India Power Inverter Market Size, Trends, Growth & Forecast 2024-2032

India Power Inverter Market Outlook

According to the report by Expert Market Research (EMR), the India power inverter market size reached a value of about USD 5.52 billion in 2023. Aided by the increasing demand for reliable power backup solutions and the growing applications of power inverters across various sectors, the market is projected to further grow at a CAGR of 15% between 2024 and 2032 to reach a value of USD 19.39 billion by 2032.

Power inverters are essential devices that convert direct current (DC) into alternating current (AC), providing a reliable power supply during outages and ensuring the smooth operation of electrical appliances. The power inverter market in India is characterised by rapid urbanisation, rising demand for uninterrupted power supply, and significant investments in renewable energy sources. The increasing awareness of energy efficiency and the adoption of advanced technologies further bolster the market's growth.

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The increasing demand for reliable power backup solutions is driving the India power inverter market growth. With the growing frequency of power outages and the need for uninterrupted power supply in residential, commercial, and industrial sectors, there has been a significant rise in the demand for power inverters. Additionally, the rising trend of urbanisation and the expanding infrastructure in India have further contributed to the increasing adoption of power inverters.

The expanding applications of power inverters across various sectors also play a significant role in propelling the market. In the residential sector, power inverters are used to provide backup power for household appliances, ensuring their smooth operation during power cuts. The commercial sector utilises power inverters to maintain the continuity of business operations, supporting critical systems like computers, servers, and lighting. Moreover, the industrial sector relies on power inverters to power essential equipment and machinery, minimizing downtime and improving productivity.

Further, the growing demand for renewable energy solutions has led to an increased focus on power inverters integrated with solar energy systems. With the rise of solar power installations and the government's initiatives to promote renewable energy, solar inverters have gained popularity as a sustainable and cost-effective solution, consequently driving up the India power inverter market share.

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Advances in inverter technology are leading to the development of more efficient and versatile power inverters. Manufacturers are focusing on producing high-performance inverters that offer better energy efficiency, increased lifespan, and enhanced compatibility with various applications.

The residential segment dominates the market, driven by the increasing adoption of power inverters in households to provide backup power for essential appliances. The growing awareness of energy efficiency and the rising demand for uninterrupted power supply further drive the market in this segment.

As per the India power inverter market analysis, North India holds a prominent share in the India power inverter market, driven by the high population density and the increasing demand for reliable power backup solutions in the region. The presence of major metropolitan cities like Delhi further contributes to the market growth.

South India is another significant market for power inverters, with increasing consumer awareness of the benefits of uninterrupted power supply and the growing trend of renewable energy solutions in the region. The expanding commercial and industrial sectors in cities like Bengaluru and Chennai further bolster the market.

India Power Inverter Market Segmentation

The market can be divided based on rating, application, and end use

Market Breakup by Rating

5KW
5kW to 100kW
100kW to 500kW
Above 500kW

Market Breakup by Application

Motor Drives
UPS
Rail Traction
Wind Turbines
EVs/HEVs
Solar PVs
Others

Market Breakup by End Use

Utilities
Residential
Commercial and Industrial
Automotive and Transportation
Others

Competitive landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the India power inverter market. Some of the major players explored in the report by expert market research are as follows:

ABB Ltd.
Huawei Technologies Co., Ltd.
Delta Electronics, Inc.
SMA Solar India Private Limited
Genus Power Infrastructures Ltd
SolarEdge Technologies Inc.
Others

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