Indian Solar Electric System and Inverter Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023

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The Indian solar photo voltaic system market and the solar inverter market are projected to reach volumes of X MW and X MW by 2023, exhibiting a CAGR of X% and X% during 2018-2023 respectively. A solar panel refers to a collection of solar cells which is employed to generate electricity using sunlight as the energy source. A solar inverter, on the other hand, is a device which helps in converting the direct current produced by the solar panels into alternating current. This current is then supplied to either storage batteries, power grids or houses for operating various appliances. Several efforts are being made by the Government of India to harness renewable sources, such as wind, solar, geothermal, etc. for energy production due to their easy availability. Amongst these, solar power is amongst the fastest developing segment, owing to the suitable geographical location of India which offers an ample supply of sunlight throughout the year.

Indian Solar Electric System and Inverter Market Trends:

  • The Indian government is encouraging the use of renewable sources of energy like solar, wind, etc. so as to decrease the dependency on non-renewable sources and reduce their carbon footprint. As a result, the Government has undertaken several initiatives including the Solar Rooftop Scheme, Jawaharlal Nehru National Solar Mission and Solar Energy Subsidy Scheme which are catalyzing the demand for solar power systems in the region.
  • Solar power systems are currently available in various forms such as off-grid solar power system, grid inter-tied solar power system with battery backup, and grid inter-tied solar power system without battery backup. According to their requirements, the consumers can easily choose from these varieties and install the system in their houses or office buildings.
  • Due to its location between the Tropic of Cancer and the Equator, India has an average annual temperature that ranges from 25 degree Celsius to 27 degree Celsius. Owing to this, the country has a huge potential for solar power generation. As per government estimations, India receives solar radiation of about 5,000tn kWh per year. This, coupled with the availability of barren land, increases the feasibility of solar energy systems in the country. 
  • Although, the initial cost for setting up a solar power system is very high, the maintenance cost associated with solar products is relatively low. Moreover, there is no professional operator required to run the system, unlike the conventional power system.
  • Decreasing prices of equipment used for solar panel manufacturing has significantly reduced the overall cost of solar PV panels, enabling solar power companies to expand their capacities.


Solar Electric System Market

Market Breakup by Technology Type:

On the basis of technology type, the market has been segmented into crystalline silicon and thin films. Amongst these, crystalline silicon (c-Si) represents the bigger segment.

Market Breakup by Installation Type:

Based on the installation type, ground mounted solar panels exhibit a clear dominance, accounting for the majority of the total market share. This can be attributed to their advantages, such as easy installation, productivity and easy accessibility for cleaning and maintenance.

Regional Insights:

Region-wise, the market has been divided into Telangana, Rajasthan, Andhra Pradesh, Tamil Nadu, Karnataka, Gujarat and others. Amongst these, Telangana holds the largest market share owing to several initiatives by the State Government under the ‘Telangana Solar Power Policy 2015’.

Solar Inverter Market

Market Breakup by Inverter Type:

On the basis of inverter type, central inverters represent the biggest segment, holding the largest market share. This can be attributed to the advantages offered by these inverters like high efficiency, low cost, credibility and easy installation. Central inverters are followed by string inverters and others.

Regional Insights:

On a geographical front, Telangana represents the leading market for solar power inverters, followed by Tamil Nadu, Rajasthan, Andhra Pradesh, Gujarat and Karnataka. Upcoming construction of floating solar power plants in Himayathsagar and Osmansagar are expected to propel the growth of the market.

This report provides a deep insight into the Indian solar electric system and inverter market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the solar electric system and inverter market in any manner.

