(EnergyIndustry.Net, August 23, 2019 ) According to the latest report by IMARC Group, titled “Indian Solar Electric System and Inverter Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Indian solar electric system and inverter market size is expanding at a steady rate. A solar electric system produces electricity which is utilized for operating home appliances. These systems consist of various components, which include solar panels, inverter, battery pack, power meter, backup generator and charge regulator. The solar panel is one of the essential elements of a solar electric system which generates electricity by absorbing sunlight as the source of energy. On the other hand, the solar inverter is used to convert the direct current (DC) from the solar panels into alternating current (AC). This current is later used for running appliances on the commercial or local off-grid electricity networks. Since the maintenance cost associated with solar electric systems is relatively low, they are gaining prominence across emerging economies, especially in India.
Indian Solar Electric System and Inverter Market Trends:
The constant shortage in the supply of electricity across India is primarily driving the growth of the market. Rising population, along with increasing adoption rates of electronic appliances and heating, ventilating, and air conditioning (HVAC) systems, has led to the escalating use and consequently, a deficit in the supply of electricity. Additionally, a decrease in the prices of equipment used in the production of solar electric systems has been witnessed, which is expected to reduce their average selling price. Moreover, growing awareness regarding the risks posed by the use of conventional energy sources has led a majority of the population to shift toward cleaner power sources, like solar energy. Further, numerous government initiatives are promoting the use of these systems and consequently, positively influencing their sales. For instance, the Government of India provides incentives and subsidies for the installation of solar rooftop systems and has undertaken initiatives which aim to achieve a national solar rooftop target of 40 GW till 2021-2022. On account of the aforementioned factors, the solar electric system and inverter market volumes are anticipated to reach 101,520 MW and 22,878 MW by 2024, growing at a CAGR of 26.9% and 14.5% during 2019-2024, respectively.
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