In India, there are over 30 inverter suppliers meeting the demands of the rapidly-growing solar market. In 2017, the top ten solar inverter suppliers accounted for over 85 percent of all systems during the course of the year, supplying approximately 11 GW of inverters.
The newly released Mercom India Solar Market Leaderboard 2018 report reveals the market leaders that emerged from a record year in the solar industry. The report covers market share and shipment rankings across the Indian solar supply chain in 2017.
ABB leads the solar inverter market in India with 19 percent market share followed by Sungrow with 16 percent and Huawei with 13 percent.
In 2017, ABB, Sungrow, Huawei, TMEIC, and SMA had all supplied over 1 GW of solar inverters in India.
ABB was also the top inverter supplier in terms of cumulative shipments as of the end of 2017 followed by SMA and TMEIC.
In India central inverters have over 90 percent of the market share with string inverters making up the rest. Chinese inverter supply to India grew rapidly in 2017.
“Inverter suppliers enjoyed a record year supplying to India in 2017, but since module prices have not moved much since Q3 of 2017, they also experienced strong price pressure from developers who are bidding aggressively to win projects. However, if the latest Chinese solar policy goes into effect, Chinese module prices and inverter prices could start trending downwards, putting additional price pressure on other suppliers,” Raj Prabhu, CEO of Mercom Capital Group.
Since last December, Siemens, Sungrow, Enphase and others have announced inverter manufacturing in India to take advantage of a growing market.
India will continue to be a top market for inverter suppliers with approximately 8-9 GW of solar expected to be installed in 2018. The Indian solar market is forecasted to grow at a higher pace from 2019 as India rushes to meet the installation target of 100 GW by 2022.
To learn more about the report, click here
For a complete Market Share Tracker, click here