Indian Solar Electric System and Inverter Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032
The Indian solar electric system and inverter market size reached 84.4 GW in 2023. Looking forward, IMARC Group expects the market to reach 609.5 GW by 2032, exhibiting a growth rate (CAGR) of 23.8% during 2024-2032.
A solar panel refers to a collection of solar cells which is employed to generate electricity using sunlight as the energy source. A solar inverter, on the other hand, is a device which helps in converting the direct current produced by the solar panels into alternating current. This current is then supplied to either storage batteries, power grids or houses for operating various appliances. Several efforts are being made by the Government of India to harness renewable sources, such as wind, solar, geothermal, etc. for energy production due to their easy availability. Amongst these, solar power is amongst the fastest developing segment, owing to the suitable geographical location of India which offers an ample supply of sunlight throughout the year.
Indian Solar Electric System and Inverter Market Trends:
The Indian government is encouraging the use of renewable sources of energy like solar, wind, etc. so as to decrease the dependency on non-renewable sources and reduce their carbon footprint. As a result, the Government has undertaken several initiatives including the Solar Rooftop Scheme, Jawaharlal Nehru National Solar Mission and Solar Energy Subsidy Scheme which are catalyzing the demand for solar power systems in the region.
Solar power systems are currently available in various forms such as off-grid solar power system, grid inter-tied solar power system with battery backup, and grid inter-tied solar power system without battery backup. According to their requirements, the consumers can easily choose from these varieties and install the system in their houses or office buildings.
Due to its location between the Tropic of Cancer and the Equator, India has an average annual temperature that ranges from 25 degree Celsius to 27 degree Celsius. Owing to this, the country has a huge potential for solar power generation. As per government estimations, India receives solar radiation of about 5,000tn kWh per year. This, coupled with the availability of barren land, increases the feasibility of solar energy systems in the country.
Although, the initial cost for setting up a solar power system is very high, the maintenance cost associated with solar products is relatively low. Moreover, there is no professional operator required to run the system, unlike the conventional power system.
Decreasing prices of equipment used for solar panel manufacturing has significantly reduced the overall cost of solar PV panels, enabling solar power companies to expand their capacities.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the Indian solar electric system and inverter market report, along with forecasts at the country and state levels from 2024-2032. Our report has categorized the market based on technology type, installation type and inverter type.
Solar Electric System Market
Breakup by Technology Type:
Crystalline Silicon
Thin Films
On the basis of technology type, the market has been segmented into crystalline silicon and thin films. Amongst these, crystalline silicon (c-Si) represents the bigger segment.
Breakup by Installation Type:
Ground Mounted
Rooftop
Based on the installation type, ground mounted solar panels exhibit a clear dominance, accounting for the majority of the total market. This can be attributed to their advantages, such as easy installation, productivity and easy accessibility for cleaning and maintenance.
Regional Insights:
Telangana
Rajasthan
Andhra Pradesh
Tamil Nadu
Karnataka
Gujarat
Others
Region-wise, the market has been divided into Telangana, Rajasthan, Andhra Pradesh, Tamil Nadu, Karnataka, Gujarat and others. Amongst these, Telangana holds the largest market share owing to several initiatives by the State Government under the ‘Telangana Solar Power Policy 2015’.
Solar Inverter Market
Breakup by Inverter Type:
Central Inverter
String Inverter
Others
On the basis of inverter type, central inverters represent the biggest segment, holding the largest market share. This can be attributed to the advantages offered by these inverters like high efficiency, low cost, credibility and easy installation.
Regional Insights:
Telangana
Tamil Nadu
Rajasthan
Andhra Pradesh
Gujarat
Karnataka
Others
On a geographical front, Telangana represents the leading market for solar power inverters. Upcoming construction of floating solar power plants in Himayathsagar and Osmansagar are expected to propel the growth of the market.
Competitive Landscape:
Solar Panel
Vikram Solar Pvt Ltd
Waree Solar Energy Pvt Ltd
Adani Enterprises Ltd
Goldi Green Technologies Pvt Ltd
Tata Power Solar Systems Ltd
Moser Baer Solar Ltd
XL Energy Ltd
Solar Semiconductor Pvt Ltd
Emmvee Photovoltaics Pvt Ltd
Navitas Green Solutions Pvt Ltd
Solar Inverter
ABB
TMEIC
SMA
Hitachi
Sungrow Power Supply Co., LTD.