Key Questions Answered in This Report:

  • How has the Indian solar electric system and inverter market performed so far and how will it perform in the coming years?
  • What are the key regional markets in the Indian solar electric system and inverter market?
  • What are the major technology types in the Indian solar electric system market?
  • What is the breakup of the Indian solar electric system market on the basis of installation type?
  • What are the major product types in the Indian solar inverter market?
  • What are the various stages in the value chain of the Indian solar electric system and inverter market?
  • What are the key driving factors and challenges in the Indian solar electric system and inverter market?
  • What is the structure of the Indian solar electric system and inverter market and who are the key players?
  • What is the degree of competition in the Indian solar electric system and inverter market?
  • How are solar panels manufactured?
  • How are solar inverters manufactured?

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
    2.6    Study Assumptions
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Solar Electric System Industry
    5.1    Market Overview
    5.2    Market Performance
    5.3    Market Breakup by Technology Type
    5.4    Market Breakup by Installation Type
    5.5    Market Breakup by Region
    5.6    Market Forecast
6    Global Solar Inverter Industry
    6.1    Market Overview
    6.2    Market Performance
    6.3    Market Breakup by Inverter Type
    6.4    Market Breakup by Region
    6.5    Market Forecast
7    Indian Solar Electric System Market
    7.1    Market Overview
    7.2    Market Performance
    7.3    Market Breakup by Technology Type
        7.3.1    Crystalline Silicon
            7.3.1.1   Market Trends
            7.3.1.2      Market Forecast
        7.3.2    Thin Films
            7.3.2.1   Market Trends
            7.3.2.2      Market Forecast
    7.4    Market Breakup by Installation Type
        7.4.1    Ground Mounted
            7.4.1.1   Market Trends
            7.4.1.2      Market Forecast
        7.4.2    Rooftop
            7.4.2.1      Market Trends
            7.4.2.2      Market Forecast
    7.5    Market Breakup by Region
        7.5.1    Telangana
            7.5.1.1      Market Trends
            7.5.1.2      Market Forecast
        7.5.2    Rajasthan
            7.5.2.1      Market Trends
            7.5.2.2      Market Forecast
        7.5.3    Andhra Pradesh
            7.5.3.1      Market Trends
            7.5.3.2      Market Forecast
        7.5.4    Tamil Nadu
            7.5.4.1      Market Trends
            7.5.4.2      Market Forecast
        7.5.5    Karnataka
            7.5.5.1      Market Trends
            7.5.5.2      Market Forecast
        7.5.6    Gujarat
            7.5.6.1      Market Trends
            7.5.6.2      Market Forecast
        7.5.7    Others
            7.5.7.1      Market Trends
            7.5.7.2      Market Forecast
    7.6    Market Forecast
    7.7    Key Market Drivers and Success Factors
8    Indian Solar Inverter Market
    8.1    Market Overview
    8.2    Market Performance
