India High-Capacity Inverter Market Is Experiencing Significant Growth

As per a report by P&S Intelligence, India non-solar high-capacity inverter market will reach USD 760.1 million, propelling at a CAGR of 7.7%, by 2030.

The growth in the industry is credited to the growing requirement for power backup solutions in residential, industrial, and commercial areas, as well as the increasing necessity for inverters in tier II and tier III cities in India.

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Furthermore, India solar high-capacity inverter market will propel at a rate of 12.2%, to reach USD 1,199 million, by 2030.

This is ascribed to the nation immense source of solar energy because of its geographic position, and the increasing adoption of solar power for numerous applications, as well as various initiatives by the government to promote renewable energy sources, specifically solar energy.

The increasing implementation of renewable energy in the nation boosts the industry of renewable power inverter in India.

The single-phase category of non-solar high-capacity inverter industry will generate USD 533.5 million by the end of this decade. This is attributed to the fact that these inverters are favored over three-phase inverters by end users, because of their easier installation and lesser cost as compared to three-phase inverters.

Additionally, single-phase non-solar inverters of 2 kVA to 4.9 kVA capacity are mainly adopted by customers, because of their lesser price and a variety of residential applications.

The requirement for the inverters of 5 kVA to 10 kVA capacity will witness substantial growth, of 8.5%, in the years to come, due to the growing applicability of inverters in commercial and industrial areas.

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Solar high-capacity inverters are widely adopted in the utility & power sector, which generated 91.7% of the industry revenue in the past few years, and the category will witness significant growth throughout this decade, growing at a rate of 12.3%, owing to the large adoption of solar high-capacity inverters in solar power plants.

In the past few years, Karnataka held the largest share of the solar high-capacity inverter industry, at 18.7%. This is credited to the large number of major industry players investing in this state, along with suitable geographical locations for solar energy.

In the past few years, Tamil Nadu accounted for the largest share of the non-solar high-capacity inverters industry, at 14.3%. This is credited to the existence of the largest wind farm located in Kanyakumari, which distributes a 1,500 MW power supply, and the state has approximately 3,000 wind turbines.

Key players operating in the industry have been involved in numerous strategic developments, for instance, acquisitions and product launches, to remain competitive.

Hence, with the constant development in the sector of solar energy and continuous adoption of renewable energy in the nation, the industry of high-capacity inverters in India will continue to grow in the coming years.

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