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Indian Solar Electric System and Inverter Market: By Technology Type; By Installation Type; Regional Analysis; Historical Market and Forecast (2015-2025); Market Dynamics; Value Chain Analysis; Manufacturing Process; Government Initiatives; Competitive Landscape; Industry Events and Developments

Indian Solar Electric System and Inverter Market Outlook

The Indian solar electric system and inverter markets are expected to reach volumes of almost 128,423 MW and 26,312 MW by the year 2025, growing at a CAGR of 26.5% and 15% between 2020 and 2025, respectively. 

The Indian solar electric system and inverter market is driven by the rising awareness regarding renewable power resources. The market is further aided by the maintenance cost related to solar electric systems, which is comparatively low, helping it gain traction, especially in an emerging economy such as India. Telangana is the leading regional market in India. 

 

Properties and Applications

A solar panel is referred to as a collection of cells which is utilised to produce electricity using sunlight as the energy source, whereas a solar inverter is referred to as a device which helps in the conversion of the direct current produced by the panels into alternating current. This current is then distributed to either power grids, storage batteries, or houses for operating various appliances.

The Indian solar electric system market is bifurcated on the basis of technology type into:

  • Crystalline Silicon
  • Thin Films

Out of these, crystalline silicon represents the most preferred segment.

On the basis of installation type, the solar electric system market is segmented into:

  • Ground Mounted
  • Rooftop

Amongst these, the ground mounted segment hold the largest market share.

The Indian solar inverter market is segmented on the basis of inverter type into:

  • Central Inverter
  • String Inverter
  • Others

On the basis of the inverter type, central inverters represent the leading type in the industry. 

The report also covers the regional markets in India like Telangana, Tamil Nadu, Rajasthan, Andhra Pradesh, Gujarat, Karnataka, and others.

 

Market Analysis 

The Indian solar electric system and inverter market is driven by the constant shortage in the electricity supply across the country. The market is further aided by the rising population, in conjunction with rising adoption rates of electronic appliances and heating, ventilating, and air conditioning (HVAC) systems, and electronic appliances, which has resulted in the escalating use and consequent deficit in the supply of electricity. In addition to this, the market is witnessing a reduction of the prices of equipment used in the production process of such electric systems, thereby reducing their average selling price and boosting the Indian solar electric system and inverter market growth.
 
The market is aided by the rising awareness of the risks associated with the use of conventional energy sources, leading to a significant shift in the preference of consumers toward cleaner power sources. Moreover, several government initiatives are encouraging the use of these systems and, consequently, impacting their sales positively. For example, the Government of India offers incentives and subsidies for the installation of rooftop systems. The government has taken many initiatives under its wings, which aim to achieve a national solar rooftop target of 40 GW till 2021-2022.

 

Competitive Landscape 

The report gives a detailed analysis of the following key players in the Indian solar electric system and inverter market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Fimer S.p.A.
  • Toshiba Mitsubishi-Electric Industrial Systems Corporation
  • SMA Solar Technology AG
  • Hitachi Hi-Rel Power Electronics Private Limited
  • Vikram Solar Limited
  • Waaree Energies Ltd.
  • Adani Group
  • Goldi Solar Pvt Ltd
  • Tata Power Solar Systems Ltd
  • Moser Baer Solar Limited  
  • XL Energy Ltd.
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis. 

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    Snapshot
    6.1    Global
    6.2    India
7    Industry Opportunities and Challenges
8    Global Solar Electric System Market Overview