Huawei
Schneider Electric
This report provides a deep insight into the Indian solar electric system and solar inverter market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the solar electric system and solar inverter industry in any manner.
Key Questions Answered in This Report
1. What was the size of the Indian solar electric system and inverter market in 2023?
2. What is the expected growth rate of the Indian solar electric system and inverter market during 2024-2032?
3. What are the key factors driving the Indian solar electric system and inverter market?
4. What has been the impact of COVID-19 on the Indian solar electric system and inverter market?
5. What is the breakup of the Indian solar electric system market based on the technology type?
6. What is the breakup of the Indian solar electric system market based on the installation type?
7. What is the breakup of the Indian solar inverter market based on the inverter type?
8. What are the key regions in the Indian solar electric system and inverter market?
A solar panel refers to a collection of solar cells which is employed to generate electricity using sunlight as the energy source. A solar inverter, on the other hand, is a device which helps in converting the direct current produced by the solar panels into alternating current. This current is then supplied to either storage batteries, power grids or houses for operating various appliances. Several efforts are being made by the Government of India to harness renewable sources, such as wind, solar, geothermal, etc. for energy production due to their easy availability. Amongst these, solar power is amongst the fastest developing segment, owing to the suitable geographical location of India which offers an ample supply of sunlight throughout the year.
Indian Solar Electric System and Inverter Market Trends:
The Indian government is encouraging the use of renewable sources of energy like solar, wind, etc. so as to decrease the dependency on non-renewable sources and reduce their carbon footprint. As a result, the Government has undertaken several initiatives including the Solar Rooftop Scheme, Jawaharlal Nehru National Solar Mission and Solar Energy Subsidy Scheme which are catalyzing the demand for solar power systems in the region.
Solar power systems are currently available in various forms such as off-grid solar power system, grid inter-tied solar power system with battery backup, and grid inter-tied solar power system without battery backup. According to their requirements, the consumers can easily choose from these varieties and install the system in their houses or office buildings.
Due to its location between the Tropic of Cancer and the Equator, India has an average annual temperature that ranges from 25 degree Celsius to 27 degree Celsius. Owing to this, the country has a huge potential for solar power generation. As per government estimations, India receives solar radiation of about 5,000tn kWh per year. This, coupled with the availability of barren land, increases the feasibility of solar energy systems in the country.
Although, the initial cost for setting up a solar power system is very high, the maintenance cost associated with solar products is relatively low. Moreover, there is no professional operator required to run the system, unlike the conventional power system.
Decreasing prices of equipment used for solar panel manufacturing has significantly reduced the overall cost of solar PV panels, enabling solar power companies to expand their capacities.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the Indian solar electric system and inverter market report, along with forecasts at the country and state levels from 2024-2032. Our report has categorized the market based on technology type, installation type and inverter type.
Solar Electric System Market
Breakup by Technology Type:
Crystalline Silicon
Thin Films
On the basis of technology type, the market has been segmented into crystalline silicon and thin films. Amongst these, crystalline silicon (c-Si) represents the bigger segment.
Breakup by Installation Type:
Ground Mounted
Rooftop
Based on the installation type, ground mounted solar panels exhibit a clear dominance, accounting for the majority of the total market. This can be attributed to their advantages, such as easy installation, productivity and easy accessibility for cleaning and maintenance.
Regional Insights:
Telangana
Rajasthan
Andhra Pradesh
Tamil Nadu
Karnataka
Gujarat
Others
Region-wise, the market has been divided into Telangana, Rajasthan, Andhra Pradesh, Tamil Nadu, Karnataka, Gujarat and others. Amongst these, Telangana holds the largest market share owing to several initiatives by the State Government under the ‘Telangana Solar Power Policy 2015’.
Solar Inverter Market
Breakup by Inverter Type:
Central Inverter
String Inverter
Others
On the basis of inverter type, central inverters represent the biggest segment, holding the largest market share. This can be attributed to the advantages offered by these inverters like high efficiency, low cost, credibility and easy installation.
Regional Insights:
Telangana
Tamil Nadu
Rajasthan
Andhra Pradesh
Gujarat
Karnataka
Others
On a geographical front, Telangana represents the leading market for solar power inverters. Upcoming construction of floating solar power plants in Himayathsagar and Osmansagar are expected to propel the growth of the market.
