Power demand driving factors in play
The India Solar Inverter Market size is projected to grow at a CAGR of 14.4% during 2020-26 (forecast), driven by a number of factors including increasing private sector involvement, says a report by ResearchAndMarkets.
Rising consumer awareness, the growing participation of residential and commercial segments towards solar system installations, supportive government policies & solar schemes are the other major factors contributing to the growth of the solar inverter market in India, said the “India Solar Inverter Market (2020-2026): Market Forecast by Types, by System Type, by Applications, by Power Rating, by Regions, and Competitive Landscape”.
Supporting the growth trend is the National Solar Mission by the Government of India targeting 100 GW solar energy by the year 2022.
Increasing environmental awareness, financial support from the government in the form of subsidies, new initiatives and targets for renewable energy launched by the Ministry of New and Renewable Energy (MNRE) would further drive the solar inverter market revenues in India over the coming years, recovering from the 2020 COVID-19 pandemic impact.
Moreover, with the gradual opening of the economy and removal of lockdown measures, the market began to show signs of improvement during the second half of the year and is anticipated to return to a normal growth trajectory in the upcoming years.
The 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.
The 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 overlaying the rising power cost in the country.
Government initiatives such as the Smart City project, the development of solar parks, and the solar energy subsidy scheme would further accelerate the adoption of solar installations across residential and commercial segments.
Moreover, among system types, on-grid systems dominated the market in 2019 owing to huge adoption across different applications, whereas, off-grid systems are majorly limited to rural electrification applications only however, growth is expected in coming years, according to the report on 24 Feb 2021.
Leading players in the market are Delta Electronics India Pvt Ltd, FIMER Ltd, Hitachi Hi-Rel Power Electronics Power Ltd, Huawei Technology Co Ltd, Kehua Technology Pvt Ltd,
Medha Servo Drives Pvt Ltd, Sineng Electric Co Ltd, Sungrow Power Supply Co Ltd, TBEA Energy (India) Pvt Ltd and Toshiba Mitsubishi-Electric Industrial Systems Corporation. #OPEC #energy #renewables #projects #tenders #investment #subsidies /fiinews.com
