In 2021, the Indian non-solar high-capacity inverter market generates $391.3 million, advancing at a rate of 7.7% from 2021 to 2030, to capture $760.1 million in revenue in 2030. It is ascribed to the growing demand for power backup solutions across residential, commercial, and industrial sectors, along with the growing requirement for inverters in tier II and tier III cities of the country.
In addition, the sales of solar high-capacity inverters in India generate revenue, amounting to $426.0 million in 2021, and it is projected to reach $1199.0 million, rising at a rate of 12.2% in the coming future. It is led by the rising use of solar power for various applications, government initiatives for encouraging the adoption of renewable power sources, more specifically solar energy, and the geographical location of the country garnering benefits of massive solar energy sources.
The advancements in the solar energy sector concerning power generation and usage contribute to the rise in the number of solar PV installations for numerous applications in India. Moreover, the growing adoption of renewable energy in the country results in increasing sales of renewable power inverters in the country.
The substantial utility & power sector application of the solar high-capacity inverters contributes the largest revenue to the industry, accounting for 91.7%, and it is projected to follow the same trend in the near future, growing at a rate of 12.3%. It is ascribed to the massive usage of these inverters in solar power plants. In addition, Govt. of India focuses on expanding the solar power capacity from 288 GW to 50 GW by 2030.
Presently, 20% of the everyday power demand of Karnataka is catered by solar power the country, accounting for 7,346 MW. Moreover, the biggest solar plant is established in Pavagada, Tumakuru.
In addition, the geographical location of Karnataka suits solar energy generation with the presence of a massive number of players. In addition, the earth's movements with respect to the sun, resulting in an appropriate tilt of the rotational axis of the earth with favorable attenuation results in high solar energy intensity. Moreover, Karnataka is the largest high-capacity inverters market in the country.
Therefore, the geographical location of the country favors power generation by solar energy resources, and thus results in industry propulsion.