Competitive Landscape:
Solar Panel
Vikram Solar Pvt Ltd
Waree Solar Energy Pvt Ltd
Adani Enterprises Ltd
Goldi Green Technologies Pvt Ltd
Tata Power Solar Systems Ltd
Moser Baer Solar Ltd
XL Energy Ltd
Solar Semiconductor Pvt Ltd
Emmvee Photovoltaics Pvt Ltd
Navitas Green Solutions Pvt Ltd
Solar Inverter
ABB
TMEIC
SMA
Hitachi
Sungrow Power Supply Co., LTD.
Huawei
Schneider Electric
This report provides a deep insight into the Indian solar electric system and solar inverter market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the solar electric system and solar inverter industry in any manner.
Key Questions Answered in This Report
1. What was the size of the Indian solar electric system and inverter market in 2023?
2. What is the expected growth rate of the Indian solar electric system and inverter market during 2024-2032?
3. What are the key factors driving the Indian solar electric system and inverter market?
4. What has been the impact of COVID-19 on the Indian solar electric system and inverter market?
5. What is the breakup of the Indian solar electric system market based on the technology type?
6. What is the breakup of the Indian solar electric system market based on the installation type?
7. What is the breakup of the Indian solar inverter market based on the inverter type?
8. What are the key regions in the Indian solar electric system and inverter market?
1 PREFACE
2 SCOPE AND METHODOLOGY
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
2.6 Study Assumptions
3 EXECUTIVE SUMMARY
4 INTRODUCTION
4.1 Overview
4.2 Key Industry Trends
5 GLOBAL SOLAR ELECTRIC SYSTEM INDUSTRY
5.1 Market Overview
5.2 Market Performance
5.3 Market Breakup by Technology Type
5.4 Market Breakup by Installation Type
5.5 Market Breakup by Region
5.6 Market Forecast
6 GLOBAL SOLAR INVERTER INDUSTRY
6.1 Market Overview
6.2 Market Performance
6.3 Market Breakup by Inverter Type
6.4 Market Breakup by Region
6.5 Market Forecast
7 INDIAN SOLAR ELECTRIC SYSTEM MARKET
7.1 Market Overview
7.2 Market Performance
7.3 Impact of COVID-19
7.4 Market Breakup by Technology Type
7.4.1 Crystalline Silicon
7.4.1.1 Market Trends
7.4.1.2 Market Forecast
7.4.2 Thin Films
7.4.2.1 Market Trends
7.4.2.2 Market Forecast
7.5 Market Breakup by Installation Type
7.5.1 Ground Mounted
7.5.1.1 Market Trends
7.5.1.2 Market Forecast
7.5.2 Rooftop
7.5.2.1 Market Trends
7.5.2.2 Market Forecast
7.6 Market Breakup by Region
7.6.1 Telangana
7.6.1.1 Market Trends
7.6.1.2 Market Forecast
7.6.2 Rajasthan
7.6.2.1 Market Trends
7.6.2.2 Market Forecast
7.6.3 Andhra Pradesh
7.6.3.1 Market Trends
7.6.3.2 Market Forecast
7.6.4 Tamil Nadu
7.6.4.1 Market Trends
7.6.4.2 Market Forecast
7.6.5 Karnataka
7.6.5.1 Market Trends
7.6.5.2 Market Forecast
7.6.6 Gujarat
7.6.6.1 Market Trends
7.6.6.2 Market Forecast
7.6.7 Others
7.6.7.1 Market Trends
7.6.7.2 Market Forecast
7.7 Market Forecast
7.8 Key Market Drivers and Success Factors
8 INDIAN SOLAR INVERTER MARKET
8.1 Market Overview
8.2 Market Performance
8.3 Impact of COVID-19
8.4 Market Breakup by Inverter Type
