LONDON, Oct. 25, 2016 /PRNewswire/ -- Executive Summary
The report titled "India Solar Inverter Market Outlook to FY'2020- Continuous Government Support and Advent of Micro Solar Inverter to Foster Future Growth" provides a comprehensive analysis of the solar inverter market in India. The report covers various aspects such as market size of India solar inverter market, segmentation on the basis of type of solar inverter, by capacity, industry structure-Organized and Unorganized, manufacturing regions, import and indigenous solar inverters, end users and others. The report also covers market in different aspects such as market size, segmentation of market on the basis of residential, commercial and industrial usage, import of solar inverters in the market. The report will help industry consultants, solar inverter manufacturing companies, suppliers and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future. The market comprises of large global players such as ABB India Ltd, Delta Power Solution, SMA India, TMEIC and others which posses a large product portfolio of utility sector usage.
The industry has grown at a rapid pace of ~% over the period FY'2011-FY'2015 and reached INR ~ million in FY'2015 on account of remarkably rising energy needs and inflating pressure on government for providing adequate power supply. The growth in the Indian solar inverter market over the period FY'2011-FY'2015 was primarily supplemented by the technological improvements supported by rising number of solar inverter manufacturers in India.
During FY'2015, made on land solar inverter dominated the overall solar inverter market with market contribution of ~% in terms of revenues. The major reason for incline in the revenues generated by made on land inverters has been launch of various government support schemes such as National Solar Mission and various other state level initiatives such as building up of solar parks in Karnataka and others. In FY'2015, ~% of the overall revenues of solar inverter market has been generated by inverters being demanded by utility sectors i.e. inverters with capacity above 1,000 KW. The solar inverters being used by household for installation on their roofs with capacity up to 3-5 KW occupied least share of ~% in the overall market revenues in FY'2015.
In terms of installed capacity, ABB India Ltd emerged as the leading player in India solar Inverter market. ABB India garnered ~% share of overall solar inverter installed capacity of India in FY'2015. The second major player in the market has been SMA India in FY'2015. SMA India has installed solar inverter of ~ MW in FY'2015. Other players in market include Bonfiglioli, TMEIC, Su-Kam and others
The revenues of solar inverter market in India is projected to grow by ~% over the period FY'2016-FY'2020 and will reach INR ~ million in FY'2020 as compared to INR ~ million in FY'2015. The future of the Indian solar inverter market is expected to be favorable on account of impelling demand due to research and development activities being carried out in companies, emergence of new and compact size solar inverters as well as by competition in terms of prices due to augmenting competition in the market.
India Residential Solar Inverter Market
With rising electricity bills, the power shortage and the 'go green' trend, the solar inverter market is gaining greater acceptance at residential level in India. The market for residential solar rooftop inverters is highly fragmented as it has seen entry of large number of player during the last five years. Over the years, FY'2011-FY'2015, the residential solar inverter market contributed ~ %of the overall solar inverter market revenues. The lower contribution of the residential rooftop market has been because the customer base from the residential sector is limited to people who have independent houses.
The market for residential solar inverter in India has inclined at a CAGR of ~% during FY'2011-FY'2015. In FY'2015, the revenues generated by residential rooftop solar inverter market were registered as INR ~ million. The main driver for adoption of solar inverters at residential level is a desire in many parts of the country to become less dependent on unreliable grid power.
India Industrial/Commercial Market
The market for industrial/commercial solar inverters has remained highly concentrated amongst majority of organized players manufacturing heavy load solar inverters especially for large commercial level usage. During the period FY'2011-FY'2015, the market for industrial/commercial solar inverter has inclined at a CAGR of ~% and reached INR ~ million in FY'2015. This inclination in revenues has been mainly due to adoption of conservation of solar energy through solar inverters by various industries and commercial establishments such as Malls, Hotels, Hospitals, Nursing homes and others developed by the builders and developers in cities and towns such as Delhi, Bangalore, Pune and others.
In FY'2015, the market for industrial/commercial solar inverters has been dominated by off gird solar inverters, which accounted for ~% of the overall solar inverter market. On the contrary, in FY'2015 the contribution by on grid solar inverter at industrial/commercial levels has been noted as ~%. In FY'2015, organized players garnered ~% of the market whereas unorganized players contributed ~% to the off grid solar inverter revenue. The dominance of organized players in the market can be attributed to better quality of products being offered by organized players such as ABB India, Bonfiglioli and others.
Download the full report: https://www.reportbuyer.com/product/3940208/
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
For more information:
Research Advisor at Reportbuyer.com
Tel: +44 208 816 85 48
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/india-solar-inverter-market-outlook-to-2020---continuous-government-support-and-advent-of-micro-solar-inverter-to-foster-future-growth-300351256.html