    8.1    Key Industry Highlights
    8.2    Global Solar Electric System Historical Market (2015-2019) 
    8.3    Global Solar Electric System Market Forecast (2020-2025)
    8.4    Global Solar Electric System Market by Technology Type
    8.5    Global Solar Electric System Market by Installation Type
    8.6    Global Solar Electric System Market by Region
        8.6.1    Market Share
            8.6.1.1    North America
            8.6.1.2    Europe
            8.6.1.3    Asia Pacific
            8.6.1.4    Latin America
            8.6.1.5    Middle East and Africa
9    Global Solar Invertor Market Overview
    9.1    Key Industry Highlights
    9.2    Global Solar Invertor Historical Market (2015-2019) 
    9.3    Global Solar Invertor Market Forecast (2020-2025)
    9.4    Global Solar Invertor Market by Inverter Type
    9.5    Global Solar Invertor Market by Region
        9.5.1    Market Share
            9.5.1.1    North America
            9.5.1.2    Europe
            9.5.1.3    Asia Pacific
            9.5.1.4    Latin America
            9.5.1.5    Middle East and Africa
10    Indian Solar Electric System Market Analysis
    10.1    Key Industry Highlights
    10.2    Indian Solar Electric System Historical Market (2015-2019) 
    10.3    Indian Solar Electric System Market Forecast (2020-2025)
    10.4    Indian Solar Electric System Market by Technology Type
        10.4.1    Crystalline Silicon
            10.4.1.1    Market Share
            10.4.1.2    Historical Trend (2015-2019)
            10.4.1.3    Forecast Trend (2020-2025)
        10.4.2    Thin Films
            10.4.2.1    Market Share
            10.4.2.2    Historical Trend (2015-2019)
            10.4.2.3    Forecast Trend (2020-2025)
    10.5    Indian Solar Electric System Market by Installation Type
        10.5.1    Ground Mounted
            10.5.1.1    Market Share
            10.5.1.2    Historical Trend (2015-2019)
            10.5.1.3    Forecast Trend (2020-2025)
        10.5.2    Rooftop
            10.5.2.1    Market Share
            10.5.2.2    Historical Trend (2015-2019)
            10.5.2.3    Forecast Trend (2020-2025)
    10.6    Indian Solar Electric System Market by States
        10.6.1    Market Share
            10.6.1.1    Telangana
            10.6.1.2    Tamil Nadu
            10.6.1.3    Rajasthan
            10.6.1.4    Andhra Pradesh
            10.6.1.5    Gujarat
            10.6.1.6    Karnataka
            10.6.1.7    Others
11    Indian Solar Inverter Market Analysis
    11.1    Key Industry Highlights
    11.2    Indian Solar Inverter Historical Market (2015-2019) 
    11.3    Indian Solar Inverter Market Forecast (2020-2025)
    11.4    Indian Solar Inverter Market by Inverter Type
        11.4.1    Central Inverter
            11.4.1.1    Market Share
            11.4.1.2    Historical Trend (2015-2019)
            11.4.1.3    Forecast Trend (2020-2025)
        11.4.2    String Inverter
            11.4.2.1    Market Share
            11.4.2.2    Historical Trend (2015-2019)
            11.4.2.3    Forecast Trend (2020-2025)
        11.4.3    Others 
    11.5    Indian Solar Electric System Market by State
        11.5.1    Market Share
            11.5.1.1    Telangana
            11.5.1.2    Tamil Nadu
            11.5.1.3    Rajasthan
            11.5.1.4    Andhra Pradesh
            11.5.1.5    Gujarat
            11.5.1.6    Karnataka
            11.5.1.7    Others
12    Regional Analysis
    12.1    Telangana
        12.1.1    Historical Trend (2015-2019)
        12.1.2    Forecast Trend (2020-2025)
    12.2    Tamil Nadu
        12.2.1    Historical Trend (2015-2019)
        12.2.2    Forecast Trend (2020-2025)
    12.3    Rajasthan
        12.3.1    Historical Trend (2015-2019)
        12.3.2    Forecast Trend (2020-2025)
    12.4    Andhra Pradesh
        12.4.1    Historical Trend (2015-2019)
        12.4.2    Forecast Trend (2020-2025)
    12.5    Tamil Nadu
        12.5.1    Historical Trend (2015-2019)
        12.5.2    Forecast Trend (2020-2025)
    12.6    Gujarat
        12.6.1    Historical Trend (2015-2019)
        12.6.2    Forecast Trend (2020-2025)
    12.7    Karnataka
        12.7.1    Historical Trend (2015-2019)
        12.7.2    Forecast Trend (2020-2025)
13    Market Dynamics
    13.1    SWOT Analysis
        13.1.1    Strengths
        13.1.2    Weaknesses
        13.1.3    Opportunities
        13.1.4    Threats
    13.2    Porter’s Five Forces Analysis
        13.2.1    Supplier’s Power
        13.2.2    Buyers Power
        13.2.3    Threat of New Entrants
        13.2.4    Degree of Rivalry
        13.2.5    Threat of Substitutes
    13.3    EMR’s Key Indicators for Demand
    13.4    EMR’s Key Indicators for Price
14    Value Chain Analysis
15    Manufacturing Process

