Top 10 Inverter Companies for Rooftop Solar in India

With India signed the Paris accord in 2015 to reduce its carbon footprints significantly by 2030, the road towards increasing the clean energy generation in the country’s aggregate energy mix opened.

It provides the country with a new vision of achieving higher targets of (175 GW) renewable energy by 2022 and dampens the fossil fuel-based energy generation slowly.

With a growing share of clean energy, 100 GW of solar energy target has been set for 2022, including 40 GW from rooftop solar and 60 GW from utility-scale projects.

This leads to rising demand in the country for products and technologies which are used in the development of such clean energy projects like solar panels, modules, wafers, cells, mounting structures, trackers, inverters etc. It resulted in growing new business opportunities for both domestic and international players in the country.

In line with this, the total operational capacity of rooftop solar projects in India touched 5.440 GW as on December 31, 2019, however, only 1.534 GW of new capacity was added in 2019, down 7 per cent from 2018, as per Bridge to India (BTI). Therefore, total inverters supplied in 2019 stood at 1.534 GW of capacity for the rooftop solar projects.

However, an aggregate operational rooftop solar capacity of 5.440 GW comprises from commercial, industrial, residential and public sectors respectively with 1.116 GW, 2.848 GW, 748 MW and 728 MW of capacities added respectively.

In terms of business model, Capex enjoys the major share with 3.861 GW of operational rooftop solar capacity, while 1.579 GW of rooftop solar capacity installed under Opex model. This growth has been largely brought about by large players which dominate the rooftop solar inverter suppliers list in India. Here we have listed the top ten inverter companies for rooftop solar in India in the year 2019:

Growatt

Chinese string inverter manufacturer Growatt remains on top while enjoying a 20.86 per cent market share for rooftop solar inverter suppliers in India during 2019, as per BTI. However, as per the JMK Research and Analytics, Growatt enjoyed the top position with 18 per cent market share in shipment for the rooftop solar market in India from Jan-Dec 2019 period.

Solis

China-headquartered photovoltaic (PV) string inverters specialist Solis secured the second place, as per BTI, by enjoying 18.25 per cent market share for rooftop solar inverter suppliers in India during 2019. JMK Research and Analytics, placed Solis at 3rd position with 13.2 per cent market share in shipments in the rooftop solar market in India from Jan-Dec 2019 period.

Sungrow

China-headquartered Sungrow manufactures both central and string inverters and grabbed the third position with 17.28 per cent market share, as per BTI, for rooftop solar inverter suppliers in India in January-December 2019. However, as per the JMK Research and Analytics, Sungrow enjoyed the 2nd position with 15 per cent market share in shipment in the rooftop solar market in India from Jan-Dec 2019 period.

Delta

Thailand based Delta Electronics which manufactures central inverters occupied fourth place with 12.39 per cent market share, as per BTI, for rooftop solar inverter suppliers in India during the year 2019. JMK Research and Analytics, also placed Delta Electronics at 4th position with 10.6 per cent market share in shipments in the rooftop solar market in India from Jan-Dec 2019 period.

GoodWe

Chinese GoodWe manufactures solar photovoltaic (PV) inverters and ranked fifth with 9.78 per cent market share for rooftop solar inverter suppliers in India during 2019, as per BTI. JMK Research and Analytics agreed on the ranking, with GoodWe enjoying the 5th position with 6.6 per cent market share in shipment in the rooftop solar market in India from Jan-Dec 2019 period according to them.

ABB

Switzerland-headquartered multinational corporation ABB which manufactures single-phase and three-phase on-grid string inverters secured the sixth rank with 4.56 per cent market share, as per BTI, for rooftop inverter suppliers in India in January-December 2019. However, as per the JMK Research and Analytics, ABB enjoyed the 5th position with 6.6 per cent market share in shipment in the rooftop solar market in India from Jan-Dec 2019 period.

Huawei

Chinese string inverter manufacturer Huawei enjoyed the seventh position with 3.91 per cent market share, as per BTI, for rooftop solar inverter suppliers in India during 2019. JMK Research and Analytics too agreed, with Huawei secured the 7th position with 4.4 per cent market share in shipment in the rooftop solar market in India from Jan-Dec 2019 period.

SolarEdge

Israel-based smart energy technology specialist, SolarEdge Technologies (SolarEdge) manufactures solar inverters and houses eighth position, as per BTI, with 3.59 per cent market share for rooftop solar inverter suppliers in India in January-December 2019. As per JMK Research and Analytics also, SolarEdge secured the 9th position with 2.6 per cent market share in shipment in the rooftop solar market in India from Jan-Dec 2019 period.

SMA

German solar photovoltaic inverter manufacturer SMA Solar Technology grabbed the ninth position with 3.26 per cent market share, as per BTI, for rooftop solar inverter suppliers in India during 2019. However, as per the JMK Research and Analytics, SMA secured the 8th position with 3.1 per cent market share in shipment in the rooftop solar market in India from Jan-Dec 2019 period.

Fronius

Austria-headquartered Fronius International GmbH, the manufacturer of Snap inverters, enjoys the tenth position with 1.83 per cent market share for rooftop solar inverter suppliers in India in January-December 2019, as per BTI. JMK Research and Analytics agreed on the ranking, with Fronius enjoying the 10th position with 1.6 per cent market share in shipment in the rooftop solar market in India from Jan-Dec 2019 period according to them.

Meanwhile, as per BTI, India’s FMEG company Havells enjoys 1.83 per cent market share, India’s Statcon secured 1.30 per cent market share, and 1.17 per cent market share has been enjoyed by other rooftop solar inverter suppliers in India during 2019.

However, as per the JMK Research and Analytics, China-based string inverters manufacturer Kehua enjoy 4.9 per cent market share, TBEA also secured 2.6 per cent market share, India’s Statcon and Havells both grabbed market share with 1.3 per cent and 1.2 per cent respectively, Hitachi Hirel grabbed 0.7 per cent market share while 7.7 per cent market share in shipment in the rooftop solar market in India has been secured by other players from Jan-Dec 2019 period.