India Power Inverter Market Size, Share, Trends and Forecast | 2025-2034

India Power Inverter Market Size, Share, Trends and Forecast | 2025-2034

India Power Inverter Market Outlook

According to the latest report by Expert Market Research (EMR), the India power inverter market size was valued at USD 5.52 billion in 2024. The market is projected to grow at a compound annual growth rate (CAGR) of 15% from 2025 to 2034, reaching a market value of USD 19.39 billion by 2034. The robust demand for uninterrupted power supply solutions and the ongoing shift towards renewable energy sources, particularly solar power, are key factors contributing to the expansion of the power inverter market in India.

Power inverters are essential devices that convert direct current (DC) electricity into alternating current (AC), allowing the use of electricity from renewable sources such as solar panels and battery storage systems. These devices are widely used in various applications, including residential, commercial, and industrial sectors. The growing reliance on renewable energy systems and the increasing demand for backup power solutions are driving the market's strong growth trajectory in India.

The India power inverter market is witnessing a transformative shift, fueled by the increasing need for efficient power management systems, government initiatives, and advancements in inverter technology. Moreover, with rising energy costs and concerns about energy sustainability, consumers are looking for reliable and cost-effective solutions to meet their power needs. As a result, the demand for both grid-connected and off-grid inverters is witnessing considerable growth, creating lucrative opportunities for market players.

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Drivers of Market Growth

The increasing demand for uninterrupted power supply (UPS) systems is a significant driver for the India power inverter market. The country experiences frequent power outages, particularly in rural and semi-urban areas, which has led to a growing reliance on backup power solutions. Inverters play a crucial role in stabilising the power supply during such outages, making them indispensable in both residential and commercial sectors. With urbanisation increasing rapidly, the need for reliable power backup systems is also surging.

In addition, the surge in the adoption of renewable energy solutions, particularly solar power, is further propelling the demand for power inverters. As solar energy becomes an increasingly viable and popular source of clean energy, the demand for solar inverters is rising exponentially. Solar inverters, which are designed to optimise the performance of solar energy systems, are an integral component of the renewable energy ecosystem. The Indian government's push for a greener energy future, through initiatives such as the National Solar Mission, is also providing a significant boost to the solar inverter market.

The Government of India has committed to expanding the country’s renewable energy capacity and has set an ambitious target of 500 GW of renewable energy capacity by 2030. This push towards sustainability is expected to drive demand for both solar and hybrid inverters. As the price of solar panels continues to decrease and the efficiency of solar power systems improves, the adoption of power inverters for residential and commercial solar installations is anticipated to witness significant growth in the coming years.

Another key driver is the rise of electric vehicles (EVs), which are expected to further contribute to the demand for inverters. With the government's push for EV adoption through subsidies and initiatives like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, the need for efficient battery charging solutions is set to grow. Power inverters are integral components in electric vehicle charging systems, allowing for the conversion of DC power from batteries to AC power for household use.

Technological Advancements and Trends

Technological advancements in power inverter systems are driving the India power inverter market evolution. Inverters are now more efficient, reliable, and feature-rich, thanks to continuous innovation. The rise of smart inverters, which can be remotely monitored and controlled, is changing the landscape of the power inverter market. These inverters are equipped with digital interfaces and connectivity features that allow users to manage and optimise their power usage, ensuring higher energy efficiency and better performance.

The introduction of hybrid inverters, which can work seamlessly with both solar power systems and battery storage solutions, is also reshaping the market. These hybrid inverters offer more flexibility and improved energy management, providing consumers with the ability to store excess solar power for use during power outages or high-demand periods. The shift towards energy storage solutions, combined with hybrid inverters, is expected to drive the growth of the inverter market, particularly in the residential sector.

Additionally, the increasing use of lithium-ion batteries in conjunction with inverters is contributing to the market's growth. Lithium-ion batteries, which are known for their higher energy density and longer lifespan compared to traditional lead-acid batteries, are becoming the preferred energy storage solution in India. The integration of high-performance batteries with advanced inverters is expected to provide consumers with more efficient and sustainable power solutions.

The ongoing adoption of smart grids and the increasing penetration of Internet of Things (IoT) technologies are further enhancing the role of inverters in energy management systems. Inverters are now being integrated into smart grids, enabling real-time monitoring and control of power consumption. This integration ensures that energy is distributed efficiently across the grid, optimising the use of renewable energy sources and reducing wastage.

India Power Inverter Market Segmentation

The market can be divided based on rating, application, and end use.

Market Breakup by Rating

  • 5KW
  • 5kW to 100kW
  • 100kW to 500kW
  • Above 500kW

Market Breakup by Application

  • Motor Drives
  • UPS
  • Rail Traction
  • Wind Turbines
  • EVs/HEVs
  • Solar PVs
  • Others

Market Breakup by End Use

  • Utilities
  • Residential
  • Commercial and Industrial
  • Automotive and Transportation
  • Others

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the India  power inverter companies. Some of the major key players explored in the report by Expert Market Research are as follows:

  • ABB Ltd.
  • Huawei Technologies Co., Ltd.
  • Delta Electronics, Inc.
  • SMA Solar India Private Limited
  • Genus Power Infrastructures Ltd
  • SolarEdge Technologies Inc.
  • Others

Challenges in the Market

Despite the promising growth prospects, the India power inverter market faces several challenges. One of the primary concerns is the high initial cost of installation, particularly for solar power systems. While the cost of solar inverters has decreased in recent years, the upfront cost of purchasing and installing a solar power system can still be prohibitive for some consumers, especially in rural and semi-urban areas.

Another challenge is the lack of awareness regarding the benefits of solar power and inverters. Although solar power adoption is increasing, many consumers are still unaware of the long-term savings and environmental benefits associated with solar energy. Raising awareness and educating consumers about the financial incentives and government schemes available for renewable energy adoption will be crucial in driving market growth.

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