    8.3    Market Breakup by Inverter Type
        8.3.1    Central Inverter
            8.3.1.1      Market Trends
            8.3.1.2      Market Forecast
        8.3.2    String Inverter
            8.3.2.1      Market Trends
            8.3.2.2      Market Forecast
        8.3.3    Others
           8.3.3.1      Market Trends
            8.3.3.2      Market Forecast
    8.4    Market Breakup by Region
        8.4.1    Telangana
            8.4.1.1      Market Trends
            8.4.1.2      Market Forecast
        8.4.2    Tamil Nadu
            8.4.2.1      Market Trends
            8.4.2.2      Market Forecast
        8.4.3    Rajasthan
            8.4.3.1      Market Trends
           8.4.3.2      Market Forecast
        8.4.4    Andhra Pradesh
            8.4.4.1      Market Trends
            8.4.4.2      Market Forecast
        8.4.5    Gujarat
            8.4.5.1      Market Trends
            8.4.5.2      Market Forecast
        8.4.6    Karnataka
            8.4.6.1      Market Trends
            8.4.6.2      Market Forecast
        8.4.7    Others
            8.4.7.1      Market Trends
            8.4.7.2      Market Forecast
    8.5    Market Forecast
9    SWOT Analysis
    9.1    Strengths
    9.2    Weaknesses
    9.3    Opportunities
    9.4    Threats
10    Value Chain Analysis
11    Porter’s Five Forces Analysis
    11.1    Overview
    11.2    Bargaining Power of Buyers
    11.3    Bargaining Power of Suppliers
    11.4    Degree of Rivalry
    11.5    Threat of New Entrants
    11.6    Threat of Substitutes
12    Manufacturing Process
    12.1    Solar Panel Manufacturing Process
        12.1.1    Product Overview
        12.1.2    Detailed Process Flow
        12.1.3    Various Types of Unit Operations Involved
        12.1.4    Mass Balance and Raw Material Requirements
    12.2    Solar Inverter Manufacturing Process
        12.2.1    Product Overview
        12.2.2    Detailed Process Flow
        12.2.3    Various Types of Unit Operations Involved
        12.2.4    Mass Balance and Raw Material Requirements
13    Government Initiatives
    13.1    Jawaharlal Nehru National Solar Mission
    13.2    Solar Rooftop Subsidy Scheme Yojana
    13.3    Solar Park Scheme
    13.4    VGF (Viability Gap Funding) Scheme
    13.5    Solar Energy Subsidy Scheme
    13.6    UDAY Scheme
14    Competitive Landscape
    14.1    Competitive Structure
    14.2    Key Players
15    Profile of Key Players
    15.1    Solar Inverter Key Players
        15.1.1    ABB
        15.1.2    TMEIC
        15.1.3    SMA
        15.1.4    Hitachi
        15.1.5    Sungrow Power Supply Co., LTD.
        15.1.6    Huawei
        15.1.7    Schneider Electric
    15.2    Solar Panel Key Players
        15.2.1    Vikram Solar Pvt Ltd
        15.2.2    Waree Solar Energy Pvt Ltd
        15.2.3    Adani Enterprises Ltd
        15.2.4    Goldi Green Technologies Pvt Ltd
        15.2.5    Tata Power Solar Systems Ltd
        15.2.6    Moser Baer Solar Ltd
        15.2.7    XL Energy Ltd
        15.2.8    Solar Semiconductor Pvt Ltd
        15.2.9    Emmvee Photovoltaics Pvt Ltd
        15.2.10    Navitas Green Solutions Pvt Ltd
 
