India Pv Inverter Market Size & Outlook, 2023-2030
India pv inverter market, 2018-2030 (US$M)
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India pv inverter market highlights
- The India pv inverter market generated a revenue of USD 720.0 million in 2023 and is expected to reach USD 2,769.8 million by 2030.
- The India market is expected to grow at a CAGR of 21.2% from 2024 to 2030.
- In terms of segment, central pv inverter was the largest revenue generating product in 2023.
- Central PV inverter is the most lucrative product segment registering the fastest growth during the forecast period.
Pv inverter market data book summary
| Market revenue in 2023 | USD 720.0 million |
| Market revenue in 2030 | USD 2,769.8 million |
| Growth rate | 21.2% (CAGR from 2023 to 2030) |
| Largest segment | Central pv inverter |
| Fastest growing segment | Central PV inverter |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | String PV inverter, Central PV inverter, Micro PV inverter, Other |
| Key market players worldwide | Delta Electronics Inc DR, Eaton Corp PLC, Emerson Electric Co, Hitachi Ltd, OMRON Corp, Siemens Energy AG ADR, SunPower Corp, SMA Solar Technology AG, Power Electronics, Fimer |
Other key industry trends
- In terms of revenue, India accounted for 5.5% of the global pv inverter market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China pv inverter market is projected to lead the regional market in terms of revenue in 2030.
- Thailand is the fastest growing regional market in Asia Pacific and is projected to reach USD 63.9 million by 2030.
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PV Inverter Market Scope
PV Inverter Market Companies
| Name | Profile | # Employees | HQ | Website |
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India pv inverter market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to pv inverter market will help companies and investors design strategic landscapes.
Central pv inverter was the largest segment with a revenue share of 48.53% in 2023. Horizon Databook has segmented the India pv inverter market based on string pv inverter, central pv inverter, micro pv inverter, other covering the revenue growth of each sub-segment from 2018 to 2030.
India is recognized as one of the fastest-growing economies in Asia Pacific and in the world. Increasing foreign direct investments in the country and a rise in the number of foreign companies entering the Indian solar power market are expected to boost the growth of the PV Inverter market.
India is considered as one of the emerging PV Inverter markets in the world, on account of the growing government support with various schemes, to promote power generation through renewable sources such as power. Also, in the past few years, the government has made it compulsory for the carbon emitting companies to invest in renewable energy.
The current Modi regime has already emphasized on development of the solar sector through tie-ups with Germany and China, which is likely to increase PV inverter market in the region over the forecast period In 2022, the Government of India launched central and state-wide subsidies for the installation of solar PV panels under which the net cost of solar PV panels decreased from 30% to 50%.
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Our clientele includes a mix of pv inverter market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the India pv inverter market , including forecasts for subscribers. This country databook contains high-level insights into India pv inverter market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India pv inverters market size, by product, 2018-2030 (US$M)
India PV Inverter Market Outlook Share, 2023 & 2030 (US$M)
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