Microtek Expects 20%-40% Market Share Under PM Surya Ghar

Microtek Expects 20%-40% Market Share Under PM Surya Ghar

Indian solar inverter manufacturer Microtek has now pinned high hopes from the recently launched PM Surya Ghar: Muft Bijli Yojana. The firm which manufactures grid-connected solar inverters in the range from 1 kW to 100 kW sees a vault of new opportunities with the new scheme dedicated to the residential rooftop solar segment.

In a recent interaction with Saur Energy, Manoj Jain, Director of Microtek said that the firm expects around 20% market share in the inverter business under the scheme. He also sees a surge in the demand for inverters in the whole residential rooftop solar market. 

“It is not only the solar panels but the whole inverter business is likely to get an impetus in the country with the PM Surya Ghar scheme. With an anticipated one crore connection, India will need one crore inverters too. We expect a market share of 20% in the first phase. If this expands further we can go upto 30%-40%,” Jain told Saur Energy.

When asked about the benefits Microtek enjoys in the Indian solar market, Jain said, “We have a strong dealer network of around 60,000 and a robust network of 4,000 distributors. The scheme will create a demand mainly for inverters in the range of 1kW-3kW which we manufacture. Our robust network ensures a hassle-free post-sales service which other competitors may not compete with.”

However, the intrusion of several Chinese and global inverter brands in India continues to pose challenges to the growth of Indian inverter makers like Microtek. However, Jain said that these firms cannot compete with the brand due to its stronghold in the retail market.

“Chinese companies do not have a strong base in India. Subsidies do not apply to them. Government benefits also benefit Make in India firms. We have a strong backward integration. We are trying to ensure the usage of indigenous parts. We have around 15,00 engineers working with us which can help in giving after best after-sales service which others seldom offer,” he added. 

Prime Minister Narendra Modi this year announced PM Surya Ghar: Muft Bijli Yojana. The scheme was aimed at installing rooftop solar in one crore households. The Indian government has also increased the subsidies under the scheme for residential rooftop consumers who want to be a part of the scheme.