India Solar Inverter Market By Type (Central Inverter, String Inverter and Micro Inverter), By Connection Type (On-Grid and Off-Grid), By Phase (Single Phase and Three Phase), By End User (Residential, Commercial, Industrial and Utilities), By Region, Competition Forecast & Opportunities, 2018- 2028F

A total of USD14.5 billion were invested in renewable energy, up by 125% compared with financial year 2020-21 and 72% higher than in the pre-pandemic period of the 2019-20 financial year. Additionally, in the Union Budget 2022-23, the government allocated USD 2.57 billion for a PLI scheme to boost manufacturing of high-efficiency solar modules.

An electrical converter known as a solar inverter converts the direct current (DC) electricity generated by solar panels into alternating current (AC), the regular flow of electricity needed for household appliances and electrical circuits. It enables the conversion of direct current (DC) into alternating current (AC), making the energy usable for a wide range of residential, commercial, as well as industrial applications, such as powering various instruments ranging from large industrial equipment to common home appliances like refrigerators, televisions, and microwaves.

India Solar Inverter MarketDrivers

Rapid Growth in Installing Off-Grid Solar Systems-

Growing Demand for Electricity from Green and Clean Energy Sources-

India Solar Inverter MarketChallenges

Solar Inverter Overheating Issue-

High Maintenance-

Solar Sector Initiatives from the Indian Government

Solar inverters are necessary for every solar panel system to operate properly since batteries and solar panels need a DC to function. Installed solar producing capacity has rapidly increased in recent years, along with improvements in cost, performance, and technology. Yet, in order to increase solar power at a reduced cost, government support and encouragement in the form of projects and programs are required. The Jawaharlal Nehru National Solar Mission, rooftop programs, solar park programs, VGF (Viability Gap Funding) programs, government yojana solar energy subsidy programs, and UDAY programs are just a few of the top government initiatives the government has taken in the solar sector to encourage more and more people and businesses to go solar and 100% renewable. So, it is anticipated that the Indian solar inverter market will grow as a result of the government of India's solar projects and programs.

India Solar Inverter MarketTechnology Trends

Since inverters are an essential component of a solar PV system and convert the DC electricity generated by solar panels into AC, which may be consumed in homes and businesses or provided to the grid, the rise in solar PV installations has also caused a stir in the India solar inverter industry. The creation of smart modules, or those that are integrated with power optimizers, is thus a major trend in the solar inverter industry. These are known as AC modules when solar modules and microinverters are combined. Both smart and AC modules are integrated at the manufacturing stage itself to bring down costs, reduce the time required for project installations and offer better power quality. However, the uptake of such technologies, which are considered premium products, is restricted to the residential, commercial and industrial segments, and it may take a long time for them to be accepted for utility installations due to the large size of utility projects.

In addition, smart hybrid inverters are being developed to bring in more flexibility and automate the management of energy supply from different sources like solar PV, grid and batteries. These inverters can work both on-grid and off-grid. They ensure negligible loss of energy as they store energy in batteries when the production of solar energy is greater than the consumption and give the option to choose when to store energy in batteries and when to provide it to the grid. In this way, they work as hybrid inverters, that is, they can work both on-grid and off-grid at the same time, as well as provide backup. These inverters can be deployed by residential rooftop owners to leverage net metering benefits and ensure uninterrupted quality power supply in their houses. Smart inverters will pave the way for future intelligent inverters.

Further, many large companies are investing in the development of large modular centralised solutions with much smaller central inverter blocks. This would maximize redundancy and increase flexibility. Another emerging trend in the inverter space is the development of virtual central inverters, which are a combination of string inverters and modular central inverters. A virtual central inverter consists of a number of strings in a large, containerized solution. This offers better control, as in the case of central inverters, while retaining the flexibility of string inverters. Hence, due to these technology trends, the India solar inverter market is expected to increase during the forecast period.

Recent Developments in India Solar Inverter Market

• In 2022, Enphase Energy, Inc. entered into partnership with Salcomp. The Enphase-Salcomp unit has emerged as India’s largest solar inverter manufacturer with an annual capacity of more than 6 million units.
• In November 2022, Poweron released the PSE series of wall-mountable, hybrid solar inverters with nominal power ratings of 3.68 kW, 4.6 kW, and 5 kW. They are compatible with lead-acid and Li-ion batteries.
• In November 2022, Enphase Energy, Inc. announced a partnership with Vashi Integrated Solutions Limited (VISL) to enhance the distribution of Enphase products to solar installers in India. It will also equip installers with necessary skills and tools to install solar energy systems efficiently and safely.

Market Segments

India solar inverter market is segmented into type, connection type, phase, end user, region and competitive landscape. Based on type, the market is segmented into central inverter, string inverter, and micro inverter. Based on connection type, the market is segmented into on-grid and off-grid. Based on phase, the market is segmented into single phase and three phase. Based on end user, the market is segmented into residential, commercial, industrial, utilities. Based on region, the market is segmented into south, north, west, east.

Market Players

Major market players in the