India Solar Inverter Market Overview
India Solar Inverter Market grew at a considerable rate during the period 2016-2019 as a result of several government efforts to improve the share of solar power in the countrys energy generation mix such as the National Solar Mission by the Government of India targeting 100 GW solar energy by the year 2022. Rising consumer awareness, the growing participation of residential and commercial segments towards solar system installations, supportive government policies solar schemes, and increasing private sector involvement are the other major factors contributing to the India Solar Inverter Market Growth.
According to 6Wresearch, India Solar Inverter Market sizeis projected to grow at CAGR of 14.4% during 2020-2026. Increasing environmental awareness, financial support from the government in the form of subsidies, new initiatives, and targets for renewable energy launched by the Ministry of New and Renewable Energy (MNRE) would further drive the solar inverter market revenues in India over the coming years. Increasing penetration towards the deployment of renewable sources is accelerating the India Solar Inverter Market Share. Additionally, the extensive usage of solar inverters in various sectors such as residential, commercial, and industrial is adding to the development of the market. Growing advancements in technology and surging usage of inverters drive the development of the market.
Market Analysis by Application
The market is dominated by the utility sector owing to its large-scale solar projects deploying a large number of solar inverters. Further, the commercial segment is estimated to exhibit the highest growth rate during the forecast period. The high growth is attributed to growing solar installations across educational institutes, offices, factories, hospitals, and warehouses. In addition, the residential segment is also exhibiting significant growth with a focus on sustainable development and overlaying the rising power cost in the country.
Key Highlights of the Report
- India Solar Inverter Market Overview
- India Solar Inverter Market Outlook
- India Solar Inverter Market Trends
- India Solar Inverter Market Forecast
- India Solar Inverter Market Share, By Regions
- India Solar Inverter Market Drivers and Restraints
- Porters Five Force Analysis
- Company Profiles
- Key Strategic Recommendations
- Market Opportunity Assessment
- Industry Life Cycle
- India Solar Inverter Market Share, By Companies
- India Solar Inverter Market Overview, By Competitive Benchmarking
- India Solar Inverter Market Size and India Solar Inverter Market Forecast, for the Period 2016-2026F
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