인도의 솔라 인버터 시장 : 점유율 분석, 업계 동향과 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the India solar inverter market size is expected to increase from USD 0.81 billion in 2025 to USD 0.93 billion in 2026 and reach USD 1.83 billion by 2031, growing at a CAGR of 14.45% over 2026-2031.

This report is Segmented by Inverter Type (Central Inverters, String Inverters, Microinverters, and Hybrid/Battery-Ready Inverters), Phase (Single-Phase and Three-Phase), Connection Type (On-Grid and Off-Grid), and Application (Residential, Commercial and Industrial, and Utility-Scale). The Market Sizes and Forecasts are Provided in Terms of Value (USD).

India Solar Inverter Market Trends and Insights

Rapid Decline in PV Module Prices Reshapes Cost Economics

PV module prices dropped to USD 0.11 per watt in early 2025, down from USD 0.15 per watt the previous year, cutting utility-scale solar levelized costs below INR 2.00 per kilowatt-hour in high-irradiance states. Cheaper modules raise the relative share of inverters in total system budgets from 6% to 9%, motivating developers to select models with weighted efficiencies above 98.5% to protect project returns. The resulting preference for 1,500 V central platforms in projects greater than 100 MW is clear in Rajasthan's latest tender awards, where single-station blocks replaced distributed strings to reduce cabling and trenching costs. Equipment vendors are therefore redesigning power blocks with silicon-carbide devices that minimize thermal losses in ambient temperatures above 45 °C, typical of western India. In turn, the supply chain is shifting toward domestic assembly lines that can deliver megawatt-scale units in under eight weeks, a logistics-based differentiator in a market racing to commission capacity before fiscal-year tariff deadlines.

Favorable Net-Metering Regulations Unlock Distributed Generation

Twenty-eight Indian states and union territories now offer net-metering, and several, including Delhi and Telangana, permit virtual crediting across multiple premises, a crucial incentive for chains and housing societies. Telangana raised its per-consumer cap from 1 MW to 10 MW in 2024, opening rooftop opportunities for large factories that require three-phase inverters with voltage-ride-through features. Payback periods for commercial systems have fallen below five years, driving procurement of smart inverters compliant with IEEE 1547-2018 and capable of reactive-power export to stabilize feeders. States such as Kerala also exempt rooftop exports from wheeling charges when generation is consumed within municipal limits, further shortening the break-even horizon for small enterprises. Vendors now bundle remote monitoring platforms and firmware upgrades because installers cite digital diagnostics as a deciding parameter for tender awards.

BIS Certification Bottlenecks for Imports

The 2024 Quality Control Order demands that every grid-connected inverter above 10 kW carry a BIS mark, yet only 12 domestic labs are accredited to run the required IS 61683 and IS 62116 tests. Foreign manufacturers face 3- to 6-month queues, tying up working capital and delaying shipments for projects in Andhra Pradesh and Tamil Nadu. Smaller importers struggle the most because they lack buffer inventory and cannot negotiate priority slots, causing risk-averse developers to switch to locally assembled models that already hold certifications. The Ministry of Commerce has signaled mutual recognition agreements with ISO/IEC 17025-accredited overseas labs, but full implementation is unlikely before late 2026. Until then, procurement schedules will remain tight, and developers are factoring certification lead times into bid margins.

Other drivers and restraints analyzed in the detailed report include:

1. Rising Rooftop Adoption Among SMEs Drives Segment Diversification
2. Accelerated Green-Hydrogen Linked Solar Tenders Create New Demand Vectors
3. Land-Acquisition Delays for Large Solar Parks

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Central inverters are projected to grow at a 17.3% CAGR between 2026 and 2031, the fastest within the India solar inverter market, as developers increasingly prefer single-station blocks for projects above 100 MW. This preference lifts the India solar inverter market size associated with central platforms, especially in Rajasthan's and Gujarat's multi-gigawatt parks, where economies of scale matter. Central units rated 1 MW-5 MW cut balance-of-system costs by trimming DC cabling and trench lengths. Vendors are integrating silicon-carbide switches and liquid cooling to surpass the Bureau of Energy Efficiency's 97.5% weighted-efficiency mandate effective 2026.

String inverters still held 42.7% of the India solar inverter market share in 2025, dominating rooftops and mid-size industrial arrays thanks to modular scalability and simple maintenance regimes. Microinverters, with less than 5% penetration, appeal to shaded residential roofs where module-level mismatch erodes energy yields, though higher unit costs limit uptake. Hybrid and battery-ready products are rising fast because the CEA targets 336 GWh of storage by 2029-30, pushing developers toward bidirectional electronics that can tap ancillary-service revenue streams.

