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Future Growth Potential Enhanced by Rooftop Inverter Opportunities and C&I Segment Contribution
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India is a signatory to the Paris climate change agreement, which requires at least 40% of its energy to be from renewable sources by 2030. By 2022, India targets 175GW from renewable sources, out of which it plans to achieve 100GW from solar sources with rooftop solar contributing about 40GW.The Ministry of Renewable Energy has launched a number of schemes to achieve this target and introduced policy measures, such as RPOs, that mandate a certain percentage of power distributed to be from renewable sources. The policy environment is briefly discussed in this study in addition to the various schemes available for participants in the market.The falling costs of equipment and overall levelized cost of electricity (LCOE) have further spurred the adoption of renewable energy creating the demand for inverters. To encourage local manufacturing, the government has taken various initiatives, such as increasing customs duty on imported inverters.This report explores the various market drivers and the challenges that suppliers face. Along with the current installed capacity of different states, hotspots in the country with high solar potential are also mapped. The competitive environment, market share of top competitors, revenue forecast, and pricing trends are also discussed. Market segmentation is based on inverter type and capacity, and market revenues of each segment have been discussed for the 2021 to 2025 forecast period.Growth opportunities that market players can capitalize on are analyzed along with key market end-user verticals. The impact of the COVID-19 pandemic has been incorporated into the analyses and an achievable annual capacity addition has been forecasted in the report. The opportunity size of the market is based on the government’s cost benchmark and Frost & Sullivan estimates the Indian solar inverters market to register a CAGR of 3.9%. In terms of revenue, the C&I segment is expected to register the highest CAGR at 7.0%.
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