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The Indian solar electric system and inverter market size reached 50.1 GW in 2021. Looking forward, IMARC Group expects the market to reach 262.1 GW by 2027, exhibiting a growth rate (CAGR) of 31.8% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
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.
Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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IMARC Group provides an analysis of the key trends in each sub-segment of the Indian solar electric system and inverter market report, along with forecasts at the country and state level from 2022-2027. Our report has categorized the market based on technology type, installation type and inverter type.
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.
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. This can be attributed to their advantages, such as easy installation, productivity and easy accessibility for cleaning and maintenance.
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’.
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.
On a geographical front, Telangana represents the leading market for solar power inverters. 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 solar 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 solar inverter industry in any manner.
We expect the Indian solar electric system and inverter market to exhibit a CAGR of 31.8% during 2022-2027.
The increasing adoption of energy-efficient appliances, along with the launch of several initiatives by the Indian government for encouraging the use of renewable sources of energy, is catalyzing the Indian solar electric system and inverter market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nation resulting in temporary halt in the installation activities for solar electric system and inverter.
Based on the technology type, the Indian solar electric system market can be segmented into crystalline silicon and thin films. Currently, crystalline silicon (c-Si) technology holds the largest market share.
Based on the installation type, the Indian solar electric system market has been divided into ground mounted and rooftop, where ground mounted solar panels currently exhibit a clear dominance in the market.
Based on the inverter type, the Indian solar inverter market can be categorized into central inverters, string inverters, and others. Among these, central inverters account for the majority of the total market share.
On a regional level, the market has been classified into Telangana, Rajasthan, Andhra Pradesh, Tamil Nadu, Karnataka, Gujarat, and others, where Telangana currently dominates the Indian solar electric system and inverter market.
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