Expanding residential housing sector, Make in India initiative and increasing demand from tier 2 and tier 3 cities to fuel India inverter market during the forecast period
According to TechSci Research report, “India Inverter Market By Type, By Application, By Capacity, Competition Forecast & Opportunities, 2013 – 2023’’, India inverter market is projected to cross $ 720 million on account of growing residential housing sector and the government’s ‘Make in India’ initiative. Moreover,increasing demand for inverters from tier 2 and tier 3 cities is further likely to steer growth in India inverter market over the next five years. Additionally, implementation of GST is expected to aid the organized players to further increase their share in India inverter market through 2023. Luminous Power Technologies Pvt. Ltd. accounted for the largest share in India inverter market in 2017, and the company is likely to maintain its dominance through 2023 as well. Luminous Power Technologies Pvt. Ltd. is followed by V-Guard Industries, Microtek International Private Limited, and Su-Kam Power Systems Limited.
Browse 12 market data Tables and 42 Figures spread through 101 Pages and an in-depth TOC on “India Inverter Market”
Among different inverter types, India inverter market is dominated by Pure Sine Wave inverters as these inverters are more efficient and are widely used in industrial and commercial sectors. Residential sector had the largest application share in India inverter market in 2017, and the segment is likely to maintain its dominance throughout the forecast period on the back growing residential housing sector in the country. A large demand for inverters emanates from East India which can be attributed to frequent power cuts in the region. As of 2018, East India’s energy availability stood at 149,871 MU per year and its energy requirement stood at 150,151 MU per year.
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“Technological developments for the use of intelligent hybrid inverters in energy deficit regions in India is likely to provide better energy storage solutions. Moreover, initiatives by government to increase electrification rate in the country would further steer growth in the India inverter market. Additionally, booming residential sector is likely to contribute to the rising demand for inverters, across the country in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Inverter Market By Type, By Application, By Capacity, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of India inverters market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India inverter market.
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