India Solar Inverter Market Synopsis
India Solar Inverter Market grew at a considerable rate during the period 2016-2019 as a result of several government efforts to improve the share of solar power in the country’s energy generation mix such as the National Solar Mission by the Government of India targeting 100 GW solar energy by the year 2022. Rising consumer awareness, the growing participation of residential and commercial segments towards solar system installations, supportive government policies & solar schemes, and increasing private sector involvement are the other major factors contributing to the India Solar Inverter Market Growth. However, the ongoing pandemic COVID-19 slowed down the growth rate of market revenues during the year 2020 as a result of a decline in market demand during the lockdown phase across the country. Moreover, with the gradual opening of the economy and the removal of lockdown measures, the market began to show signs of improvement during the second half of the year and is anticipated to return to a normal growth trajectory in the upcoming years. The market has seen a halt owing to the massive outbreak of COVID-19 which resulted in nationwide lockdowns to combat the spread of the virus and has led to a decline in the overall India Solar Inverter Market Growth.
According to 6Wresearch, the India Solar Inverter Market size is projected to grow at a CAGR of 14.4% during 2020-2026. Increasing environmental awareness, and financial support from the government in the form of subsidies, new initiatives, and targets for renewable energy launched by the Ministry of New and Renewable Energy (MNRE) would further drive the solar inverter market revenues in India over the coming years. Increasing penetration towards the deployment of renewable sources is accelerating the India Solar Inverter Market Share. Additionally, the extensive usage of solar inverters in various sectors such as residential, commercial, and industrial is adding to the development of the market. Growing advancements in technology and surging usage of inverters drive the development of the market.
Key Attractiveness of the Report
- Historical Data Starting from 2016 to 2020.
- COVID-19 Impact on the Market.
- Base Year: 2019
- 10 Years Market Numbers.
- Historical Data Starting from 2016 to 2020.
- Base Year: 2019
- Forecast Data until 2026.
Market Analysis by System Type
Government initiatives such as the Smart City project, the development of solar parks, and the 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 2019 owing to huge adoption across different applications, whereas, off-grid systems are majorly limited to rural electrification applications only however, growth is expected in coming years.
Solar inverter market share in India
India Solar Inverter Market has been attaining growth as the sector in the nation is driven by many growth factors. The Solar Inverter Market Share in India is continuously growing as the government of the nation has taken an initiative which is the National Solar Mission Government to target 100 GW of solar energy by the year 2022. Other growth drivers for the sector include rising participation of commercial as well as residential segments towards solar system installations, rising involvement from the private sector and increasing consumer awareness.
Key Highlights of the Report
- Industry Life Cycle
- India Solar Inverter Market Forecast
- Porter’s Five Force Analysis
- Market Size & Forecast data of India Solar Inverter Market Revenues, By Types until 2026F
- Market Opportunity Assessment
- India Solar Inverter Market Share, By Companies
- Market Size & Forecast data of India Solar Inverter Market Revenues, By System Types until 2026F
- India Solar Inverter Market Outlook
- Historical data of India Solar Inverter Market Revenues, By Types for the Period 2016-2019
- India Solar Inverter Market Overview, By Competitive Benchmarking
- Historical data of India Solar Inverter Market Revenues, By System Types for the Period 2016-2019
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