    15.1    Solar Panel Manufacturing Process
        15.1.1    Product Overview
        15.1.2    Detailed Process Flow
        15.1.3    Various Types of Unit Operations Involved
        15.1.4    Mass Balance and Raw Material Requirements
    15.2    Solar Inverter Manufacturing Process
        15.2.1    Product Overview
        15.2.2    Detailed Process Flow
        15.2.3    Various Types of Unit Operations Involved
        15.2.4    Mass Balance and Raw Material Requirements
16    Government Initiatives
    16.1    Jawaharlal Nehru National Solar Mission
    16.2    Solar Rooftop Subsidy Scheme Yojana
    16.3    Solar Park Scheme
    16.4    VGF (Viability Gap Funding) Scheme
    16.5    Solar Energy Subsidy Scheme
    16.6    UDAY Scheme
17    Competitive Landscape
    17.1    Market Structure
    17.2    Solar Inverter Key Players
        17.2.1    Fimer S.p.A.
            17.2.1.1    Company Overview
            17.2.1.2    Product Portfolio
            17.2.1.3    Demographic Reach and Achievements
            17.2.1.4    Financial Summary
            17.2.1.5    Certifications
        17.2.2    Toshiba Mitsubishi-Electric Industrial Systems Corporation
            17.2.2.1    Company Overview
            17.2.2.2    Product Portfolio
            17.2.2.3    Demographic Reach and Achievements
            17.2.2.4    Financial Summary
            17.2.2.5    Certifications
        17.2.3    SMA Solar Technology AG
            17.2.3.1    Company Overview
            17.2.3.2    Product Portfolio
            17.2.3.3    Demographic Reach and Achievements
            17.2.3.4    Financial Summary
            17.2.3.5    Certifications
        17.2.4    Hitachi Hi-Rel Power Electronics Private Limited
            17.2.4.1    Company Overview
            17.2.4.2    Product Portfolio
            17.2.4.3    Demographic Reach and Achievements
            17.2.4.4    Financial Summary
            17.2.4.5    Certifications
        17.2.5    Others
    17.3    Solar Panel Key Players
        17.3.1    Vikram Solar Limited
            17.3.1.1    Company Overview
            17.3.1.2    Product Portfolio
            17.3.1.3    Demographic Reach and Achievements
            17.3.1.4    Financial Summary
            17.3.1.5    Certifications
        17.3.2    Waaree Energies Ltd.
            17.3.2.1    Company Overview
            17.3.2.2    Product Portfolio
            17.3.2.3    Demographic Reach and Achievements
            17.3.2.4    Financial Summary
            17.3.2.5    Certifications
        17.3.3    Adani Group
            17.3.3.1    Company Overview
            17.3.3.2    Product Portfolio
            17.3.3.3    Demographic Reach and Achievements
            17.3.3.4    Financial Summary
            17.3.3.5    Certifications
        17.3.4    Goldi Solar Pvt Ltd
            17.3.4.1    Company Overview
            17.3.4.2    Product Portfolio
            17.3.4.3    Demographic Reach and Achievements
            17.3.4.4    Financial Summary
            17.3.4.5    Certifications
        17.3.5    Tata Power Solar Systems Ltd
            17.3.5.1    Company Overview
            17.3.5.2    Product Portfolio
            17.3.5.3    Demographic Reach and Achievements
            17.3.5.4    Financial Summary
            17.3.5.5    Certifications 
        17.3.6    Moser Baer Solar Limited  
            17.3.6.1    Company Overview
            17.3.6.2    Product Portfolio
            17.3.6.3    Demographic Reach and Achievements
            17.3.6.4    Financial Summary
            17.3.6.5    Certifications 
        17.3.7    XL Energy Ltd.
            17.3.7.1    Company Overview
            17.3.7.2    Product Portfolio
            17.3.7.3    Demographic Reach and Achievements
            17.3.7.4    Financial Summary
            17.3.7.5    Certifications 
        17.3.8    Others
18    Industry Events and Developments


