Micro-inverters play a crucial role in solar energy systems by converting the direct current (DC) output of individual solar panels into usable alternating current (AC) for electrical grids. Their significance lies in optimizing energy harvest, enhancing system efficiency, and providing real-time monitoring at the panel level. Unlike traditional string inverters, micro-inverters operate independently, mitigating the impact of shading or panel malfunctions on the entire array. This results in increased system performance, greater reliability, and improved resilience to grid fluctuations.
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Data Bridge Market Research analyses the India Micro Inverter Market which was USD 1,60,846.56 thousand in 2021 and is expected to reach the value of USD 5,30,969.11 thousand by 2029, at a CAGR of 16.1% during the forecast period of 2022-2029. The incorporation of advanced monitoring and control features in micro-inverters, enabling real-time performance tracking for individual solar panels, has become a key driver in the Indian micro-inverter market. This heightened visibility and control appeal to both consumers and installers, fostering market growth by providing enhanced efficiency and diagnostics for solar energy systems.
Key Findings of the Study
Decreasing costs of micro-inverters is expected to drive the market's growth rate
The decreasing costs of micro-inverters stand out as a pivotal driver in the Indian market. As these costs steadily decline over time, micro-inverters become increasingly economically viable for a broader consumer base. This enhanced cost-effectiveness serves as a compelling incentive for consumers to consider micro-inverters for their solar installations. The affordability factor attracts individual residential users and makes these advanced inverters more appealing to commercial entities and larger-scale solar projects. This trend aligns with the broader goal of promoting sustainable energy solutions in India, facilitating greater adoption of solar technology, and contributing to the growth and maturation of the micro-inverter market in the country.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable 2014-2019)
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Quantitative Units
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Revenue in USD Thousand, Volumes in Units, Pricing in USD
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Segments Covered
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Connection Type (Stand-Alone, Grid-Tied), Utility (Rapid Shutdown, Panel-Level Monitoring, System Expansion Ease, Multiple Angel Installation, Higher Durability, Others (IP67 Rated Protection, Electricity)), Type (Single Phase, Three Phase), Offering (Hardware, Software, Services), Communication Technology (Wired, Wireless), Power Rating (Below 250 W, Between 251 W and 500 W, Above 500 W) Sales Channel (Direct Channel, Indirect Channel), Industry (Residential, Commercial, PV Power Plants)
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Market Players Covered
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Infineon Technologies AG (Germany), Fchoice Solar Tech India Pvt Ltd (India), Nordic (India) Solutions Pvt. Ltd (India), SunSights Solar (India), U R Energy (India), Enphase Energy (U.S.), 360 Power Products (India), gracerenew.com (India), Sun Sine Solution Private Limited (India), Texas Instruments Incorporated (U.S.), SuratExim (India), Waaree Energies Ltd. (India), SMA Solar Technology AG (Germany), P2 Power Solutions Pvt. Ltd (India)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The India micro inverter market is segmented on the basis of connection type, utility, type, offering, communication technology, power rating, sales channel, and industry.
- On the basis of connection type, the India micro inverter market is segmented into stand-alone, and grid-tied
- On the basis of utility, the India micro inverter market has been segmented into rapid shutdown, panel-level monitoring, system expansion ease, multiple angel installation, higher durability, and others (IP67 rated protection, electricity).
- On the basis of type, the India micro inverter market has been segmented into single phase, and three phase.
- On the basis of offering, the India micro inverter market has been segmented into hardware, software, and services
- On the basis of communication technology, the India micro inverter market has been segmented into wired, and wireless.
- On the basis of power rating, the India micro inverter market has been segmented into below 250 W, between 251 W and 500 W, and above 500 W.
- On the basis of sales channel, the India micro inverter market is segmented into direct channel, and indirect channel.
- On the basis of industry, the India micro inverter market has been segmented into residential, commercial, and PV power plants.
Major Players
Data Bridge Market Research recognizes the following companies as the major India micro inverter market players in India micro inverter market are Infineon Technologies AG (Germany), Fchoice Solar Tech India Pvt Ltd (India), Nordic (India) Solutions Pvt. Ltd (India), SunSights Solar (India), U R Energy (India), Enphase Energy (U.S.), 360 Power Products (India), gracerenew.com (India), Sun Sine Solution Private Limited (India)
Market Developments
- In April 2022, Yotta Energy secured a significant milestone by announcing the acquisition of USD 3.5 million in new capital, thereby augmenting its Series a funding to a robust USD 16.5 million. With the infusion of capital from the current funding round and award, Yotta's total funding has now surged past USD 25.5 million. This strategic financial boost positions Yotta Energy as a noteworthy player in the evolving micro-inverter market
- In February 2022, Waaree Energies Ltd.'s subsidiary, Waaree Renewable Technologies Limited, attained a commendable achievement by being awarded the 180 MW DC solar power plant project in Tamil Nadu, India. The scope of this project encompasses the entire spectrum of engineering, procurement, and construction (EPC) services for the solar plant. This project win underscores Waaree Renewable Technologies Limited's prowess in the renewable energy sector and contributes to the overall growth and diversification of the micro-inverter market
- In October 2021 when Enphase Energy, Inc., a globally recognized leader in microinverter-based solar and battery systems, launched the Enphase Energy System with IQ8TM solar microinverters tailored for clients in North America. The IQ8 microinverter, hailed as Enphase's most advanced to date, stands out by enabling the establishment of a microgrid using sunlight during power outages, delivering backup energy without the need for a battery. This innovation has enhanced Enphase Energy's standing in the market and set a benchmark for the evolving capabilities within the micro-inverter sector
- In April 2021, Enphase Energy and IBC SOLAR joined forces to provide their customers with expanded options for quick and seamless solar system planning and installation. This collaboration showcased a concerted effort to streamline processes and enhance the efficiency of solar system integration. Such collaborations are instrumental in shaping the competitive landscape of the micro-inverter market, fostering innovation, and ultimately driving the adoption of advanced technologies
For more detailed information about the India micro inverter market report, click here – https://www.databridgemarketresearch.com/reports/india-micro-inverter-market
