The Indian solar electric system and inverter market size reached 66.3 GW in 2022. Looking forward, the publisher expects the market to reach 282.1 GW by 2028, exhibiting a growth rate (CAGR) of 25.6% during 2023-2028.
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.
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.
2. What is the expected growth rate of the Indian solar electric system and inverter market during 2023-2028?
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 2023-2028. The 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 2022?2. What is the expected growth rate of the Indian solar electric system and inverter market during 2023-2028?
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 Preface3 Executive Summary10 Value Chain Analysis
2 Scope and Methodology
4 Introduction
5 Global Solar Electric System Industry
6 Global Solar Inverter Industry
7 Indian Solar Electric System Market
8 Indian Solar Inverter Market
9 SWOT Analysis
11 Porter’s Five Forces Analysis
12 Manufacturing Process
13 Government Initiatives
14 Competitive Landscape
15 Profile of Key Players
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 115 |
Published | September 2023 |
Forecast Period | 2022 - 2028 |
Estimated Market Value in 2022 | 66.3 GW |
Forecasted Market Value by 2028 | 282.1 GW |
Compound Annual Growth Rate | 27.3% |
Regions Covered | India |
No. of Companies Mentioned | 17 |