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DUBLIN--(BUSINESS WIRE)--Oct 12, 2022--
The "India High-Capacity Inverter Market Size and Share Analysis by Wave, Phase, Operational Mode, Sales Channel, End-use, Application - Industry Development and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The size of the Indian non-solar high-capacity inverter market was over $391 million in the year 2021, and it will reach more than $760 million by 2030, advancing at a growth rate of 7.7%.
This is credited to the snowballing requirement for power backup solutions in industrial, commercial, and residential areas, accompanied by the increasing need for inverters in the tier II and tier III cities of the country.
Furthermore, the Indian solar high-capacity inverter market will reach $1,199 million by 2030 from $426 million in 2021, at a growth rate of above 12% in the coming years. This is because of the rise in the use of solar power for numerous applications, accompanied by several government initiatives for endorsing renewable power sources. Additionally, the nation has an unlimited supply of solar energy because of its location in the tropical and subtropical zones.
Single-phase non-solar inverters generated $266 million Indian solar high-capacity inverter market revenue in 2021, and the sales value will reach a little under $534 million by 2030. This is will be a result of their low price and easier fitting as opposed to three-phase inverters.
Single-phase non-solar inverters with a 2kVA−4.9kVA capacity are popular because of their low costs and a wide variety of residential purposes. Though, the requirement for 5kVA−10kVA variants will experience a substantial growth rate, of about 9%, during 2021-2030, because of their wide usage in commercial and industrial setups, which have a greater power requirement.
Solar high-capacity inverters are mainly used in the utility & power sector, which contributed about 92% of the revenue to the market in 2021. Additionally, this category will have a growth rate of more than 12%, as these inverters are used vastly in solar plants to store the excess solar power and supply it to the grid when the demand increases.
Karnataka has introduced the Arunodaya Programme, under which a 14MW solar PV plant was constructed. Consequently, in the year 2021, 20% of Karnataka's everyday power requirements were satisfied by solar energy. Furthermore, the state has the largest capacity of solar power in the nation, of 7,346 MW, with the largest PV installation in Pavagada, Tumakuru district.
Tamil Nadu is the largest market for non-solar high-capacity inverters in the country, accounting for an over 14% share of revenue in 2021. This is because of the existence of the largest wind farm in Kanyakumari, delivering a 1,500MW power supply; in all, the state has approximately 3,000 wind turbines.
Likewise, Tamil Nadu has a high potential for small windmills, as the area is favorable for wind energy and the government has framed promising policies for small windmills. These factors drive the Indian non-solar high-capacity inverter market growth by encouraging players to target customers here.
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For more information about this report visit https://www.researchandmarkets.com/r/j13bs0
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KEYWORD: INDIA ASIA PACIFIC
INDUSTRY KEYWORD: UTILITIES RESIDENTIAL BUILDING & REAL ESTATE ALTERNATIVE ENERGY COMMERCIAL BUILDING & REAL ESTATE ENERGY CONSTRUCTION & PROPERTY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/12/2022 05:07 AM/DISC: 10/12/2022 05:08 AM
http://www.businesswire.com/news/home/20221011006001/en