The Indian solar electric system and inverter market size reached 104.5 GW in 2024. Looking forward, the publisher expects the market to reach 715.5 GW by 2033, exhibiting a growth rate (CAGR) of 22.64% during 2025-2033.
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.
2. What is the expected growth rate of the Indian solar electric system and inverter market during 2025-2033?
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:
The publisher 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 2025-2033. 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
Breakup by Installation Type:
:Ground Mounted
- Rooftop
Regional Insights:
- Telangana
- Rajasthan
- Andhra Pradesh
- Tamil Nadu
- Karnataka
- Gujarat
- Others
Solar Inverter Market
Breakup by Inverter Type:
- Central Inverter
- String Inverter
- Others
Regional Insights:
- Telangana
- Tamil Nadu
- Rajasthan
- Andhra Pradesh
- Gujarat
- Karnataka
- Others
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
Key Questions Answered in This Report
1. What was the size of the Indian solar electric system and inverter market in 2024?2. What is the expected growth rate of the Indian solar electric system and inverter market during 2025-2033?
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?
Table of Contents
1 Preface2 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
List of Figures
Figure 1: India: Solar Electric System and Inverter Market: Major Drivers and Challenges
Figure 2: Global: Solar Electric System Market: Volume Trends (in GW), 2019-2024
Figure 3: Global: Solar Electric System Market: Breakup by Technology Type (in %), 2024
Figure 4: Global: Solar Electric System Market: Breakup by Installation Type (in %), 2024
Figure 5: Global: Solar Electric System Market: Breakup by Region (in %), 2024
Figure 6: Global: Solar Electric System Market Forecast: Volume Trends (in GW), 2025-2033
Figure 7: Global: Solar Inverter Market: Volume Trends (in GW), 2019-2024
Figure 8: Global: Solar Inverter Market: Breakup by Inverter Type (in %), 2024
Figure 9: Global: Solar Inverter Market: Breakup by Region (in %), 2024
Figure 10: Global: Solar Inverter Market Forecast: Volume Trends (in GW), 2025-2033
Figure 11: India: Solar Electric System Market: Volume Trends (in GW), 2019-2024
Figure 12: India: Solar Electric System Market: Breakup by Technology Type (in %), 2024
Figure 13: India: Solar Electric System Market: Crystalline Silicon (in MW), 2019 & 2024
Figure 14: India: Solar Electric System Market Forecast: Crystalline Silicon (in MW), 2025-2033
Figure 15: India: Solar Electric System Market: Thin Films (in MW), 2019 & 2024
Figure 16: India: Solar Electric System Market Forecast: Thin Films (in MW), 2025-2033
Figure 17: India: Solar Electric System Market: Breakup by Installation Type (in %), 2024
Figure 18: India: Solar Electric System Market: Ground Mounted (in MW), 2019 & 2024
Figure 19: India: Solar Electric System Market Forecast: Ground Mounted (in MW), 2025-2033
Figure 20: India: Solar Electric System Market: Rooftop (in MW), 2019 & 2024
Figure 21: India: Solar Electric System Market Forecast: Rooftop (in MW), 2025-2033
Figure 22: India: Solar Electric System Market: Breakup by Region (in %), 2024
Figure 23: Telangana: Solar Electric System Market (in MW), 2019 & 2024
Figure 24: Telangana: Solar Electric System Market Forecast (in MW), 2025-2033
Figure 25: Rajasthan: Solar Electric System Market (in MW), 2019 & 2024
Figure 26: Rajasthan: Solar Electric System Market Forecast (in MW), 2025-2033
Figure 27: Andhra Pradesh: Solar Electric System Market (in MW), 2019 & 2024
Figure 28: Andhra Pradesh: Solar Electric System Market Forecast (in MW), 2025-2033
Figure 29: Tamil Nadu: Solar Electric System Market (in MW), 2019 & 2024
Figure 30: Tamil Nadu: Solar Electric System Market Forecast (in MW), 2025-2033
Figure 31: Karnataka: Solar Electric System Market (in MW), 2019 & 2024
Figure 32: Karnataka: Solar Electric System Market Forecast (in MW), 2025-2033
