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					</table><a href="https://en.sungrowpower.com/" target="_blank" rel="noopener">Sungrow Power Supply (Sungrow),</a> <a href="https://www.fimer.com/" target="_blank" rel="noopener">FIMER India (ABB)</a>, <a href="https://en.si-neng.com/" target="_blank" rel="noopener">Sineng Electric</a>, <a href="https://www.tbeaindia.com/" target="_blank" rel="noopener">TBEA Energy India</a>, and <a href="https://www.solisinverters.com/in" target="_blank" rel="noopener">Ginlong (Solis) Technologies</a> were the leading inverter suppliers in India for the calendar year (CY) 2023, according to Mercom&#8217;s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2024.</a>
Sungrow was the top solar inverter supplier in CY 2023, garnering a 32% market share. FIMER India and Sineng Electric followed with 17% and 16%, respectively. TBEA Energy India and Ginlong (Solis) Technologies ranked fourth and fifth, accounting for 12% and 5% of the total market share, respectively.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-inverter-suppliers-in-India-2023.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66396 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-inverter-suppliers-in-India-2023.png" alt="Leading solar inverter suppliers in India 2023" width="891" height="587" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-inverter-suppliers-in-India-2023.png 891w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-inverter-suppliers-in-India-2023-300x198.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-inverter-suppliers-in-India-2023-768x506.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-inverter-suppliers-in-India-2023-650x428.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-inverter-suppliers-in-India-2023-624x411.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-inverter-suppliers-in-India-2023-600x395.png 600w" sizes="(max-width: 891px) 100vw, 891px" /></a>
Sungrow, the top solar inverter supplier in CY 2022, held the position in 2023, with an inverter shipment growth of nearly 113% YoY.
Sungrow has one of the world&#8217;s largest inverter facilities, with a global annual production capacity of 305 GW, including 25 GW outside China. The company&#8217;s Indian manufacturing facility has completed five years of manufacturing and expanded to a yearly production capacity of 10 GW.
FIMER India climbed to second place in CY 2023. The company&#8217;s inverter shipments nearly doubled YoY due to mounting demand for central inverters for the large pipeline of utility-scale solar projects scheduled for commissioning in 2024.
Sineng Electric was third in 2023 despite a shipment increase of over 50% YoY.
The company&#8217;s three manufacturing facilities in Wuxi and Wuzhong in China and Bangalore, India, have a total annual production capacity of 50 GW. Sineng Electric also has an in-house testing center.
Central Inverters
Central inverters accounted for 55% of the total inverter supply in CY 2023, surpassing string inverters after two years.
Sungrow (46%), FIMER India (29%), and Sineng Electric (20%) were the top suppliers, accounting for 95% of the market share. Central inverters have recently regained popularity among developers due to their low cost and high reliability.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-central-inverter-suppliers-in-India-2023.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66398 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-central-inverter-suppliers-in-India-2023.png" alt="Leading solar central inverter suppliers in India 2023" width="892" height="552" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-central-inverter-suppliers-in-India-2023.png 892w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-central-inverter-suppliers-in-India-2023-300x186.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-central-inverter-suppliers-in-India-2023-768x475.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-central-inverter-suppliers-in-India-2023-650x402.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-central-inverter-suppliers-in-India-2023-624x386.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-central-inverter-suppliers-in-India-2023-600x371.png 600w" sizes="(max-width: 892px) 100vw, 892px" /></a>
String Inverters
String inverters accounted for 45% of the total inverter supply in India.
TBEA Energy India had the highest market share, accounting for 21%, followed by Sungrow with 15% and Sineng Electric with 10%. The top three suppliers accounted for 47% of the string inverter supplied in CY 2023.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-string-inverter-suppliers-in-India-2023.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66397 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-string-inverter-suppliers-in-India-2023.png" alt="Leading solar string inverter suppliers in India 2023" width="945" height="566" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-string-inverter-suppliers-in-India-2023.png 945w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-string-inverter-suppliers-in-India-2023-300x180.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-string-inverter-suppliers-in-India-2023-768x460.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-string-inverter-suppliers-in-India-2023-650x389.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-string-inverter-suppliers-in-India-2023-624x374.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-solar-string-inverter-suppliers-in-India-2023-600x359.png 600w" sizes="(max-width: 945px) 100vw, 945px" /></a>
Mercom&#8217;s India Solar Market Leaderboard report evaluates the industry leaders&#8217; market share and shipment rankings across the Indian solar supply chain. The report revealed significant shifts in market share rankings in 2023, with two new players (<a href="https://www.tbeaindia.com/" target="_blank" rel="noopener">TBEA Energy India</a> and <a href="https://www.solaxpower.com/" target="_blank" rel="noopener">SolaX Power</a>) joining the top ten list.
