    Historical Trend (2018-2023)
            7.4.2.3    Forecast Trend (2024-2032)
        7.4.3    Rail Traction
            7.4.3.1    Market Share
            7.4.3.2    Historical Trend (2018-2023)
            7.4.3.3    Forecast Trend (2024-2032)
        7.4.4    Wind Turbines
            7.4.4.1    Market Share
            7.4.4.2    Historical Trend (2018-2023)
            7.4.4.3    Forecast Trend (2024-2032)
        7.4.5    EVs/HEVs
            7.4.5.1    Market Share
            7.4.5.2    Historical Trend (2018-2023)
            7.4.5.3    Forecast Trend (2024-2032)
        7.4.6    Solar PVs
            7.4.6.1    Market Share
            7.4.6.2    Historical Trend (2018-2023)
            7.4.6.3    Forecast Trend (2024-2032)
        7.4.7    Others
    7.5    India Power Inverter Market by End Use
        7.5.1    Utilities
            7.5.1.1    Market Share
            7.5.1.2    Historical Trend (2018-2023)
            7.5.1.3    Forecast Trend (2024-2032)
        7.5.2    Residential
            7.5.2.1    Market Share
            7.5.2.2    Historical Trend (2018-2023)
            7.5.2.3    Forecast Trend (2024-2032)
        7.5.3    Commercial and Industrial
            7.5.3.1    Market Share
            7.5.3.2    Historical Trend (2018-2023)
            7.5.3.3    Forecast Trend (2024-2032)
        7.5.4    Automotive and Transportation
            7.5.4.1    Market Share
            7.5.4.2    Historical Trend (2018-2023)
            7.5.4.3    Forecast Trend (2024-2032)
        7.5.5    Others 
8    Market Dynamics
    8.1    SWOT Analysis
        8.1.1    Strengths
        8.1.2    Weaknesses
        8.1.3    Opportunities
        8.1.4    Threats
    8.2    Porter’s Five Forces Analysis
        8.2.1    Supplier’s Power
        8.2.2    Buyer’s Power
        8.2.3    Threat of New Entrants
        8.2.4    Degree of Rivalry
        8.2.5    Threat of Substitutes
    8.3    Key Indicators for Demand
    8.4    Key Indicators for Price
9    Competitive Landscape
    9.1    Market Structure
    9.2    Company Profiles
        9.2.1    ABB Ltd.
            9.2.1.1    Company Overview
            9.2.1.2    Product Portfolio
            9.2.1.3    Demographic Reach and Achievements
            9.2.1.4    Certifications
        9.2.2    Huawei Technologies Co., Ltd.
            9.2.2.1    Company Overview
            9.2.2.2    Product Portfolio
            9.2.2.3    Demographic Reach and Achievements
            9.2.2.4    Certifications
        9.2.3    Delta Electronics, Inc.
            9.2.3.1    Company Overview
            9.2.3.2    Product Portfolio
            9.2.3.3    Demographic Reach and Achievements
            9.2.3.4    Certifications
        9.2.4    SMA Solar India Private Limited
            9.2.4.1    Company Overview
            9.2.4.2    Product Portfolio
            9.2.4.3    Demographic Reach and Achievements
            9.2.4.4    Certifications
        9.2.5    Genus Power Infrastructures Ltd
            9.2.5.1    Company Overview
            9.2.5.2    Product Portfolio
            9.2.5.3    Demographic Reach and Achievements
            9.2.5.4    Certifications
        9.2.6    SolarEdge Technologies Inc.
            9.2.6.1    Company Overview
            9.2.6.2    Product Portfolio
            9.2.6.3    Demographic Reach and Achievements
            9.2.6.4    Certifications
        9.2.7    Others
10    Key Trends and Developments in the Market

 

List of Figures and Tables

1.    India Power Inverter Market: Key Industry Highlights, 2018 and 2032
2.    India Power Inverter Historical Market: Breakup by Rating (USD Billion), 2018-2023
3.    India Power Inverter Market Forecast: Breakup by Rating (USD Billion), 2024-2032
4.    India Power Inverter Historical Market: Breakup by Application (USD Billion), 2018-2023
5.    India Power Inverter Market Forecast: Breakup by Application (USD Billion), 2024-2032
6.    India Power Inverter Historical Market: Breakup by End Use (USD Billion), 2018-2023
7.    India Power Inverter Market Forecast: Breakup by End Use (USD Billion), 2024-2032
8.    India Power Inverter Market Structure.

Key Questions Answered in the Report

In 2023, the market attained a value of nearly USD 5.52 billion.

The market is estimated to grow at a CAGR of 15% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 19.39 billion by 2032.

The market is being aided by the growing use of power inverters in the residential sector, rapid urbanisation, and the rising adoption of power inverters in utility operations.

The market is expected to be bolstered by the rising penetration of smart power inverters, the rising exploration of solar energy, and the growing manufacturing of power inverters in the country.

The power ratings for inverters in the market are <5KW, 5kW to 100kW, 100kW to 500kW, and above 500kW.

The various applications of power inverter are motor drives, UPS, rail traction, wind turbines, EVs/HEVs, and solar PVs, among others.

The significant end uses in the market are utilities, residential, commercial and industrial, and automotive and transportation, among others.

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

Analyst Review

The India power inverter market attained a value of nearly USD 5.52 billion in 2023, driven by the growing use of power inverters in the residential sector. Aided by the rising penetration of smart power inverters, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 15%. The market is estimated to reach about USD 19.39 billion by 2032.

 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the market for power inverter can be segmented into <5KW, 5kW to 100kW, 100kW to 500kW, and above 500kW. By application, the market is classified into motor drives, UPS, rail traction, wind turbines, EVs/HEVs, and solar PVs, among others. On the basis of end uses, the market is divided into utilities, residential, commercial and industrial, and automotive and transportation, among others. The key players in the above market include ABB Ltd., Huawei Technologies Co., Ltd., Delta Electronics, Inc., SMA Solar India Private Limited, Genus Power Infrastructures Ltd, and SolarEdge Technologies Inc., among others.

 

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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