8.4.1 Central Inverter
8.4.1.1 Market Trends
8.4.1.2 Market Forecast
8.4.2 String Inverter
8.4.2.1 Market Trends
8.4.2.2 Market Forecast
8.4.3 Others
8.4.3.1 Market Trends
8.4.3.2 Market Forecast
8.5 Market Breakup by Region
8.5.1 Telangana
8.5.1.1 Market Trends
8.5.1.2 Market Forecast
8.5.2 Tamil Nadu
8.5.2.1 Market Trends
8.5.2.2 Market Forecast
8.5.3 Rajasthan
8.5.3.1 Market Trends
8.5.3.2 Market Forecast
8.5.4 Andhra Pradesh
8.5.4.1 Market Trends
8.5.4.2 Market Forecast
8.5.5 Gujarat
8.5.5.1 Market Trends
8.5.5.2 Market Forecast
8.5.6 Karnataka
8.5.6.1 Market Trends
8.5.6.2 Market Forecast
8.5.7 Others
8.5.7.1 Market Trends
8.5.7.2 Market Forecast
8.6 Market Forecast
9 SWOT ANALYSIS
9.1 Overview
9.2 Strengths
9.3 Weaknesses
9.4 Opportunities
9.5 Threats
10 VALUE CHAIN ANALYSIS
11 PORTER’S FIVE FORCES ANALYSIS
11.1 Overview
11.2 Bargaining Power of Buyers
11.3 Bargaining Power of Suppliers
11.4 Degree of Rivalry
11.5 Threat of New Entrants
11.6 Threat of Substitutes
12 MANUFACTURING PROCESS
12.1 Solar Panel Manufacturing Process
12.1.1 Product Overview
12.1.2 Detailed Process Flow
12.1.3 Various Types of Unit Operations Involved
12.1.4 Mass Balance and Raw Material Requirements
12.2 Solar Inverter Manufacturing Process
12.2.1 Product Overview
12.2.2 Detailed Process Flow
12.2.3 Various Types of Unit Operations Involved
12.2.4 Mass Balance and Raw Material Requirements
13 GOVERNMENT INITIATIVES
13.1 Jawaharlal Nehru National Solar Mission
13.2 Solar Rooftop Subsidy Scheme Yojana
13.3 Solar Park Scheme
13.4 VGF (Viability Gap Funding) Scheme
13.5 Solar Energy Subsidy Scheme
13.6 UDAY Scheme
14 COMPETITIVE LANDSCAPE
14.1 Competitive Structure
14.2 Key Players
15 PROFILE OF KEY PLAYERS
15.1 Solar Inverter Key Players
15.1.1 ABB
15.1.2 TMEIC
15.1.3 SMA
15.1.4 Hitachi
15.1.5 Sungrow Power Supply Co., LTD.
15.1.6 Huawei
15.1.7 Schneider Electric
15.2 Solar Panel Key Players
15.2.1 Vikram Solar Pvt Ltd
15.2.2 Waree Solar Energy Pvt Ltd
15.2.3 Adani Enterprises Ltd
15.2.4 Goldi Green Technologies Pvt Ltd
15.2.5 Tata Power Solar Systems Ltd
15.2.6 Moser Baer Solar Ltd
15.2.7 XL Energy Ltd
15.2.8 Solar Semiconductor Pvt Ltd
15.2.9 Emmvee Photovoltaics Pvt Ltd
15.2.10 Navitas Green Solutions Pvt Ltd
2 SCOPE AND METHODOLOGY
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
2.6 Study Assumptions
3 EXECUTIVE SUMMARY
4 INTRODUCTION
4.1 Overview
4.2 Key Industry Trends
5 GLOBAL SOLAR ELECTRIC SYSTEM INDUSTRY
5.1 Market Overview
5.2 Market Performance
5.3 Market Breakup by Technology Type
5.4 Market Breakup by Installation Type
5.5 Market Breakup by Region
5.6 Market Forecast
6 GLOBAL SOLAR INVERTER INDUSTRY
6.1 Market Overview
6.2 Market Performance
6.3 Market Breakup by Inverter Type
6.4 Market Breakup by Region
6.5 Market Forecast
7 INDIAN SOLAR ELECTRIC SYSTEM MARKET
7.1 Market Overview
7.2 Market Performance
7.3 Impact of COVID-19
7.4 Market Breakup by Technology Type
7.4.1 Crystalline Silicon
7.4.1.1 Market Trends
7.4.1.2 Market Forecast
7.4.2 Thin Films
7.4.2.1 Market Trends
7.4.2.2 Market Forecast
