India has more than 30 PV inverter suppliers catering to the fast-growing solar market

In India, there are more than 30 PV inverter suppliers catering to the rapidly growing solar market. In 2017, the top 10 PV inverter suppliers accounted for more than 85% of demand, supplying approximately 11 GW of PV inverters.

The newly released Mercom India Solar Market Leaderboard report reveals the leaders in the Indian market. The report covers market share and shipment rankings across the Indian solar supply chain in 2017.

ABB leads the Indian PV inverter market with a 19% market share, followed by Sungrow with 16% and Huawei with 13%.

In 2017, ABB, Sungrow, Huawei, Toshiba Mitsubishi and SMA each supplied more than 1 GW of PV inverters in India.

ABB was also the largest supplier of PV inverters in terms of cumulative shipments by the end of 2017, followed by SMA and Toshiba Mitsubishi.

By product type, central inverters account for more than 90% of the market share, with the remainder made up of string inverters. In 2017, China's inverter supply to India grew rapidly.

“In 2017, inverter suppliers delivered record volumes to India, but as module prices have not changed much since the third quarter of 2017, suppliers have also come under intense price pressure from developers who are bidding aggressively to win projects. However, if the latest Chinese solar policy takes effect, Chinese PV module prices and inverter prices could start to decline, putting additional price pressure on other suppliers,” said Raj Prabhu, CEO of Mercom Capital Group.

Since December, Siemens, Sungrow, Enphase and others have announced plans to manufacture PV inverters in India to take advantage of the growing market.

India will continue to be a key market for PV inverter suppliers, with around 8-9 GW of PV capacity expected to be installed in 2018. The Indian solar market is expected to grow at a higher rate from 2019 onwards as the country rushes to reach its 2022 target of 100 GW of installed capacity.