
Indian Solar Electric System and Inverter Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2025-2033
Description
Indian Solar Electric System and Inverter Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2025-2033
The Indian solar electric system and inverter market size reached 104.5 GW in 2024. Looking forward, IMARC Group expects the market to reach 715.5 GW by 2033, exhibiting a growth rate (CAGR) of 22.64% during 2025-2033.
A solar panel refers to a collection of solar cells which is employed to generate electricity using sunlight as the energy source. A solar inverter, on the other hand, is a device which helps in converting the direct current produced by the solar panels into alternating current. This current is then supplied to either storage batteries, power grids or houses for operating various appliances. Several efforts are being made by the Government of India to harness renewable sources, such as wind, solar, geothermal, etc. for energy production due to their easy availability. Amongst these, solar power is amongst the fastest developing segment, owing to the suitable geographical location of India which offers an ample supply of sunlight throughout the year.
Indian Solar Electric System and Inverter Market Trends:
IMARC Group provides an analysis of the key trends in each segment of the Indian solar electric system and inverter market report, along with forecasts at the country and state levels from 2025-2033. Our report has categorized the market based on technology type, installation type and inverter type.
Solar Electric System Market
Breakup by Technology Type:
Breakup by Installation Type:
TMEIC
SMA
Hitachi
Sungrow Power Supply Co., LTD.
Huawei
Schneider Electric
This report provides a deep insight into the Indian solar electric system and solar inverter market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the solar electric system and solar inverter industry in any manner.
Key Questions Answered in This Report
1.What was the size of the Indian solar electric system and inverter market in 2024?
2.What is the expected growth rate of the Indian solar electric system and inverter market during 2025-2033?
3.What are the key factors driving the Indian solar electric system and inverter market?
4.What has been the impact of COVID-19 on the Indian solar electric system and inverter market?
5.What is the breakup of the Indian solar electric system market based on the technology type?
6.What is the breakup of the Indian solar electric system market based on the installation type?
7.What is the breakup of the Indian solar inverter market based on the inverter type?
8.What are the key regions in the Indian solar electric system and inverter market?
The Indian solar electric system and inverter market size reached 104.5 GW in 2024. Looking forward, IMARC Group expects the market to reach 715.5 GW by 2033, exhibiting a growth rate (CAGR) of 22.64% during 2025-2033.
A solar panel refers to a collection of solar cells which is employed to generate electricity using sunlight as the energy source. A solar inverter, on the other hand, is a device which helps in converting the direct current produced by the solar panels into alternating current. This current is then supplied to either storage batteries, power grids or houses for operating various appliances. Several efforts are being made by the Government of India to harness renewable sources, such as wind, solar, geothermal, etc. for energy production due to their easy availability. Amongst these, solar power is amongst the fastest developing segment, owing to the suitable geographical location of India which offers an ample supply of sunlight throughout the year.
Indian Solar Electric System and Inverter Market Trends:
- The Indian government is encouraging the use of renewable sources of energy like solar, wind, etc. so as to decrease the dependency on non-renewable sources and reduce their carbon footprint. As a result, the Government has undertaken several initiatives including the Solar Rooftop Scheme, Jawaharlal Nehru National Solar Mission and Solar Energy Subsidy Scheme which are catalyzing the demand for solar power systems in the region.
- Solar power systems are currently available in various forms such as off-grid solar power system, grid inter-tied solar power system with battery backup, and grid inter-tied solar power system without battery backup. According to their requirements, the consumers can easily choose from these varieties and install the system in their houses or office buildings.
- Due to its location between the Tropic of Cancer and the Equator, India has an average annual temperature that ranges from 25 degree Celsius to 27 degree Celsius. Owing to this, the country has a huge potential for solar power generation. As per government estimations, India receives solar radiation of about 5,000tn kWh per year. This, coupled with the availability of barren land, increases the feasibility of solar energy systems in the country.
- Although, the initial cost for setting up a solar power system is very high, the maintenance cost associated with solar products is relatively low. Moreover, there is no professional operator required to run the system, unlike the conventional power system.
- Decreasing prices of equipment used for solar panel manufacturing has significantly reduced the overall cost of solar PV panels, enabling solar power companies to expand their capacities.
