India Solar Inverter Market 2018-2024: Market is Projected to Grow at a CAGR over 25%

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May 29, 2018, 01:30 ET

DUBLIN, May 29, 2018 /PRNewswire/ --

The "India Solar Inverter Market (2018-2024): Market Forecast By Types, System Types, End Users, Power Rating, Regions and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.

India Solar Inverter Market is projected to grow at a CAGR over 25% during 2018-2024.

Power sector in India is witnessing a radical change on account of government's move towards power generation via renewable energy resources. Increasing electricity consumption and surging awareness towards environment are together helping the country towards utilization of green energy resources, especially solar.

Moreover, solar inverter market is exhibiting immense growth over the past few years owing to surging implementation of solar energy projects in the country. Additionally, National Solar Mission, aiming to achieve 100 GW of solar energy by 2022 has further fueled the solar inverter adoption and is anticipated to increase the market in proportion with uprising solar industry in India.

The market is dominated by utility sector owing to its large scale solar projects deploying large number of solar inverters. Further, commercial segment is anticipated to exhibit 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, residential segment is also registering significant growth with focus on sustainable development and to overlay the rising power cost in the country. Government initiatives such as Smart City project, development of solar parks, and 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 2017 owing to huge adoption across different verticals, whereas, off grid systems are majorly limited to rural electrification applications only.

The report provides detailed analysis of the following market segments:

By Types:

Central Inverter
String Inverter
Micro Inverter

By System Types:

Off Grid
On Grid

By End Users:

Commercial
Utility
Residential

By Power Ratings:

Below 10 kW
10 kW - 100 kW
100.1 kW - 1 MW
Above 1 MW

By Regions:

Northern
Eastern
Western
Southern

Companies Mentioned

ABB India Ltd.
SMA Solar India Pvt. Ltd.
Delta India Electronics Pvt. Ltd.
Chint Electric India Pvt. Ltd.
Schneider Electric India Pvt. Ltd.
Hitachi Hi-Rel Power Electronics Pvt. Ltd.
Toshiba Mitsubishi-Electric Industrial Systems Corporation

For more information about this report visit https://www.researchandmarkets.com/research/hvxr2b/india_solar?w=5

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SOURCE Research and Markets