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India PV Inverters Market Overview
November 5, 2015 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "India PV Inverters Market Overview"report to their offering.
The market for PV inverters in India is expected to grow with a continuously increasing CAGR of 4.74% from 2015 to 2021.
The PV Inverter market in India was estimated to grow with a decreasing CAGR from the year of 2009 to 2014. The market decreased because of falling PV prices. The manufacturing ecosystem for these products is quite mature while technological requirements of PV Inverter manufacturing are greater than the manufacturing and design capabilities present in India currently. Some of the major players in the PV inverters market are SMA Solar, Bonfiglioli, and Power One. Steady demand from the home and SOHO segments and the increasing government support towards renewable energy is expected to buttress the growth of the inverter market. The unorganized segment had a large share of the PV inverter market till 2012, though its share has been declining lately due to enhanced consumer awareness.
Central Inverters are the major market share acquirers of the inverter market. Micro-inverters are also forecasted to increase its share technology wise. Residential segment is the new target of the inverter industry. The unorganized sector, which was leading the market till 2012, is forecasted to shrink in the coming years. New entrants are also increasing and their revenue share is expected to grow over the forecasted period, owing to their expansion plans and widening of dealership networks.
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