IMARC Group provides an analysis of the key trends in each segment of the Indian solar electric system and inverter market report, along with forecasts at the country and state levels from 2025-2033. Our report has categorized the market based on technology type, installation type and inverter type.
Solar Electric System Market
Breakup by Technology Type:
- Crystalline Silicon
- Thin Films
Breakup by Installation Type:
Ground Mounted- Rooftop
Regional Insights:- Telangana
- Rajasthan
- Andhra Pradesh
- Tamil Nadu
- Karnataka
- Gujarat
- Others
Solar Inverter Market
Breakup by Inverter Type:- Central Inverter
- String Inverter
- Others
Regional Insights:- Telangana
- Tamil Nadu
- Rajasthan
- Andhra Pradesh
- Gujarat
- Karnataka
- Others
Competitive Landscape:- Solar Panel
Waree Solar Energy Pvt Ltd
Adani Enterprises Ltd
Goldi Green Technologies Pvt Ltd
Tata Power Solar Systems Ltd
Moser Baer Solar Ltd
XL Energy Ltd
Solar Semiconductor Pvt Ltd
Emmvee Photovoltaics Pvt Ltd
Navitas Green Solutions Pvt Ltd
- Solar Inverter
TMEIC
SMA
Hitachi
Sungrow Power Supply Co., LTD.
Huawei
Schneider Electric
This report provides a deep insight into the Indian solar electric system and solar inverter market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the solar electric system and solar inverter industry in any manner.
Key Questions Answered in This Report
1.What was the size of the Indian solar electric system and inverter market in 2024?
2.What is the expected growth rate of the Indian solar electric system and inverter market during 2025-2033?
3.What are the key factors driving the Indian solar electric system and inverter market?
4.What has been the impact of COVID-19 on the Indian solar electric system and inverter market?
5.What is the breakup of the Indian solar electric system market based on the technology type?
6.What is the breakup of the Indian solar electric system market based on the installation type?
7.What is the breakup of the Indian solar inverter market based on the inverter type?
8.What are the key regions in the Indian solar electric system and inverter market?
Table of Contents
117 Pages
- 1 Preface
- 2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
- 2.6 Study Assumptions
- 3 Executive Summary
- 4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
- 5 Global Solar Electric System Industry
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Market Breakup by Technology Type
- 5.4 Market Breakup by Installation Type
- 5.5 Market Breakup by Region
- 5.6 Market Forecast
- 6 Global Solar Inverter Industry
- 6.1 Market Overview
- 6.2 Market Performance
- 6.3 Market Breakup by Inverter Type
- 6.4 Market Breakup by Region
- 6.5 Market Forecast
- 7 Indian Solar Electric System Market
- 7.1 Market Overview
- 7.2 Market Performance
- 7.3 Impact of COVID-19
- 7.4 Market Breakup by Technology Type
- 7.4.1 Crystalline Silicon
- 7.4.1.1 Market Trends
- 7.4.1.2 Market Forecast
- 7.4.2 Thin Films
- 7.4.2.1 Market Trends
- 7.4.2.2 Market Forecast
- 7.5 Market Breakup by Installation Type
- 7.5.1 Ground Mounted
- 7.5.1.1 Market Trends
- 7.5.1.2 Market Forecast
- 7.5.2 Rooftop
- 7.5.2.1 Market Trends
- 7.5.2.2 Market Forecast
