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Indian Solar Electric System and Inverter Market Forecast: By Technology Type: Crystalline Silicon, Thin Films; By Installation Type: Ground Mounted, Rooftop; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032
Indian Solar Electric System and Inverter Market Outlook
The Indian solar electric system and inverter markets are expected to reach volume of almost 43.20 GW by the year 2032, growing at a CAGR of 13.1% between 2024 and 2032.
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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.
Market Segmentation
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.
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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.
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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 market based on the Porter's five forces model along with giving a SWOT analysis.
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
|
| Indian Solar Electric System Market Breakup by Technology Type |
|
| Indian Solar Electric System Market Breakup by Installation Type |
|
| Indian Solar Inverter Market Breakup by Inverter Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
| 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 Snapshot
6.1 Global
6.2 India
7 Opportunities and Challenges in the Market
8 Global Solar Electric System Market Overview
8.1 Key Industry Highlights
8.2 Global Solar Electric System Historical Market (2018-2023)
8.3 Global Solar Electric System Market Forecast (2024-2032)
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 North America
8.6.2 Europe
8.6.3 Asia Pacific
8.6.4 Latin America
8.6.5 Middle East and Africa
9 Global Solar Invertor Market Overview
9.1 Key Industry Highlights
9.2 Global Solar Invertor Historical Market (2018-2023)
9.3 Global Solar Invertor Market Forecast (2024-2032)
9.4 Global Solar Invertor Market by Inverter Type
9.5 Global Solar Invertor Market by Region
9.5.1 North America
9.5.2 Europe
9.5.3 Asia Pacific
9.5.4 Latin America
9.5.5 Middle East and Africa
10 Indian Solar Electric System Market Analysis
10.1 Key Industry Highlights
10.2 Indian Solar Electric System Historical Market (2018-2023)
10.3 Indian Solar Electric System Market Forecast (2024-2032)
10.4 Indian Solar Electric System Market by Technology Type
10.4.1 Crystalline Silicon
10.4.1.1 Historical Trend (2018-2023)
10.4.1.2 Forecast Trend (2024-2032)
10.4.2 Thin Films
10.4.2.1 Historical Trend (2018-2023)
10.4.2.2 Forecast Trend (2024-2032)
10.5 Indian Solar Electric System Market by Installation Type
10.5.1 Ground Mounted
10.5.1.1 Historical Trend (2018-2023)
10.5.1.2 Forecast Trend (2024-2032)
10.5.2 Rooftop
10.5.2.1 Historical Trend (2018-2023)
10.5.2.2 Forecast Trend (2024-2032)
10.6 Indian Solar Electric System Market by States
10.6.1 Telangana
10.6.2 Tamil Nadu
10.6.3 Rajasthan
10.6.4 Andhra Pradesh
10.6.5 Gujarat
10.6.6 Karnataka
10.6.7 Others
11 Indian Solar Inverter Market Analysis
11.1 Key Industry Highlights
11.2 Indian Solar Inverter Historical Market (2018-2023)
11.3 Indian Solar Inverter Market Forecast (2024-2032)
11.4 Indian Solar Inverter Market by Inverter Type
11.4.1 Central Inverter
11.4.1.1 Historical Trend (2018-2023)
11.4.1.2 Forecast Trend (2024-2032)
11.4.2 String Inverter
11.4.2.1 Historical Trend (2018-2023)
11.4.2.2 Forecast Trend (2024-2032)
11.4.3 Others
11.5 Indian Solar Inverter Market by States
11.5.1 Telangana
11.5.2 Tamil Nadu
11.5.3 Rajasthan
11.5.4 Andhra Pradesh
11.5.5 Gujarat
11.5.6 Karnataka
11.5.7 Others
12 Regional Analysis
12.1 Telangana
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Tamil Nadu
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Rajasthan
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Andhra Pradesh
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Tamil Nadu
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Gujarat
12.6.1 Historical Trend (2018-2023)
12.6.2 Forecast Trend (2024-2032)
12.7 Karnataka
12.7.1 Historical Trend (2018-2023)
12.7.2 Forecast Trend (2024-2032)
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 Key Indicators for Demand
13.4 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 Key Trends and Developments in the Market
List of Key Figures and Tables
1. India Solar Electric System and Inverter Market: Key Industry Highlights, 2018 and 2032
2. Global Solar Electric System Market: Key Industry Highlights, 2018 and 2032
3. Global Solar Electric System Historical Market: Breakup by Technology (MW), 2018-2023
4. Global Solar Electric System Forecast: Breakup by Technology (MW), 2024-2032
5. Global Solar Electric System Historical Market: Breakup by Installation Type (MW), 2018-2023
6. Global Solar Electric System Market: Breakup by Installation Type (MW), 2024-2032
7. Global Solar Electric System Historical Market: Breakup by Region (MW), 2018-2023
8. Global Solar Electric System Market Forecast: Breakup by Region (MW), 2024-2032
9. Global Solar Inverter Market: Key Industry Highlights, 2018 and 2032
10. Global Solar Inverter Historical Market: Breakup by Inverter Type (MW), 2018-2023
11. Global Solar Inverter Market Forecast: Breakup by Inverter Type (MW), 2024-2032
12. Global Solar Inverter Historical Market: Breakup by Region (MW), 2018-2023
13. Global Solar Inverter Market Forecast: Breakup by Region (MW), 2024-2032
14. Indian Solar Electric System Market: Key Industry Highlights, 2018 and 2032
15. Indian Solar Electric System Historical Market: Breakup by Technology (MW), 2018-2023
16. Indian Solar Electric System Market Forecast: Breakup by Technology (MW), 2024-2032
17. Indian Solar Electric System Historical Market: Breakup by Installation Type (MW), 2018-2023
18. Indian Solar Electric System Market Forecast: Breakup by Installation Type (MW), 2024-2032
19. Indian Solar Electric System Historical Market: Breakup by State (MW), 2018-2023
20. Indian Solar Electric System Market Forecast: Breakup by State (MW), 2024-2032
21. Indian Solar Inverter Market: Key Industry Highlights, 2018 and 2032
22. Indian Solar Inverter Historical Market: Breakup by Type (MW), 2018-2023
23. Indian Solar Inverter Market Forecast: Breakup by Type (MW), 2024-2032
24. Indian Solar Inverter Historical Market: Breakup by State (MW), 2018-2023
25. Indian Solar Inverter Market Forecast: Breakup by State (MW), 2024-2032
26. Indian Solar Electric System and Inverter Market Structure
Key Questions Answered in the Report
The market is expected to grow at a CAGR of 13.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around 43.20 GW by 2032.
The major drivers of the market are rising disposable incomes, increasing population, rising adoption of electronic and HVAC systems, inadequate electricity supply, and lowering of costs of equipment.
The rising shift from non-renewable to renewable energy sources and government incentives are the major trends driving the growth of the market.
The major states for solar electric systems and inverters are Telangana, Tamil Nadu, Rajasthan, Andhra Pradesh, Gujarat, and Karnataka, among others.
The various technology types of solar electric system in the market are thin films and crystalline silicon.
The leading installation types of solar electric systems in the market are ground mounted and rooftop.
The inverter types of solar inverters in the market are central inverter, and string inverter, among others.
The key players in the market for solar inverters are Fimer S.p.A., Toshiba Mitsubishi-Electric Industrial Systems Corporation, SMA Solar Technology AG, and Hitachi Hi-Rel Power Electronics Private Limited, among others. In the market for solar panels, the key players are 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 and inverter markets are expected to reach volume of almost 43.20 GW by the year 2032, growing at a CAGR of 13.1% between 2024 and 2032.
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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