India Solar Microinverter Market
India Solar Microinverter Market Set to Grow Fast at Impressive CAGR of 18.2%
Published | 09 September 2022
India solar microinverter market’s growth is surging due to a rapid increase in solar photovoltaics (PV) installations for various applications across the country and the Government of India’s favorable regulations and incentives for renewable energy industry as a whole.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, forecasts India Solar Microinverter Market to grow at a significant CAGR of 18.2% between 2022 and 2028. As it is safe, reliable, and cost-effective, the solar PV installation for various applications is growing fast across the country. Technology advancements in the solar energy sector in terms of power generation and utilization in India are expected to spur the demand for solar microinverters in the country.
India Solar Microinverter Market – Technology Advancements
The change from energy generation based on fossil fuels to sustainable and clean power sources is the main factor driving the Solar Microinverter Market in India. They have many advantages over traditional central and string solar inverters. Microinverters are installed beneath each solar panel and convert the direct current (DC) electricity generated by a single solar panel, as opposed to traditional inverters. These are positioned away from the solar array and may control and monitor several solar panels at once, as a result they can work independently. The photovoltaic (PV) system's micro-inverter delivers its maximum possible output. The fundamental benefit of microinverters is their capacity to maintain a strong and steady flow of electricity even when one or more of their panels are shaded; this has raised their popularity among end users. As a result, solar panels and microinverters are frequently used together.
Favorable Government Regulations and Incentives for Renewable Power Sector
The Indian government has launched a number of favorable measures to encourage the usage of renewable energy sources in response to the growing environmental concerns. As a result, sales of solar microinverters, which help in lowering carbon footprints, have grown. Additionally, the cost of fossil fuels is growing, which makes solar power an affordable alternative, driving up the demand for microinverters across the country. Fast urbanization, increment in the spending for the development of solar power infrastructure, and the extensive use of Building-Integrated Photovoltaics (BIPV) have also bolstered the market expansion.
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Rapid Growth in Installed Solar Photovoltaics (PV) Capacity
In India, the number of solar PV systems has grown rapidly over time. Globally, installed solar PV capacity has been increasing. By 2050, solar PV capacity is projected to reach 4,600 GW or 16% of the world's power supply. Additionally, over 70% of the cost of solar systems has been reduced in the last decade, creating new opportunities for market participants. Thus, increasing solar installations is expected to help the global solar microinverter market growth. Solar microinverters offer various advantages over the typical string and central inverters such as high energy yield, module-level monitoring abilities, longer life cycles, exceptional safety, better flexibility, simplicity, higher labor efficiency, and not a single point of failure. These major factors have expanded and would continue to drive the use of microinverters in the solar industry.
India Solar Microinverter Market - By Application
Due to its large-scale solar projects using a lot of solar inverters, the utilities sector dominates the market. Additionally, it is expected that the commercial segment will grow at the fastest rate during the projected period. The significant development is linked to the expansion of solar installations in workplaces, factories, hospitals, and warehouses. Additionally, the residential market is expanding significantly as a result of a focus on sustainable growth and the growing electricity prices in the country.
India solar microinverter market by region is segmented into different states of the country. Among the states in India, Telangana, Rajasthan, Andhra Pradesh, Tamil Nadu, Karnataka, Gujarat, and other states have been classified as markets. Due to a number of efforts taken by the state sovernment as part of the "Telangana Solar Power Policy 2015," Telangana has the highest market share among them.
Impact of COVID-19 on India Solar Microinverter Market
COVID-19 has affected the global economy significantly. Recession fears are being felt across the countries. Lockdowns decreased power generation in COVID-19-affected countries, due to a decline in the demand for power from businesses. The pandemic suspended energy production at multiple solar plants in these countries, which could limit the demand for microinverters in the next few years. Commercial and industrial end users continue to consume the majority of the energy even while lockdowns have raised domestic power demand. However, increasing power consumption during the post Covid-19 pandemic and lockdowns could help drive the demand for electricity and solar microinverters in India.
Major companies in the India Solar Microinverter Market include Crystal Solar Energy, Infineon Technologies AG, F Choice Solar Tech India Pvt Ltd, Nordic (India) Solutions Pvt. Ltd, SunSights Solar, UR Energy, HH Energy, 360 Power Products, Ved Prakash Energy Solution, Triple Yes Battery Depot, and Sun Sine Solution Private Limited.
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