Report Overview

India Solar Microinverter Market, 2028 - Industry Trends & Forecast Report 2028

India Solar Microinverter Market - Overview

In photovoltaic (PV) systems, a solar microinverter is a piece of plug-and-play hardware that transforms the direct current (DC) produced by a single module into an alternating current (AC). Microinverters operate on Module Level Power Electronics (MLPE), which places power conversion at the individual module-level as opposed to typical central inverters. Compared to conventional inverters, microinverters provide for module-level monitoring, increased design flexibility, simpler installation, and improved safety. Module-level power electronics, which utilize Maximum Power Point Tracking and microinverters and power optimizers, provide a considerable efficiency improvement over conventional systems (MPPT). As a result, each module's output is maximized, and the system as a whole operates more efficiently. In India, solar microinverters are quite popular as they are secure, dependable, and economical. Additionally, they immensely increase design freedom, create more electricity, emit less heat, and help lower the risk of fire. The Indian government has taken a number of favorable steps to encourage the usage of renewable energy sources in response to the growing environmental concerns.

India Solar Microinverter Market - Industry Trends and Market Forecast

According to projections, the Indian market for solar microinverters and solar PV systems would grow at a CAGR of 14.5% and 26.9%, respectively, between 2019 and 2024 to reach volumes of 101,520 MW and 22,878 MW. Currently, there are many different types of solar power systems accessible, including off-grid solar power systems, grid-tied solar power systems with battery backup, and grid-tied solar power systems without battery backup. Customers can choose from these options and install the system in their homes or office buildings with ease depending on their needs.

Growth Drivers

Decreasing Cost of Solar PV Panels, Increasing Awareness and Government Support

The overall cost of solar PV panels has been greatly decreased thanks to falling prices for the manufacturing equipment utilized, allowing solar power businesses to enhance their production capabilities. Increasing consumer awareness, growing private sector participation, rapid installations of residential and commercial solar systems, and supporting government policies and solar programs are major factors driving the India Solar Microinverter Market. Environmental awareness, financial assistance from the government in the form of subsidies, and new initiatives and targets for renewable energy introduced by the Ministry of New and Renewable Energy (MNRE) would further propel the growth of solar microinverter market India.

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.

Regional Insights

Telangana, Rajasthan, Andhra Pradesh, Tamil Nadu, Karnataka, Gujarat, and other states have been classified as regional markets. Due to a number of efforts taken by the State Government as part of the "Telangana Solar Power Policy 2015," Telangana has the highest market share among them. Telangana is the largest market for solar power microinverters in terms of geography, followed by Tamil Nadu, Rajasthan, Andhra Pradesh, Gujarat, and Karnataka. The industry is expected to grow as a result of the upcoming building of floating solar power plants in Himayat Sagar and Osman Sagar in Telangana.

Impact of COVID-19 on India Solar Microinverter Market

Due to a drop in the demand during the country's lockdown phase, the COVID-19 pandemic affected the growth rate of the India Solar Microinverter Market in 2020. However, the market has begun to exhibit indications of a rebound in the second part of the year and is expected to resume a normal development trajectory in the following years as the economy was opened up and lockdown measures were removed.

Competitive Landscape

India solar microinverter market is highly competitive. Key players 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. These players involve in varios strategic activities, including mergers & acquisitions and forming partnerships to expand their market reach across India.

Recent Developments

The adoption of solar systems across the residential and commercial segments would be further accelerated by government initiatives such as the Smart City projects, the creation of solar parks, and the solar energy subsidy plan.

Scope of the Report

By Category

•      Hardware
•      Software & Services

By Power Rating

•      Below 250 W
•      250 W to 500 W
•      Above 500 W

By Sales Channel

•      Offline
•      Online

By Application

•      Government
•      Construction
•      Residential
•      Transportation & Logistics
•      Industrial
•      Power Utilities
•      Others

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. India Solar Microinverter Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Landscape/Recent Development
   4. PESTEL Analysis
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. India Solar Microinverter Market Overview
   1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Category
         1. Hardware
         2. Software & Services
      2. By Power Rating
         1. Below 250 W
         2. 250 W to 500 W
         3. Above 500 W
      3. By Sales Channel
         1. Offline
         2. Online
      4. By Application
         1. Government
         2. Construction
         3. Residential
         4. Transportation & Logistics
         5. Industrial
         6. Power Utilities
         7. Others
6. Competitive Landscape
   1. List of Key Players and their Offerings
   2. Players’ Market Share Analysis, 2021
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Business Expansion, Agreement, Partnership and Product Launch)
7. Impact of COVID-19 on India Solar Microinverter Industry
8. India Solar Microinverter Industry Opportunity and Assessment
9. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
   1. Crystal Solar Energy
   2. Infineon Technologies AG
   3. F Choice Solar Tech India Pvt Ltd
   4. Nordic (India) Solutions Pvt. Ltd
   5. SunSights Solar
   6. UR Energy
   7. HH Energy
   8. 360 Power Products
   9. Ved Prakash Energy Solution
   10. Triple Yes Battery Depot
   11. Sun Sine Solution Private Limited
   12. Other Prominent Players
10. Key Strategic Recommendations

Note:

• Financial Information of non-listed companies will be provided as per the availability
• The segmentation and the companies are subjected to modification based on in-depth secondary for the final deliverable

List of Figures

Figure 1           India Solar Microinverter Segmentation

Figure 2           India Solar Microinverter Market Value Chain Analysis

Figure 3        Company Market Share Analyses, 2021

Figure 4           India Solar Microinverter Market Size, By Value (USD Million), 2018–2 028

Figure 5           India Solar Microinverter Market Share, By Category, By Value, 2018–2 028

Figure 6        India Solar Microinverter Market Shares, By Power Rating, By Value, 2018–2 028

Figure 7           India Solar Microinverter Market Share, By Sales Channel, By Value, 2018–2 028

Figure 8           India Solar Microinverter Market Share, By Application, By Value, 2018–2 028

List of Tables

Table 1            India Solar Microinverter Market Size, By Category, By Value, 2018–2 028

Table 2         India Solar Microinverter Market Sizes, By Power Rating, By Value, 2018–2 028

Table 3            India Solar Microinverter Market Size, By Sales Channel, By Value, 2018–2 028

Table 4            India Solar Microinverter Market Size, By Application, By Value, 2018–2 028

Table 5     Crystal Solar Energy Company Overview

Table 6     Crystal Solar Energy Financial Overview

Table 7     Infineon Technologies AG Company Overview

Table 8 Infineon Technologies AG Financial Overview

Table 9 F Choice Solar Tech India Pvt Ltd Company Overview

Table 10 F Choice Solar Tech India Pvt Ltd Financial Overview

Table 12 Nordic (India) Solutions Pvt. Ltd Company Overview

Table 13 Nordic (India) Solutions Pvt. Ltd Financial Overview

Table 14 SunSights Solar Company Overview

Table 15 SunSights Solar Financial Overview

Table 16 UR Energy Company Overview

Table 17 UR Energy Financial Overview

Table 18 HH Energy Company Overview

Table 19 HH Energy Financial Overview

Table 20 360 Power Products Company Overview

Table 21 360 Power Products Financial Overview

Table 22 Ved Prakash Energy Solution Company Overview

Table 23 Ved Prakash Energy Solution Financial Overview

Table 24 Triple Yes Battery Depot Company Overview

Table 25 Triple Yes Battery Depot Financial Overview

Table 26 Sun Sine Solution Private Limited Company Overview

Table 27 Sun Sine Solution Private Limited Financial Overview