List of Figures

Figure 1: India: Solar Electric System Market: Major Drivers and Challenges
Figure 2: Global: Solar Electric System Market: Volume Trends (in GW), 2010-2017
Figure 3: Global: Solar Electric System Market: Breakup by Technology Type (in %), 2017
Figure 4: Global: Solar Electric System Market: Breakup by Installation Type (in %), 2017
Figure 5: Global: Solar Electric System Market: Production Breakup by Region
Figure 6: Global: Solar Electric System Market Forecast: Volume Trends (in GW), 2018-2023
Figure 7: Global: Solar Inverter Market: Volume Trends (in GW), 2010-2017
Figure 8: Global: Solar Inverter Market: Breakup by Inverter Type (in %), 2017
Figure 9: Global: Solar Inverter Market: Production Breakup by Region
Figure 10: Global: Solar Inverter Market Forecast: Volume Trends (in GW), 2018-2023
Figure 11: India: Solar Electric System Market: Production Volume (in MW), 2010-2017
Figure 12: India: Solar Electric System Market: Breakup by Technology Type (in %), 2017
Figure 13: India: Solar Electric System Market: Crystalline Silicon (in MW), 2010 & 2017
Figure 14: India: Solar Electric System Market Forecast: Crystalline Silicon (in MW), 2018-2023
Figure 15: India: Solar Electric System Market: Thin Films (in MW), 2010 & 2017
Figure 16: India: Solar Electric System Market Forecast: Thin Films (in MW), 2018-2023
Figure 17: India: Solar Electric System Market: Breakup by Installation Type (in %), 2017
Figure 18: India: Solar Electric System Market: Ground Mounted (in MW), 2010 & 2017
Figure 19: India: Solar Electric System Market Forecast: Ground Mounted (in MW), 2018-2023
Figure 20: India: Solar Electric System Market: Rooftop (in MW), 2010 & 2017
Figure 21: India: Solar Electric System Market Forecast: Rooftop (in MW), 2018-2023
Figure 22: India: Solar Electric System Market: Production Breakup by Region
Figure 23: Telangana: Solar Electric System Market (in MW), 2016 & 2017
Figure 24: Rajasthan: Solar Electric System Market (in MW), 2016 & 2017
Figure 25: Andhra Pradesh: Solar Electric System Market (in MW), 2016 & 2017
Figure 26: Tamil Nadu: Solar Electric System Market (in MW), 2016 & 2017
Figure 27: Karnataka: Solar Electric System Market (in MW), 2016 & 2017
Figure 28: Gujarat: Solar Electric System Market (in MW), 2016 & 2017
Figure 29: Others: Solar Electric System Market (in MW), 2016 & 2017
Figure 30: India: Solar Electric System Market Forecast: Volume (in MW), 2018-2023
Figure 31: India: Solar Inverter Market: Production Volume (in MW), 2015-2017
Figure 32: India: Solar Inverter Market: Breakup by Inverter Type (in %), 2017
Figure 33: India: Solar Inverter Market: Central Inverter (in MW), 2015 & 2017
Figure 34: India: Solar Inverter Market Forecast: Central Inverter (in MW), 2018-2023
Figure 35: India: Solar Inverter Market: String Inverter (in MW), 2015 & 2017
Figure 36: India: Solar Inverter Market Forecast: String Inverter (in MW), 2018-2023
Figure 37: India: Solar Inverter Market: Others (in MW), 2015 & 2017
Figure 38: India: Solar Inverter Market Forecast: Others (in MW), 2018-2023
Figure 39: India: Solar Electric System Market: Production Breakup by Region
Figure 40: Telangana: Solar Electric System Market (in MW), 2016 & 2017
Figure 41: Tamil Nadu: Solar Electric System Market (in MW), 2016 & 2017
Figure 42: Rajasthan: Solar Electric System Market (in MW), 2016 & 2017
Figure 43: Andhra Pradesh: Solar Electric System Market (in MW), 2016 & 2017
Figure 44: Gujarat: Solar Electric System Market (in MW), 2016 & 2017
Figure 45: Karnataka: Solar Electric System Market (in MW), 2016 & 2017
Figure 46: Others: Solar Electric System Market (in MW), 2016 & 2017
Figure 47: India: Solar Inverter Market Forecast: Production Volume (in MW), 2018-2023
Figure 48: India: Solar Electric System and Inverter Industry: SWOT Analysis
Figure 49: India: Solar Electric System and Inverter Industry: Value Chain Analysis
Figure 50: India: Solar Electric System and Inverter Industry: Porter’s Five Forces Analysis
Figure 51: Solar Panel Manufacturing Plant: Detailed Process Flow
Figure 52: Solar Panel Manufacturing: Conversion Rates of Feedstocks
Figure 53: Solar Inverter Manufacturing Plant: Detailed Process Flow
Figure 54: Solar Inverter Manufacturing Plant: Conversion Rates of Feedstocks
Figure 55: India: Solar Inverter Market: Major Player Shares
 
List of Tables

Table 1: Global: Solar Electric System Market: Key Industry Highlights, 2017 and 2023
Table 2: Global: Solar Inverter Market: Key Industry Highlights, 2017 and 2023
Table 3: India: Solar Electric System Market: Key Industry Highlights, 2017 and 2023
Table 4: India: Solar Inverter Market: Key Industry Highlights, 2017 and 2023
Table 5: India: JNNSM Capacity Addition Target
Table 6: India: Solar Electric System and Inverter Industry: Market Structure
Table 7: India: Solar Inverter Market: Major Players


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