Empowering Energy Independence: Unraveling the Synergy of Solar Inverters and Battery Storage Solutions

A solar inverter converts direct current (DC) generated by solar panels into alternating current (AC) for household use. Paired with batteries, it stores excess energy for later consumption during periods of low sunlight. This tandem enhances energy self-sufficiency, mitigates grid dependency, and facilitates uninterrupted power supply. These solutions find widespread applications in residential, commercial, and industrial settings, contributing to sustainable energy practices and resilience against power outages.

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Data Bridge Market Research analyses that the India Solar Inverter and Battery Market, which was USD 863.29 million in 2021, and is expected to reach USD 2,586.23 million by 2029, at a CAGR of 14.7% during the forecast period of 2022 to 2029. Government initiatives play a pivotal role in fostering the solar inverter and battery market in India, offering crucial support through subsidies and tax benefits, thereby propelling market expansion and sustainability.

Key Findings of the Study

Rise in integration of solar and storage technologies is expected to drive the market's growth rate

The upward trend in combining solar and storage technologies significantly propels the solar inverter and battery market. This integration addresses the intermittency of solar power generation by storing excess energy, ensuring a reliable and continuous power supply. As sustainability gains prominence, businesses and households seek resilient energy solutions, boosting the demand for advanced inverters and batteries. This synergy caters to both environmental concerns and the growing need for consistent, self-sufficient energy production and consumption.

Report Scope and Market Segmentation

Segment Analysis:

The India solar inverter and battery market is segmented on the basis of connection type, phase, inverter type, battery type, end user, and sales channel.

• On the basis of connection type, the India solar inverter and battery market is segmented into on-grid and off-grid
• On the basis of phase, the India solar inverter and battery market has been segmented into single phase and three phase
• On the basis of inverter type, the India solar inverter and battery market has been segmented into central inverter, string inverter, and micro inverter
• On the basis of battery type, the India solar inverter and battery market has been segmented into lead-acid, lithium-ion, and others
• On the basis of end user, the India solar inverter and battery market has been segmented into residential, commercial, and industrial
• On the basis of sales channel, the India solar inverter and battery market is segmented into direct channel and indirect channel

Major Players

Data Bridge Market Research recognizes the following companies as the major India solar inverter and battery market players in India solar inverter and battery market are Luminous India (India), Amara Raja Group (India), Lento Industries Pvt. Ltd. (India), Waaree Energies Ltd. (India), Fchoice Solar Tech India Pvt Ltd. (India), MICROTEK, EXIDE INDUSTRIES LTD. (India), UTL SOLAR (India), V-GUARD INDUSTRIES LTD. (India)

Market Developments

• In September 2022, Luminous India signed a Memorandum of Understanding (MoU) with GP Energy Tech International Pte Ltd. This strategic alliance aims to advance the adoption of Nickel Metal Hydride (NiMH) batteries in home inverter and solar applications. The alliance seeks to enhance and innovate energy solutions, reinforcing Luminous India's commitment to evolving technologies for sustainable and efficient power storage
• In May 2022, Luminous India disclosed a strategic investment of approximately USD 42.49 million. This substantial financial infusion is earmarked to fuel business expansion, with a specific focus on enriching the product portfolio and fortifying the supply chain. The investment positions Luminous India to augment its presence and capabilities in the solar sector, reinforcing its commitment to sustained growth and innovation within the renewable energy market
• In February 2022, Waaree Energies Ltd. secured a significant milestone with the achievement of a 180 MW DC solar project in Tamil Nadu, India. This achievement is poised to fuel the company's business expansion, establishing a stronger presence in the market and garnering recognition for its contributions to the solar energy sector in India
• In March 2022, Green Cell launched the GC PowerNest, a 5 kWh residential battery featuring a 51.2 V voltage. Scalable to an eight-stack configuration, it can reach an impressive 40 kWh capacity. Built on lithium iron phosphate cells, the sleek black-cased product weighs 50 kg, offering a robust and efficient energy storage solution for residential use
• In June 2021, Amara Raja Batteries Ltd. launched a strategic initiatives aimed at seizing emerging opportunities, accelerating growth, and increasing stakeholder value in the battery market. These endeavors are geared towards expanding the customer base and fast-tracking revenue growth, positioning the company to capitalize on dynamic market trends and solidify its presence in the evolving energy storage sector

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