For the detailed and comprehensive report, click <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">here</a>. Also, our <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a> gives quarterly insights into solar market competitors and their growth rates.

Sungrow, FIMER, Sineng Electric Lead Solar Inverter Supply in 2023

<a href="http://en.tbeapower.com/" target="_blank" rel="noopener noreferrer">TBEA Xi’an Electric Technology Co.</a>, an affiliate of the TBEA Group, has announced that it will be unveiling its GW solar inverter factory on November 29, 2019, in Bengaluru.
The manufacturing unit, with a capacity of 2 GW per annum, will be located at Bidadi, 5 km from the city’s Electronic City. The Bengaluru factory will support customers with high-quality PV inverter production and manufacturing, service and maintenance, and after-sales transit storage.
TBEA India has rolled out a plan to introduce three assembly lines. Initially, the production of inverters will start on two assembly lines with a capacity of 1 GW each. The first assembly line will manufacture outdoor-type central inverters, whereas the second assembly line will produce utility type MPPT (maximum power point tracking) string inverter of 208 kW. The third manufacturing line will be made operational, depending on the market response.
The company, headquartered in China, is involved in research and development (R&amp;D) of core equipment and delivery of technical solutions in photovoltaic power generation, flexible AC/DC transmission, and smart micro-grid field among others. The company’s primary expertise lies in the field of photovoltaic inverters, high-voltage SVGs, energy routers, and flexible DC transmission equipment.
According to the company, it has supplied its products to more than 1,000 solar projects across Europe, North Africa, Central Asia, and other countries, accumulating a total installed capacity of more than 30 GW across the globe and more than 3 GW in India.
Recently, TBEA <a href="https://mercomindia.com/tbea-wins-solar-projects-ntpc-auction/" target="_blank" rel="noopener noreferrer">bagged</a> 300 MW of solar projects in the 1.2 GW auction conducted by the National Thermal Power Corporation (<a href="https://www.ntpc.co.in/" target="_blank" rel="noopener noreferrer">NTPC</a>). During the bidding process, TBEA offered a tariff rate of ₹2.63 (~$0.037)/ kWh for 300 MW of solar projects, while SB Energy quoted a tariff of ₹2.65 (~$0.037)/ kWh.
According to <a href="https://mercomindia.com/top-chinese-inverter-companies-exports/" target="_blank" rel="noopener noreferrer">Mercom India Research</a>, in the first half of 2019, the top five solar inverter manufacturers in China accounted for 36.44% of inverter exports globally from China. ABB, TMEIC, TBEA, Sungrow, and Sineng Electric were the top central inverter suppliers.
Meanwhile, it was recently <a href="https://mercomindia.com/bis-certification-solar-inverters-deadline-extension/" target="_blank" rel="noopener noreferrer">reported</a> that the Ministry of New and Renewable Energy (MNRE) has once again extended the deadline for the self-certification of solar inverters through the Bureau of Indian Standards (BIS). The deadline was extended from September 30, 2019, to December 31, 2019. Considering the issues relating to testing and the level of preparation of test labs, the industry had sought more time for compliance, and therefore the ministry agreed to extend the deadline again.
Image credit: TBEA

China’s TBEA Set to Launch its 2 GW Inverter Factory in Bengaluru

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					</table><a href="http://tbeaindia.com/" target="_blank" rel="noopener noreferrer">TBEA</a>, a Chinese manufacturer of power transformers and other electrical equipment, has bagged 300 MW of solar projects in the 1.2 GW auction conducted by the National Thermal Power Corporation (NTPC).
