Increased government support, the shift of the inverter market to solar, promoting the usage of PV, increasing availability of the raw materials, and the innovation in technology will let the total installation increase in India. According to a recently published report of Actual Market Research, "India PV Inverter Market Overview" solar inverters are one of the major parts of the solar power market in general. So if the total global installed capacity of the solar PV is on an increasing trend, the solar inverter is also expected on an increasing graph.
The total installed capacity is forecasted to reach close to 100 GW by 2021. The total installed capacity of the global PV Inverter Market is expected to be increasing with a CAGR of less than 9% in the period from 2015 to 2021. The pricing of the inverter is continuously decreasing and the installed capacity is increasing year by year, hence the revenue is on a decreasing trend. The inverter demand in India has increased due to power shortages, and a strong push from the government through the national solar mission.
Now, some state governments and bodies are coming forth to install solar inverters for more reliable backups. The solar inverter performs the conversion of the variable DC output of the Photovoltaic (PV) module into a clean sinusoidal 50 or 60 Hz AC current that is then applied directly to the commercial electrical grid or to a local, off-grid electrical network. Strategic focus is required for standalone inverters section development first for the Indian context.
Photovoltaic inverters have become more and more widespread within both private and commercial circles. These grid-connected inverters convert the available direct current supplied by the PV panels and feed it into the utility grid. According to our report on installed PV power, during 2014, there has been a total of 44 GW of installed PV systems in the world out of which the majority (35.8%) has been installed in Germany. So eventually Germany stand as the global leader in the PV Inverter market as well as PV Inverter comes out to be an important part of the PV systems The factors such as decreasing Feed-in tariffs, increasing government support, companies willing to go into solar business, and the expected drop in the prices of inverters will lead to the increasing market installed capacity of solar inverter in India. As for solar inverter installed capacity in India, the total is expected to reach 1.6 GW by 2015. The total installed capacity is expected to increase with a CAGR greater than that of the global CAGR which is almost double the growth as that of now.