7.5 Market Breakup by Installation Type
7.5.1 Ground Mounted
7.5.1.1 Market Trends
7.5.1.2 Market Forecast
7.5.2 Rooftop
7.5.2.1 Market Trends
7.5.2.2 Market Forecast
7.6 Market Breakup by Region
7.6.1 Telangana
7.6.1.1 Market Trends
7.6.1.2 Market Forecast
7.6.2 Rajasthan
7.6.2.1 Market Trends
7.6.2.2 Market Forecast
7.6.3 Andhra Pradesh
7.6.3.1 Market Trends
7.6.3.2 Market Forecast
7.6.4 Tamil Nadu
7.6.4.1 Market Trends
7.6.4.2 Market Forecast
7.6.5 Karnataka
7.6.5.1 Market Trends
7.6.5.2 Market Forecast
7.6.6 Gujarat
7.6.6.1 Market Trends
7.6.6.2 Market Forecast
7.6.7 Others
7.6.7.1 Market Trends
7.6.7.2 Market Forecast
7.7 Market Forecast
7.8 Key Market Drivers and Success Factors
8 INDIAN SOLAR INVERTER MARKET
8.1 Market Overview
8.2 Market Performance
8.3 Impact of COVID-19
8.4 Market Breakup by Inverter Type
8.4.1 Central Inverter
8.4.1.1 Market Trends
8.4.1.2 Market Forecast
8.4.2 String Inverter
8.4.2.1 Market Trends
8.4.2.2 Market Forecast
8.4.3 Others
8.4.3.1 Market Trends
8.4.3.2 Market Forecast
8.5 Market Breakup by Region
8.5.1 Telangana
8.5.1.1 Market Trends
8.5.1.2 Market Forecast
8.5.2 Tamil Nadu
8.5.2.1 Market Trends
8.5.2.2 Market Forecast
8.5.3 Rajasthan
8.5.3.1 Market Trends
8.5.3.2 Market Forecast
8.5.4 Andhra Pradesh
8.5.4.1 Market Trends
8.5.4.2 Market Forecast
8.5.5 Gujarat
8.5.5.1 Market Trends
8.5.5.2 Market Forecast
8.5.6 Karnataka
8.5.6.1 Market Trends
8.5.6.2 Market Forecast
8.5.7 Others
8.5.7.1 Market Trends
8.5.7.2 Market Forecast
8.6 Market Forecast
9 SWOT ANALYSIS
9.1 Overview
9.2 Strengths
9.3 Weaknesses
9.4 Opportunities
9.5 Threats
10 VALUE CHAIN ANALYSIS
11 PORTER’S FIVE FORCES ANALYSIS
11.1 Overview
11.2 Bargaining Power of Buyers
11.3 Bargaining Power of Suppliers
11.4 Degree of Rivalry
11.5 Threat of New Entrants
11.6 Threat of Substitutes
12 MANUFACTURING PROCESS
12.1 Solar Panel Manufacturing Process
12.1.1 Product Overview
12.1.2 Detailed Process Flow
12.1.3 Various Types of Unit Operations Involved
12.1.4 Mass Balance and Raw Material Requirements
12.2 Solar Inverter Manufacturing Process
12.2.1 Product Overview
12.2.2 Detailed Process Flow
12.2.3 Various Types of Unit Operations Involved
12.2.4 Mass Balance and Raw Material Requirements
13 GOVERNMENT INITIATIVES
13.1 Jawaharlal Nehru National Solar Mission
13.2 Solar Rooftop Subsidy Scheme Yojana
13.3 Solar Park Scheme
13.4 VGF (Viability Gap Funding) Scheme
13.5 Solar Energy Subsidy Scheme
13.6 UDAY Scheme
14 COMPETITIVE LANDSCAPE
14.1 Competitive Structure
14.2 Key Players
15 PROFILE OF KEY PLAYERS
15.1 Solar Inverter Key Players
15.1.1 ABB
15.1.2 TMEIC
15.1.3 SMA
15.1.4 Hitachi
15.1.5 Sungrow Power Supply Co., LTD.
15.1.6 Huawei
15.1.7 Schneider Electric
15.2 Solar Panel Key Players
15.2.1 Vikram Solar Pvt Ltd
15.2.2 Waree Solar Energy Pvt Ltd
15.2.3 Adani Enterprises Ltd
15.2.4 Goldi Green Technologies Pvt Ltd
15.2.5 Tata Power Solar Systems Ltd
15.2.6 Moser Baer Solar Ltd
15.2.7 XL Energy Ltd
15.2.8 Solar Semiconductor Pvt Ltd
15.2.9 Emmvee Photovoltaics Pvt Ltd
15.2.10 Navitas Green Solutions Pvt Ltd