A TBEA spokesperson told Mercom that while bidding for the project, TBEA offered a tariff rate of ₹2.63 (~$0.037)/ kWh for 300 MW of solar projects while SB Energy quoted the tariff of ₹2.65 (~$0.037)/ kWh.
With this win, TBEA ventures, known for supplying solar inverters, has set out as a solar independent power producer (IPP) in the Indian renewable energy market.
In August 2019, Mercom had <a href="https://mercomindia.com/ntpc-tender-solar-across-india/" target="_blank" rel="noopener noreferrer">reported</a> that the NTPC had issued a tender to set up 1.2 GW of the interstate transmission system (ISTS)-connected solar projects.
The technical bids for the tender were opened on September 30, 2019. Out of the 1.2 GW, bids were received only for 600 MW. TBEA and SB energy bid for 300 MW of solar projects each.
<a href="https://mercomindia.com/wp-content/uploads/2019/10/NTPC-1.2-GW-ISTS-Solar-Projects.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-16079" src="https://mercomindia.com/wp-content/uploads/2019/10/NTPC-1.2-GW-ISTS-Solar-Projects.png" alt="NTPC 1.2 GW ISTS Solar Projects" width="408" height="159" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/10/NTPC-1.2-GW-ISTS-Solar-Projects.png 408w, https://cms.mercomindia.com/wp-content/uploads/2019/10/NTPC-1.2-GW-ISTS-Solar-Projects-300x117.png 300w" sizes="(max-width: 408px) 100vw, 408px" /></a>
“As per the reverse auction, only one bidder could win the bid for a capacity of 300 MW of solar projects after the auction. TBEA emerged as the winner with 300 MW at the tariff rate of ₹2.63 (~$0.037)/ kWh”, said the company spokesperson.
According to the company statement, “The tariff offered by TBEA Solar, in the wake of current scenarios, seems to be competitive analyzing the previously concluded bid of Solar Energy Corporation of India (SECI) where the maximum capacity was allotted at ₹2.65 (~$0.037)/kWh and with the fact that SECI has increased the ceiling tariff to ₹2.78/kWh (~$0.039)/ kWh in its recent solar ISTS tender.”
<a href="https://mercomindia.com/wp-content/uploads/2019/10/Lowest-Solar-Bids-in-Reverse-Auctions-in-India-Since-2018.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-16080" src="https://mercomindia.com/wp-content/uploads/2019/10/Lowest-Solar-Bids-in-Reverse-Auctions-in-India-Since-2018.png" alt="Lowest Solar Bids in Reverse Auctions in India - Since 2018" width="717" height="382" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/10/Lowest-Solar-Bids-in-Reverse-Auctions-in-India-Since-2018.png 717w, https://cms.mercomindia.com/wp-content/uploads/2019/10/Lowest-Solar-Bids-in-Reverse-Auctions-in-India-Since-2018-300x160.png 300w, https://cms.mercomindia.com/wp-content/uploads/2019/10/Lowest-Solar-Bids-in-Reverse-Auctions-in-India-Since-2018-650x346.png 650w, https://cms.mercomindia.com/wp-content/uploads/2019/10/Lowest-Solar-Bids-in-Reverse-Auctions-in-India-Since-2018-624x332.png 624w, https://cms.mercomindia.com/wp-content/uploads/2019/10/Lowest-Solar-Bids-in-Reverse-Auctions-in-India-Since-2018-600x320.png 600w" sizes="(max-width: 717px) 100vw, 717px" /></a>
Previously, the lowest (L1) tariff of ₹2.59 (~$0.0372)/kWh was <a href="https://mercomindia.com/ntpc-2-gw-solar-auction-results/" target="_blank" rel="noopener noreferrer">quoted</a> in the auction held by NTPC to develop 2 GW of solar photovoltaic projects. <a href="https://www.acme.in/" target="_blank" rel="noopener noreferrer">ACME Solar</a> had quoted the lowest tariff of ₹2.59 (~$0.0372)/kWh to develop 600 MW. <a href="http://www.shapoorjipallonji.com/" target="_blank" rel="noopener noreferrer">Shapoorji Pallonji</a> and <a href="https://www.azurepower.com/" target="_blank" rel="noopener noreferrer">Azure Power</a> matched the L1 tariff to develop 500 MW and 300 MW, respectively.
