India Solar Inverter Market Overview
India Solar Inverter Market grew at a considerable rate during the period 2016-2019 as a result of several government efforts to improve the share of solar power in the country’s energy generation mix such as the National Solar Mission by the Government of India targeting 100 GW solar energy by the year 2022. Rising consumer awareness, the growing participation of residential and commercial segments towards solar system installations, supportive government policies & solar schemes, and increasing private sector involvement are the other major factors contributing to the India Solar Inverter Market Growth.
According to 6Wresearch, India Solar Inverter Market size is projected to grow at CAGR of 14.4% during 2020-2026. Increasing environmental awareness, financial support from the government in the form of subsidies, new initiatives, and targets for renewable energy launched by the Ministry of New and Renewable Energy (MNRE) would further drive the solar inverter market revenues in India over the coming years. Increasing penetration towards the deployment of renewable sources is accelerating the India Solar Inverter Market Share. Additionally, the extensive usage of solar inverters in various sectors such as residential, commercial, and industrial is adding to the development of the market. Growing advancements in technology and surging usage of inverters drive the development of the market.
The Inverter Market in India is projected to find its true potential owing to rising concern towards environmental degradation in the country. Inverters are being deployed massively in all the major verticals including retail, residential and commercial sectors as power backup sources underpinned by the rising electricity need to perform essential works aligned with rising energy consumption, which has led to stimulating the government to produce renewable energy, therefore the growth of the solar inverter is estimated to gain popularity and is expected to act as a catalyst in pioneer the growth of the India Solar Inverter Market in the upcoming six years.
Key Highlights of the Report
- India Solar Inverter Market Overview
- India Solar Inverter Market Outlook
- India Solar Inverter Market Trends
- India Solar Inverter Market Forecast
- Industry Life Cycle
- Key Strategic Recommendations
- Porter’s Five Force Analysis
- Market Opportunity Assessment
- Company Profiles
- India Solar Inverter Market Drivers and Restraints
- India Solar Inverter Market Share, By Regions
- India Solar Inverter Market Share, By Companies
- India Solar Inverter Market Overview, By Competitive Benchmarking
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