India Solar PV Inverter Market Share, Size, Trends, Report 2025-2033

Solar PV Inverter Market - India

Market Statistics

Base Year: 2024

Historical Years: 2019-2024

Forecast Years: 2025-2033

Market Size in 2024: USD 356.70 Million

Market Size in 2033: USD 781.18 Million

Market Growth Rate (CAGR) 2025-2033: 8.40%

According to IMARC Group's report titled "India Solar PV Inverter Market Report and Forecast 2025-2033," the market reached USD 356.70 million in 2024. Looking forward, IMARC Group expects the market to reach USD 781.18 million by 2033, exhibiting a growth rate (CAGR) of 8.40% during 2025-2033.

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India Solar PV Inverter Market Trends and Drivers:

1. The India solar PV inverter market is growing rapidly fuelled by the nation's ambitious renewable energy goals, growing green awareness, and heightened dependence on clean power resources.

2. Essentially, the solar energy push has been steadily picking up pace as both residential and business sectors aim to lower electricity expenditure as well as ensure long-term energy security.

3. Besides, government policies like subsidies, tax incentives, and net metering laws are promoting the adoption of solar, thus driving the need for cost-effective and efficient solar PV inverters.

4. Additionally, the reduced cost of solar devices and technological advancements in inverter devices are making installations more feasible for a broader spectrum of applications, from rooftops to utility-scale solar farms and microgrids.

5. In addition, rising investments from the public and private sectors are driving infrastructure development and solar capacity expansion, boosting the market further.

6. Also, advances in technology like smart inverters that incorporate AI-based monitoring, predictive maintenance, and grid-support capabilities are becoming more popular as consumers want greater control and optimisation of their solar systems.

7. Besides this, the increasing use of hybrid and off-grid solar systems in remote and rural locations is fueling the need for flexible inverter solutions.

8. Moreover, battery storage integration with solar systems is further increasing the popularity of solar inverters that accommodate hybrid systems.

9. Concurrently, the growth of EV infrastructure and the need for clean energy integration with EV charging stations are providing an additional layer of opportunity for the solar PV inverter market.

10. Concurrently, the entry of international players and domestic producers is increasing competition, resulting in better quality requirements, product offerings, and lower prices.

11. Similarly, customer demand for small, efficient, and low-maintenance inverters is driving R&D to smarter products.

12. Overall, the synergy of support from positive policy, economic feasibility, environmental awareness, and increased energy demand is placing a solid groundwork for sustained growth for the India solar PV inverter market, in coherence with the overall objectives of the nation in terms of transformation in energy and sustainability.

India Solar PV Inverter Industry Segmentation:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest India solar PV inverter market share. It includes forecasts for the period 2025-2033 and historical data from 2019-2024 for the following segments.

Technology Insights:

• Central Inverters

• String Inverters

• Microinverters

• Others

Voltage Insights:

• <1,000 V

• 1,000 – 1,499 V

• >1,500 V

Application Insights:

• Utility Scale

• Residential Scale

• Small Commercial Scale

• Large Commercial Scale

• Industrial Scale

Regional Insights:

• North India

• South India

• East India

• West India

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Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key highlights of the Report:

• Market Performance (2019-2024)

• Market Outlook (2025-2033)

• COVID-19 Impact on the Market

• Porter’s Five Forces Analysis

• Strategic Recommendations

• Historical, Current and Future Market Trends

• Market Drivers and Success Factors

• SWOT Analysis

• Structure of the Market

• Value Chain Analysis

• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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