List of Figures and Tables


1.    India Solar Electric System and Inverter Market: Key Industry Highlights, 2015 and 2025
2.    Global Solar Electric System Market: Key Industry Highlights, 2015 and 2025
3.    Global Solar Electric System Historical Market: Breakup by Technology (MW), 2015-2019
4.    Global Solar Electric System Forecast: Breakup by Technology (MW), 2020-2025
5.    Global Solar Electric System Historical Market: Breakup by Installation Type (MW), 2015-2019
6.    Global Solar Electric System Market: Breakup by Installation Type (MW), 2020-2025
7.    Global Solar Electric System Historical Market: Breakup by Region (MW), 2015-2019
8.    Global Solar Electric System Market Forecast: Breakup by Region (MW), 2020-2025
9.    Global Solar Inverter Market: Key Industry Highlights, 2015 and 2025
10.    Global Solar Inverter Historical Market: Breakup by Inverter Type (MW), 2015-2019
11.    Global Solar Inverter Market Forecast: Breakup by Inverter Type (MW), 2020-2025
12.    Global Solar Inverter Historical Market: Breakup by Region (MW), 2015-2019
13.    Global Solar Inverter Market Forecast: Breakup by Region (MW), 2020-2025
14.    Indian Solar Electric System Market: Key Industry Highlights, 2015 and 2025
15.    Indian Solar Electric System Historical Market: Breakup by Technology (MW), 2015-2019
16.    Indian Solar Electric System Market Forecast: Breakup by Technology (MW), 2020-2025
17.    Indian Solar Electric System Historical Market: Breakup by Installation Type (MW), 2015-2019
18.    Indian Solar Electric System Market Forecast: Breakup by Installation Type (MW), 2020-2025
19.    Indian Solar Electric System Historical Market: Breakup by State (MW), 2015-2019
20.    Indian Solar Electric System Market Forecast: Breakup by State (MW), 2020-2025
21.    Indian Solar Inverter Market: Key Industry Highlights, 2015 and 2025
22.    Indian Solar Inverter Historical Market: Breakup by Type (MW), 2015-2019
23.    Indian Solar Inverter Market Forecast: Breakup by Type (MW), 2020-2025
24.    Indian Solar Inverter Historical Market: Breakup by State (MW), 2015-2019
25.    Indian Solar Inverter Market Forecast: Breakup by State (MW), 2020-2025
26.    Indian Solar Electric System and Inverter Market Structure

Key Questions Answered in the Report

In the forecast period of 2020-2025, the Indian solar electric system market and inverter market grew at a CAGR of 26.5% and 15%, respectively. 

By 2025, the Indian solar electric system market and inverter market sizes are estimated to attain nearly 128,423 MW and 26,312 MW, respectively.

The major drivers of the industry such as rising disposable incomes, increasing population, rising adoption of electronic and HVAC systems, inadequate electricity supply, and lowering of equipment cost are expected to aid the industry growth.

The rising shift from non-renewable to renewable energy sources and government incentives are the major trends driving the growth of the industry. 

The major regions in the industry are Telangana, Tamil Nadu, Rajasthan, Andhra Pradesh, Gujarat, Karnataka, and others, with Telangana accounting for the largest market share.

The dominant technology type of solar electric system in the industry is crystalline silicon. 

The leading installation type of the product represented by the ground mounted segment.

The major inverter type in the industry is central inverters. 

The key players in the industry are Fimer S.p.A., Toshiba Mitsubishi-Electric Industrial Systems Corporation, SMA Solar Technology AG, Hitachi Hi-Rel Power Electronics Private Limited, Vikram Solar Limited, Waaree Energies Ltd., Adani Group, Goldi Solar Pvt Ltd, Tata Power Solar Systems Ltd, Moser Baer Solar Limited, and XL Energy Ltd., among others.

Analyst Review

The Indian solar electric system is projected to attain 128,423 MW by 2025, growing at a CAGR of 26.5% between 2020 and 2025. The market is driven by favourable government incentives. Aided by the inadequate supply of electricity and rising adoption of electronics, the solar inverter market is expected to witness a healthy growth in the forecast period of 2020-2025, growing at a CAGR of 15%. The market is projected to reach 26,312 MW by 2025. 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on technology type, the Indian solar electric system market is segmented into crystalline silicon and thin films, with the crystalline silicon segment dominating the market. On the basis of installation type, the ground mounted segment lead the Indian solar electric system market. Based on inverter type, the industry is segmented into central and string inverter, among others, with central inverters accounting for the largest share in the market. The major regional markets for the products are Telangana, Tamil Nadu, Rajasthan, Andhra Pradesh, Gujarat, Karnataka, and others, with Telangana accounting for the largest share of the market. The key players in the above market include Fimer S.p.A., Toshiba Mitsubishi-Electric Industrial Systems Corporation, SMA Solar Technology AG, Hitachi Hi-Rel Power Electronics Private Limited, Vikram Solar Limited, Waaree Energies Ltd., Adani Group, Goldi Solar Pvt Ltd, Tata Power Solar Systems Ltd, Moser Baer Solar Limited, and XL Energy Ltd., 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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