- 7.6 Market Breakup by Region
- 7.6.1 Telangana
- 7.6.1.1 Market Trends
- 7.6.1.2 Market Forecast
- 7.6.2 Rajasthan
- 7.6.2.1 Market Trends
- 7.6.2.2 Market Forecast
- 7.6.3 Andhra Pradesh
- 7.6.3.1 Market Trends
- 7.6.3.2 Market Forecast
- 7.6.4 Tamil Nadu
- 7.6.4.1 Market Trends
- 7.6.4.2 Market Forecast
- 7.6.5 Karnataka
- 7.6.5.1 Market Trends
- 7.6.5.2 Market Forecast
- 7.6.6 Gujarat
- 7.6.6.1 Market Trends
- 7.6.6.2 Market Forecast
- 7.6.7 Others
- 7.6.7.1 Market Trends
- 7.6.7.2 Market Forecast
- 7.7 Market Forecast
- 7.8 Key Market Drivers and Success Factors
- 8 Indian Solar Inverter Market
- 8.1 Market Overview
- 8.2 Market Performance
- 8.3 Impact of COVID-19
- 8.4 Market Breakup by Inverter Type
- 8.4.1 Central Inverter
- 8.4.1.1 Market Trends
- 8.4.1.2 Market Forecast
- 8.4.2 String Inverter
- 8.4.2.1 Market Trends
- 8.4.2.2 Market Forecast
- 8.4.3 Others
- 8.4.3.1 Market Trends
- 8.4.3.2 Market Forecast
- 8.5 Market Breakup by Region
- 8.5.1 Telangana
- 8.5.1.1 Market Trends
- 8.5.1.2 Market Forecast
- 8.5.2 Tamil Nadu
- 8.5.2.1 Market Trends
- 8.5.2.2 Market Forecast
- 8.5.3 Rajasthan
- 8.5.3.1 Market Trends
- 8.5.3.2 Market Forecast
- 8.5.4 Andhra Pradesh
- 8.5.4.1 Market Trends
- 8.5.4.2 Market Forecast
- 8.5.5 Gujarat
- 8.5.5.1 Market Trends
- 8.5.5.2 Market Forecast
- 8.5.6 Karnataka
- 8.5.6.1 Market Trends
- 8.5.6.2 Market Forecast
- 8.5.7 Others
- 8.5.7.1 Market Trends
- 8.5.7.2 Market Forecast
- 8.6 Market Forecast
- 9 SWOT Analysis
- 9.1 Overview
- 9.2 Strengths
- 9.3 Weaknesses
- 9.4 Opportunities
- 9.5 Threats
- 10 Value Chain Analysis
- 11 Porter’s Five Forces Analysis
- 11.1 Overview
- 11.2 Bargaining Power of Buyers
- 11.3 Bargaining Power of Suppliers
- 11.4 Degree of Rivalry
- 11.5 Threat of New Entrants
- 11.6 Threat of Substitutes
- 12 Manufacturing Process
- 12.1 Solar Panel Manufacturing Process
- 12.1.1 Product Overview
- 12.1.2 Detailed Process Flow
- 12.1.3 Various Types of Unit Operations Involved
- 12.1.4 Mass Balance and Raw Material Requirements
- 12.2 Solar Inverter Manufacturing Process
- 12.2.1 Product Overview
- 12.2.2 Detailed Process Flow
- 12.2.3 Various Types of Unit Operations Involved
- 12.2.4 Mass Balance and Raw Material Requirements
- 13 Government Initiatives
- 13.1 Jawaharlal Nehru National Solar Mission
- 13.2 Solar Rooftop Subsidy Scheme Yojana
- 13.3 Solar Park Scheme
- 13.4 VGF (Viability Gap Funding) Scheme
- 13.5 Solar Energy Subsidy Scheme
- 13.6 UDAY Scheme
- 14 Competitive Landscape
- 14.1 Competitive Structure
- 14.2 Key Players
- 15 Profile of Key Players
- 15.1 Solar Inverter Key Players
- 15.1.1 ABB
- 15.1.2 TMEIC
- 15.1.3 SMA
- 15.1.4 Hitachi
- 15.1.5 Sungrow Power Supply Co., LTD.
- 15.1.6 Huawei
- 15.1.7 Schneider Electric
- 15.2 Solar Panel Key Players
- 15.2.1 Vikram Solar Pvt Ltd
- 15.2.2 Waree Solar Energy Pvt Ltd
- 15.2.3 Adani Enterprises Ltd
- 15.2.4 Goldi Green Technologies Pvt Ltd
- 15.2.5 Tata Power Solar Systems Ltd
- 15.2.6 Moser Baer Solar Ltd
- 15.2.7 XL Energy Ltd
- 15.2.8 Solar Semiconductor Pvt Ltd
- 15.2.9 Emmvee Photovoltaics Pvt Ltd
- 15.2.10 Navitas Green Solutions Pvt Ltd
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