National Solar Mission’s 100GW supports growth
The India solar Inverter market is projected to grow at a CAGR of over 20.3% during 2019-2025, according to a report from the ResearchAndMarkets released 26 Feb 2020.
Several policies such as National Solar Mission targeting 100 GW solar energy by the year 2022 are supporting the strong growth, said the report ‘India Solar Inverter Market (2019-2025)’.
Rising consumer awareness, the growing participation of residential and commercial segments towards solar system installations, supportive government policies and solar schemes as well as and private sector involvement are further contributing towards the growth of this market, said the report.
Solar inverter market is dominated by the utility sector owing to its large-scale solar projects deploying a large number of solar inverters.
Further, the commercial segment is estimated to exhibit the highest growth rate during the forecast period.
This high growth is attributed to growing solar installations across educational institutes, offices, factories, hospitals, and warehouses.
In addition, the residential segment is also exhibiting significant growth with a focus on sustainable development and to overlay the rising power cost in the country.
Government initiatives such as the Smart City project, development of solar parks and solar energy subsidy scheme would further accelerate the adoption of solar installations across the residential and commercial segments.
Moreover, among system type, on-grid systems dominated the India solar inverter market share in 2018 owing to huge adoption across different applications, whereas, off-grid systems are majorly limited to rural electrification applications only.
The leading players in the industry are Delta Electronics Ltd, Ginlong Technologies, ABB, Sungrow, Growatt New Energy Technology Co Ltd, SMA Solar Technology AG, Goodwe, Luminous India, Microtek International Pvt Ltd, Livguard, Exide Industries Ltd and Hitachi Hi-Rel Power Electronic Ptv Ltd. fiinews.com
