Market Overview:
The India solar microinverter market size is expected to exhibit a growth rate (CAGR) of 15.9% during 2024-2032.
Report Attribute
|
Key Statistics
|
Base Year
|
2023
|
Forecast Years
|
2024-2032
|
Historical Years
|
2018-2023
|
Market Growth Rate (2024-2032) |
15.9% |
A solar microinverter refers to electronic equipment that is used to convert the direct current (DC) generated by solar panels to alternating current (AC). It is attached to solar panels and converts the current separately. The solar microinverter is different from string inverters and central inverters, which are generally used for utility-sized solar power stations. In India, solar microinverters are gaining immense popularity as they are safe, reliable, and cost-effective. They also help reduce the risk of fire, dissipate significantly less heat, produce more electricity, operate without noise and offer immense design flexibility.
The India solar microinverter market is primarily driven by a shift from fossil fuel-based energy generation to sustainable and clean power sources. With the rising environmental concerns, the Government of India has undertaken several favorable initiatives to promote the use of renewable energy sources. This has increased the sales of solar microinverters, which help in reducing the carbon footprint. Besides this, the rising cost of fossil fuels is making solar power an economical alternative, thereby escalating the demand for microinverters across the country. Moreover, factors such as rapid urbanization, increasing expenditure for the development of solar power infrastructure and the growing utilization of Building-Integrated Photovoltaics (BIPV) have also bolstered the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the India solar microinverter market report, along with forecasts at the country and regional levels from 2024-2032. Our report has categorized the market based on connectivity, component, communication channel, type and application.
Breakup by Connectivity:
Breakup by Component:
Breakup by Communication Channel:
Breakup by Type:
Breakup by Application:
- Residential
- Commercial
- Others
Breakup by Region:
- North India
- West and Central India
- East India
- South India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Report Coverage:
Report Features |
Details |
Base Year of the Analysis |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Units |
US$ Million |
Segment Coverage |
Connectivity, Component, Communication Channel, Type, Application, Region |
Region Covered |
North India, West and Central India, East India, South India |
Customization Scope |
10% Free Customization |
Report Price and Purchase Option |
Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699 |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
- How has the India solar microinverter market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the India solar microinverter market?
- What are the key regional markets?
- What is the breakup of the market based on the connectivity?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the communication channel?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the India solar microinverter market and who are the key players?
- What is the degree of competition in the industry?