India Power Inverter Market Outlook
According to a new report by Expert Market Research titled, “India Power Inverter Market Size, Share, Analysis, Report and Forecast 2023-2028″, is projected to grow at a CAGR of 14.6% between 2023 and 2028. Aided by the growing penetration of smart power inverters and rising exploration of solar energy in India, the market is expected to grow significantly by 2028.
Power inverters are devices that convert direct current (DC) into alternating current (AC) and are commonly used in India to ensure consistent power supply, given the frequent power outages in the country. They play an essential role in a variety of areas, such as residential, commercial, and industrial sectors, proving invaluable during power failures. Besides their fundamental role in power conversion, power inverters also come equipped with features like overload protection, temperature control, and short circuit protection, enhancing their utility and safety.
The escalating demand for a continuous power supply in India is driving the India power inverter market growth. The country’s expanding population and rapid urbanisation have led to an increase in power consumption, highlighting the need for power inverters to mitigate the inconvenience caused by power outages. Moreover, the escalating demand for electronics and appliances that require steady power supplies, such as refrigerators, air conditioners, and computers, has also contributed to the surge in demand for power inverters.
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The expanding applications of power inverters across various sectors is significantly contributing to the India power inverter market expansion. The industrial sector uses power inverters to ensure the smooth operation of heavy machinery and equipment during power failures. Power inverters are also extensively used in commercial spaces like shopping malls, offices, and hospitals, as these establishments require a consistent power supply for their operations. Furthermore, the residential sector uses power inverters to keep appliances and devices functioning during power cuts, enhancing comfort and convenience.
Additionally, the increasing adoption of solar power systems in India is increasing the India power inverter market demand. Power inverters are integral components in solar power systems, converting the DC produced by solar panels into AC used by household appliances and grids. With the rising awareness of renewable energy and the government’s encouragement for solar power utilisation, the demand for power inverters in solar applications is anticipated to rise significantly.
India Power Inverter Market Segmentation
The market can be divided based on rating, application, and end use.
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Market Breakup by Rating
- 5kW to 100kW
- 100kW to 500kW
- Above 500kW
Market Breakup by Application
- Motor Drives
- Rail Traction
- Wind Turbines
- Solar PVs
Market Breakup by End Use
- Commercial and Industrial
- Automotive and Transportation
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the India power inverter companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- ABB Ltd.
- Huawei Technologies Co., Ltd.
- Delta Electronics, Inc.
- SMA Solar India Private Limited
- Genus Power Infrastructures Ltd
- SolarEdge Technologies Inc.
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