The Indian non-solar high-capacity inverter market generated a revenue of $391.3 million in 2021, and the industry size will advance at a CAGR of 7.7% during 2021–2030. This growth can be attributed to the increasing urbanization and industrialization along with the rising need for power backup solutions across all sectors.
Moreover, the Indian solar high-capacity inverter market is expected to reach $1,199.0 million by 2030 from $426.0 million in 2021, surging at a CAGR of 12.2% during the forecast period. The Indian government is supporting the use of solar energy, in order to minimize reliance on non-renewable sources and lower their carbon impact. As a response, the government has launched a number of programs, such as the Solar Rooftop Scheme, the Solar Energy Subsidy Scheme, and the Jawaharlal Nehru National Solar Mission, which are driving the need for solar power solutions in the country.
On the basis of wave, sine wave inverters accounted for the largest market share, of 81.5%, in 2021, and the category is also expected to depict the fastest growth, advancing at a CAGR of 8.1%, during the forecast period. This is because sine wave non-solar inverters provide a better power supply along with better handle power fluctuations to protect appliances, especially electronics, from damage. Moreover, these inverters are typically used to operate sensitive electric equipment like TVs, CFL light bulbs, and other appliances with AC motors, as they are capable of producing cleaner, smoother, quieter, and more reliable electricity to operate electronic products without interference.
Karnataka is the largest market for solar high-capacity inverters in India, accounting for 18.7% of revenue share in 2021. Karnataka has an advantageous geographical position for solar energy, as well as a large number of important firms investing in the state. In addition, the appropriate earth and sun motions, the suitable tilt of the planet's rotational axis, and the favorable air attenuation aid in obtaining high-intensity solar radiation.
Also, Karnataka has backed the solar energy policies of the Indian government by launching the Arunodaya Programme, which resulted in the construction of a 14MW solar PV facility. As a consequence, in 2021, solar energy met 20% of Karnataka's daily electricity demand. Furthermore, the state has the highest solar power installed capacity in the country, with 7,346 MW, and the largest solar facility is located in Pavagada, Tumakuru.
Key players in the market have been involved in various strategic developments, such as partnerships and acquisitions, to remain competitive and improve their position. For instance:
In March 2022, Sungrow Power Supply Co. Ltd. established a distribution agreement with Krannich Solar, during the 2022 World Smart Energy Week. Through this agreement, both companies better supply renewable projects and explore more cooperative opportunities in a vast range of fields.
In December 2021, FIMER collaborated with ENIE to produce photovoltaic inverters locally, to support the free market and government tenders, with the aim of achieving a local installed base of 13 GW by 2030.
Major players operating in the Indian high-capacity inverter market include Huawei Technologies Co. Ltd., Luminous Power Technologies Pvt. Ltd., Microtek International Pvt. Ltd., V-Guard Industries Ltd., SolarEdge Technologies Ltd., Delta Electronics Inc., Fimer S.p.A, SMA Solar Technology AG, Genus Innovation Limited, and Sungrow Power Supply Co. Ltd.