India High-Capacity Inverter Market Growth, Development and Demand...

India High-Capacity Inverter Market Growth, Development and Demand Forecast Report 2030

Posted 2023-02-03 09:24:19

In 2021, the Indian non-solar high-capacity inverter market was worth around USD 391.3 million, and it is predicted to advance at an 8% CAGR from 2021 to 2030, hitting USD 760.1 million in 2030, according to P&S Intelligence.

This can be credited to the snowballing need for power backup solutions across residential, commercial, and industrial areas, coupled with the rising requirement for inverters in tier II and tier III cities of the country.

In 2021, the single-phase category held the largest revenue share of USD 265.6 million in the market and is projected to reach USD 533.5 million by the end of the decade. This is due to single-phase non-solar inverters being in more demand than three-phase inverters by end users, because of less cost and simpler installation process than three-phase inverters.

Solar high-capacity inverters are majorly utilized in the utility and power industry, which generated 91.7% of the Indian non-solar high-capacity inverter market revenue in 2021, and the category is predicted to show considerable development in the coming few years, increasing at a CAGR of 12.3%, because such inverters are highly utilized in solar plants.

Furthermore, the Government of the nation aims to surge its solar power size to 288 GW by 2030 from around 50 GW increasing installed solar capacity as of February 28, 2022, which indeed will increase the need for solar high-capacity inverters.

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Also, the state is very much capable to have small windmills, because the part is geographically good for wind energy, and the government has introduced suitable guidelines for small windmills. Such reasons will appeal to key players to spend in Tamil Nadu, which will boost the growth of the market.

Hence, the snowballing need for power backup solutions across residential, commercial, and industrial areas, coupled with the rising requirement for inverters in tier II and tier III cities of the country will drive the Indian non-solar high-capacity inverter industry.