JEDDAH — India solar inverter market size is projected to grow at a CAGR of 20.3% during 2019-25, 6Wresearch said.

The report titled "India Solar Inverter Market (2019-2025)" estimates and forecast the overall India solar inverter market by type, system type, applications, power rating and regions.

It said rising awareness among people and declining prices of solar energy would play an important role in the overall growth of demand for solar inverters in the country.

Further, increasing number of solar power utility projects would generate prospects for the deployment of solar inverters over the years to come. Adaptation of green energy by commercial and residential end users, such as that of hotels, stadiums, offices and recreational facilities would open up new avenues for the solar industry in the country thus supplementing the growth of solar inverters during the forecast period.

According to Akshay Thakur, senior research analyst, Research and Consulting, 6Wresearch, “by verticals, power utility segment holds the maximum revenue share in the overall solar inverter market as India’s solar power sector is majorly driven by large scale utility projects. Further, as the government plans to strategically shift towards renewable energy sources through initiatives such as the Rooftop Scheme, Solar Park Scheme and targets to achieve 100 GW of solar energy by 2022, the demand for solar inverters is expected to increase over the coming years.”

According to Sahil Sharma, research associate, Research and Consulting, 6Wresearch, “by regions, Southern India is anticipated to dominate the overall solar inverter market in the years to come as the region is backed by large scale solar power utility projects such as Kadapa, Pavagadan and Tumkur solar parks in states such as Karnataka and Andhra Pradesh. The region also targets to achieve approximately 26 GW solar power capacity by 2022.

Further, the Northern region is anticipated to witness strong growth in demand for solar inverters over the coming years owing to development of solar power projects such as Bhadla solar park, Pokran-Phalodi solar park and Mansa solar power plant in the states such as Rajasthan and Punjab.”

India is presently emerging as one of the leading countries in terms of usage of solar energy. As the solar industry continues to gain momentum through initiatives such as Rooftop Solar mission, Jawaharlal Nehru National Solar Mission and Sustainable Rooftop Implementation for Solar Transfiguration of India (SRISTI), the market for solar inverter is anticipated to grow over the coming years.

Some of the major companies in India solar inverter market include Delta, Growatt, ABB, SMA, Solis and Sungrow. — SG