Figure 33: Gujarat: Solar Electric System Market (in MW), 2019 & 2024
Figure 34: Gujarat: Solar Electric System Market Forecast (in MW), 2025-2033
Figure 35: Others: Solar Electric System Market (in MW), 2019 & 2024
Figure 36: Others: Solar Electric System Market Forecast Trends (in MW), 2025-2033
Figure 37: India: Solar Electric System Market Forecast: Volume Trends (in GW), 2025-2033
Figure 38: India: Solar Inverter Market: Volume Trends (in GW), 2019-2024
Figure 39: India: Solar Inverter Market: Breakup by Inverter Type (in %), 2024
Figure 40: India: Solar Inverter Market: Central Inverter (in MW), 2019 & 2024
Figure 41: India: Solar Inverter Market Forecast: Central Inverter (in MW), 2025-2033
Figure 42: India: Solar Inverter Market: String Inverter (in MW), 2019 & 2024
Figure 43: India: Solar Inverter Market Forecast: String Inverter (in MW), 2025-2033
Figure 44: India: Solar Inverter Market: Others (in MW), 2019 & 2024
Figure 45: India: Solar Inverter Market Forecast: Others (in MW), 2025-2033
Figure 46: India: Solar Inverter Market: Breakup by Region (in %), 2024
Figure 47: Telangana: Solar Inverter Market (in MW), 2019 & 2024
Figure 48: Telangana: Solar Inverter Market Forecast (in MW), 2025-2033
Figure 49: Tamil Nadu: Solar Inverter Market (in MW), 2019 & 2024
Figure 50: Tamil Nadu: Solar Inverter Market Forecast (in MW), 2025-2033
Figure 51: Rajasthan: Solar Inverter Market (in MW), 2019 & 2024
Figure 52: Rajasthan: Solar Inverter Market Forecast (in MW), 2025-2033
Figure 53: Andhra Pradesh: Solar Inverter Market (in MW), 2019 & 2024
Figure 54: Andhra Pradesh: Solar Inverter Market Forecast (in MW), 2025-2033
Figure 55: Gujarat: Solar Inverter Market (in MW), 2019 & 2024
Figure 56: Gujarat: Solar Inverter Market Forecast (in MW), 2025-2033
Figure 57: Karnataka: Solar Inverter Market (in MW), 2019 & 2024
Figure 58: Karnataka: Solar Inverter Market Forecast (in MW), 2025-2033
Figure 59: Others: Solar Inverter Market (in MW), 2019 & 2024
Figure 60: Others: Solar Inverter Market Forecast (in MW), 2025-2033
Figure 61: India: Solar Inverter Market Forecast: Volume Trends (in GW), 2025-2033
Figure 62: India: Solar Electric System and Inverter Industry: SWOT Analysis
Figure 63: India: Solar Electric System and Inverter Industry: Value Chain Analysis
Figure 64: India: Solar Electric System and Inverter Industry: Porter’s Five Forces Analysis
Figure 65: Solar Panel Manufacturing: Detailed Process Flow
Figure 66: Solar Panel Manufacturing: Conversion Rates of Feedstocks
Figure 67: Solar Inverter Manufacturing: Detailed Process Flow
Figure 68: Solar Inverter Manufacturing: Conversion Rates of Feedstocks
List of Tables
Table 1: Global: Solar Electric System Market: Key Industry Highlights, 2024 and 2033
Table 2: Global: Solar Inverter Market: Key Industry Highlights, 2024 and 2033
Table 3: India: Solar Electric System Market: Key Industry Highlights, 2024 and 2033
Table 4: India: Solar Electric System Market Forecast: Breakup by Technology (in MW), 2025-2033
Table 5: India: Solar Electric System Market Forecast: Breakup by Installation Type (in MW), 2025-2033
Table 6: India: Solar Electric System Market Forecast: Breakup by Region (in MW), 2025-2033
Table 7: India: Solar Inverter Market: Key Industry Highlights, 2024 and 2033
Table 8: India: Solar Inverter Market Forecast: Breakup by Inverter Type (in MW), 2025-2033
Table 9: India: Solar Inverter Market Forecast: Breakup by Region (in MW), 2025-2033
Table 10: India: JNNSM Capacity Addition Target
Table 11: India: Solar Electric System and Inverter Industry: Market Structure
Table 12: India: Solar Inverter Market: Major Players
Companies Mentioned
- 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
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 117 |
| Published | August 2025 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value in 2024 | 104.5 GW |
| Forecasted Market Value by 2033 | 715.5 GW |
| Compound Annual Growth Rate | 23.8% |
| Regions Covered | India |
| No. of Companies Mentioned | 16 |
