Indian Solar Inverter Market Size, Share, Industry Growth, Top Maufacturers & Forecast Report 2025-2033

According to the latest report by IMARC Group, titled "India Solar Inverter Market Report by Inverter Type (Central Inverters, String Inverters, Micro Inverters), Application (Residential, Commercial and Industrial (C&I), Utility-Scale), and Region 2026-2034," the report presents a thorough review featuring the India Solar Inverter Market growth, share, trends, and research of the industry.

Market Size & Future Growth Potential:

The India solar inverter market size reached USD 426.9 Million in 2025 and expects the market to reach USD 847.6 Million by 2034, exhibiting a growth rate (CAGR) of 7.92% during 2026-2034.

Latest Market Trends:

The market is experiencing rapid transformation driven by the integration of smart grid technology and Internet of Things capabilities into solar inverter systems. Modern inverters now feature advanced monitoring systems that enable real-time data collection, remote diagnosis, and predictive maintenance, allowing operators to optimize performance and identify issues before they become critical. Artificial intelligence and machine learning algorithms are being applied to inverter systems to enhance energy generation and consumption prediction, while smart inverters support grid stability through reactive power compensation and voltage regulation capabilities.

The industry is witnessing a significant shift toward hybrid inverter solutions that integrate solar power generation with battery energy storage systems. These advanced inverters can handle multiple power sources simultaneously, including solar panels, grid supply, and battery power. The increasing demand for energy autonomy and backup power solutions, particularly in areas with unstable grid infrastructure, is fueling this trend. Hybrid inverters optimize energy utilization by automatically switching between various power sources depending on availability, cost, and demand patterns, enabling homeowners and businesses to store surplus solar energy during peak generation periods and utilize it during nighttime hours or power outages.

Grid-connected solar inverters now account for nearly 80 percent of the solar PV market in India, with inverters in the rated output power capacity range of 1-10 kW dominating installations and representing approximately 63 percent of the market. The adoption of gallium nitride and silicon carbide transistors has enabled inverters to achieve efficiency levels exceeding 99 percent, significantly reducing electricity losses. Power density has increased dramatically from 50 Watts per cubic inch to over 500 Watts per cubic inch over the past decade, reducing the number of inverters required per project and lowering overall system costs.

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Market Scope and Growth Factors:

The scope of the India solar inverter market is expanding rapidly as businesses and individuals across various sectors increasingly recognize the strategic importance of solar energy adoption in maintaining competitiveness and achieving sustainability goals. The market is experiencing significant growth driven by government initiatives such as the PM-KUSUM scheme, which has achieved record progress with over 10 lakh solar pumps installed or solarized, representing substantial support for agricultural sector transformation. Under the Union Budget, the scheme received an allocation of Rs. 2,600 crore, reflecting the government's commitment to expanding solar infrastructure.

The Production Linked Incentive scheme for high-efficiency solar PV modules is strengthening the domestic manufacturing ecosystem, with cumulative installed solar PV module manufacturing capacity reaching 91.6 GW as of June 2025. This has contributed to a decline in solar module imports from $3,363.21 million to $2,151.75 million between fiscal years 2021-22 and 2024-25, demonstrating growing self-reliance in the renewable energy sector.

The market is also witnessing increased adoption of digitalization, with manufacturers introducing smart string hybrid inverters that integrate battery smart charging and discharging capabilities, PV inversion, on-grid and off-grid switching, and smart energy management systems into single compact units. The Ministry of New and Renewable Energy's Solar Systems, Devices, and Components Goods Order issued in January 2025 enforces Bureau of Indian Standards compliance for all solar components including inverters, ensuring quality standards and consumer protection.

The declining costs of solar panels and inverters, driven by economies of scale, improved production efficiency, and technological advancements, have made solar energy increasingly accessible to both residential consumers and large commercial and industrial users. States like Maharashtra, Karnataka, Gujarat, and Rajasthan are emerging as key markets, with Maharashtra alone accounting for a significant portion of PM-KUSUM funding. The growth is further supported by rooftop solar installations in urban areas, favorable net metering policies, and the establishment of solar parks across multiple states, creating a conducive environment for sustained market expansion.

Recent News and Developments:

• Ningbo Deye Inverters announced that its cumulative shipments in India have surpassed 5 GW, driven by increased demand for string and hybrid inverters. The company has doubled its inverter production capacity from 1 lakh units to 2 lakh units per month to meet rising demand.
• Hoymiles introduced India's first "solar inverter brand truck" at the Intersolar India 2025 event in February 2025, aimed at promoting awareness of solar energy and showcasing advanced inverter and storage solutions across the country.
• Delta Electronics unveiled a 1.1 MW modular central inverter designed, developed, and manufactured in India for large-scale PV installations, achieving up to 99.1 percent efficiency. The company plans to expand its annual inverter production capacity from 1 GW to 5 GW over the next two to three years.
• Avaada launched its "Halo" hybrid battery inverter in November 2025, designed, developed, and manufactured entirely in India. Available in 3 kW, 5 kW, and 10 kW configurations, the system combines an inverter and lithium-ion battery pack into a single compact unit suitable for residential, commercial, and small industrial applications.
• POM Systems & Services introduced hybrid inverters with power ratings of 3 kW, 5 kW, and 10 kW in May 2025, combining the functions of traditional solar inverters and battery inverters in single devices for residential solar applications.
• GoodWe launched a 125 kW smart string hybrid inverter under its S6-EH3P series for commercial and industrial solar systems, integrating battery management, PV inversion, grid switching, and smart energy management into one compact unit.
• The Bureau of Energy Efficiency launched a labeling program for grid-connected solar inverters under a voluntary phase valid from March 2024 till December 2025, with potential energy savings of 21.1 billion kWh and CO2 emission reductions of 15.1 million tons projected from 2024-25 to 2033-34.
• PM-KUSUM scheme witnessed unprecedented growth with 4.4 lakh pumps installed under Component B in fiscal year 2025, representing a 4.2-fold increase over the previous year, and 2.6 lakh pumps solarized under Component C, marking a 25-fold increase compared to fiscal year 2024.

Comprehensive Market Report Highlights & Segmentation Analysis:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest India Solar Inverter Market Share. It includes forecasts for the period 2026-2034 and historical data from 2020-2025 for the following segments.

Segmentation by Inverter Type:

• Central Inverters
• String Inverters
• Micro Inverters

Segmentation by Application:

• Residential
• Commercial and Industrial (C&I)
• Utility-Scale

Segmentation by Region:

• North India
• West and Central India
• South India
• East and Northeast India

Competitor Landscape:

The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant. Detailed profiles of all major companies have been provided.

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Key highlights of the Report:

• Historical Market Performance
• Future Market Projections
• Impact of COVID-19 on Market Dynamics
• Industry Competitive Analysis (Porter's Five Forces)
• Market Dynamics and Growth Drivers
• SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
• Market Ecosystem and Value Creation Framework
• Competitive Positioning and Benchmarking Strategies

Major Advantages of the Report:

• This report provides market leaders and new entrants with accurate revenue estimates for the overall market and its key subsegments.
• Stakeholders can leverage this report to gain a deeper understanding of the competitive landscape, enabling them to strategically position their businesses and develop effective go-to-market strategies.
• The report provides stakeholders with valuable insights into the market dynamics, offering a comprehensive analysis of key drivers, restraints, challenges, and opportunities.

Why Choose IMARC Group:

• Extensive Industry Expertise
• Robust Research Methodology
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• Precise Forecasting Capabilities
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