Three-phase products secured 67.4% of shipments in 2025 and will expand at a 14.9% CAGR through 2031 as most commercial and utility installations tie into 11 kV or 33 kV feeders that demand balanced loads. In turn, the India solar inverter market size for three-phase units increases with each net-metering expansion that elevates rooftop caps for factories. Revised grid codes require reactive-power support within a 0.9 leading-lagging band for arrays above 100 kW, an easy requirement for three-phase blocks but difficult for single-phase alternatives.

Single-phase systems remain vital for homes installing 1 kW-5 kW arrays under the PM Surya Ghar scheme. Price competition is intense because Chinese imports start below INR 5,000 per unit, but domestic assemblers retain share by bundling five-year service warranties and BIS-approved safety features. As time-of-day tariffs widen, hybrid single-phase designs with embedded battery ports should defend margins by enabling peak-shaving for households.

Complete Report Scope:

• By Inverter Type
  • Central Inverters
  • String Inverters
  • Microinverters
  • Hybrid/Battery-Ready Inverters
• By Phase
  • Single-phase
  • Three-phase
• By Connection Type
  • On-Grid
  • Off-Grid
• By Application
  • Residential
  • Commercial and Industrial
  • Utility-Scale

List of Companies Covered in this Report:

1. Sungrow Power Supply Co., Ltd.
2. Huawei Technologies Co., Ltd.
3. SMA Solar Technology AG
4. FIMER S.p.A.
5. Delta Electronics, Inc.
6. TMEIC Industrial Systems India Pvt Ltd
7. Schneider Electric SE
8. Fronius International GmbH
9. Growatt New Energy
10. GoodWe Power Supply
11. Ginlong Solis
12. Power Electronics
13. Hitachi Hi-Rel Power Electronics
14. REFU Elektronik GmbH
15. Bonfiglioli Riduttori S.p.A.
16. Kehua Tech
17. Panasonic Life Solutions India
18. Victron Energy
19. Enphase Energy
20. Microtek International

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 Introduction

• 1.1 Study Assumptions & Market Definition
• 1.2 Scope of the Study

2 Research Methodology

3 Executive Summary

4 Market Landscape

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Rapid decline in PV module prices
  • 4.2.2 Favorable net-metering regulations
  • 4.2.3 Rising rooftop adoption among SMEs
  • 4.2.4 Accelerated green-hydrogen linked solar tenders
• 4.3 Market Restraints
  • 4.3.1 BIS certification bottle-necks for imports
  • 4.3.2 Land-acquisition delays for large solar parks
• 4.4 Supply-Chain Analysis
• 4.5 Regulatory Landscape
• 4.6 Technological Outlook
• 4.7 Porter's Five Forces
  • 4.7.1 Threat of New Entrants
  • 4.7.2 Bargaining Power of Suppliers
  • 4.7.3 Bargaining Power of Buyers
  • 4.7.4 Threat of Substitutes
  • 4.7.5 Competitive Rivalry
• 4.8 PESTLE Analysis

5 Market Size & Growth Forecasts

• 5.1 By Inverter Type
  • 5.1.1 Central Inverters
  • 5.1.2 String Inverters
  • 5.1.3 Microinverters
  • 5.1.4 Hybrid/Battery-Ready Inverters
• 5.2 By Phase
  • 5.2.1 Single-phase
  • 5.2.2 Three-phase
• 5.3 By Connection Type
  • 5.3.1 On-Grid
  • 5.3.2 Off-Grid
• 5.4 By Application
  • 5.4.1 Residential
  • 5.4.2 Commercial and Industrial
  • 5.4.3 Utility-Scale

6 Competitive Landscape

• 6.1 Market Concentration
• 6.2 Strategic Moves (M&A, Partnerships, PPAs)
• 6.3 Market Share Analysis (Market Rank/Share for key companies)
• 6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Products & Services, and Recent Developments)
  • 6.4.1 Sungrow Power Supply Co., Ltd.
  • 6.4.2 Huawei Technologies Co., Ltd.
  • 6.4.3 SMA Solar Technology AG
  • 6.4.4 FIMER S.p.A.
  • 6.4.5 Delta Electronics, Inc.
  • 6.4.6 TMEIC Industrial Systems India Pvt Ltd
  • 6.4.7 Schneider Electric SE
  • 6.4.8 Fronius International GmbH
  • 6.4.9 Growatt New Energy
  • 6.4.10 GoodWe Power Supply
  • 6.4.11 Ginlong Solis
  • 6.4.12 Power Electronics
  • 6.4.13 Hitachi Hi-Rel Power Electronics
  • 6.4.14 REFU Elektronik GmbH
  • 6.4.15 Bonfiglioli Riduttori S.p.A.
  • 6.4.16 Kehua Tech
  • 6.4.17 Panasonic Life Solutions India
  • 6.4.18 Victron Energy
  • 6.4.19 Enphase Energy
  • 6.4.20 Microtek International

7 Market Opportunities & Future Outlook

• 7.1 White-space & Unmet-Need Assessment