Of late, the NTPC has issued numerous tenders that have not received the anticipated response from the bidders.
Recently, the NTPC had <a href="https://mercomindia.com/ntpc-extends-deadline-solar-cpsu/" target="_blank" rel="noopener noreferrer">extended</a> the bid submission deadline for 1,000 MW of solar projects under the Central Public Sector Undertaking Program Phase II, Tranche-1.
Before this, the company had to <a href="https://mercomindia.com/setting-upper-tariff-cap-ntpc-solar-tender/" target="_blank" rel="noopener noreferrer">extend</a> the bid submission deadline for its 1.2 GW solar tender in western India after an upper tariff cap set by the NTPC failed to attract bidders.
According to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener noreferrer">India Solar Project Tracker</a>, NTPC has ~870 MW of large-scale solar projects in operation.
Image credit: juwi

TBEA Wins 300 MW of Solar Projects in the NTPC Auction at a Tariff of ₹2.63/kWh

ABB was the top supplier of <a href="https://mercomindia.com/2018-market-leaders-indias-solar-industry/" target="_blank" rel="noopener noreferrer">solar inverters</a> to the Indian market for calendar year (CY) 2018 as well as cumulatively, <a href="https://mercomindia.com/product/mercoms-india-solar-market-leaderboard-2019-market-shares-and-profiles/" target="_blank" rel="noopener noreferrer">according to Mercom’s India 2019 Solar Market Leaderboard</a>. The top three suppliers supplied over 5 GW of solar inverters to the Indian market.
<a href="http://new.abb.com/" target="_blank" rel="noopener noreferrer">ABB</a> leads the inverter market in India with 24% market share, followed by Sungrow with 16% and Huawei with 12%. There were over 35 inverter suppliers active in the Indian market by the end of 2018.
<a href="https://mercomindia.com/wp-content/uploads/2019/06/Leading-Solar-Inverter-Suppliers-in-India-2018.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-13850" src="https://mercomindia.com/wp-content/uploads/2019/06/Leading-Solar-Inverter-Suppliers-in-India-2018.png" alt="Leading Solar Inverter Suppliers in India, 2018" width="326" height="251" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/06/Leading-Solar-Inverter-Suppliers-in-India-2018.png 326w, https://cms.mercomindia.com/wp-content/uploads/2019/06/Leading-Solar-Inverter-Suppliers-in-India-2018-300x231.png 300w" sizes="(max-width: 326px) 100vw, 326px" /></a>
Large-scale solar projects have been using central inverters considering the cost, which is comparatively lower to the string inverters, and consequently, accounted for 72% of the inverter supply in 2018. However, with rooftop solar installations in the commercial and industrial (C&amp;I) segment growing in the country, the share of string inverter supply has increased.
ABB, Sungrow, TMEIC, TBEA, and Sineng Electric were the top five central inverter suppliers accounting for a combined 83% of total central inverters supplied in 2018.
<a href="https://mercomindia.com/wp-content/uploads/2019/06/Top-Central-Inverters-in-2018.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-13867" src="https://mercomindia.com/wp-content/uploads/2019/06/Top-Central-Inverters-in-2018.png" alt="Top Central Inverters in 2018" width="332" height="253" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/06/Top-Central-Inverters-in-2018.png 332w, https://cms.mercomindia.com/wp-content/uploads/2019/06/Top-Central-Inverters-in-2018-300x229.png 300w" sizes="(max-width: 332px) 100vw, 332px" /></a>
In 2018, <a href="https://en.sungrowpower.com/" target="_blank" rel="noopener noreferrer">Sungrow</a> inaugurated its solar inverter manufacturing unit of 1 GW capacity in Bangalore, and the company says it has plans to expand the facility up to 3 GW. Sungrow accounted for 16% market share and was the second largest supplier of central inverters in 2018.
The top string inverter supplier was <a href="https://solar.huawei.com/eu" target="_blank" rel="noopener noreferrer">Huawei</a> in 2018, which has supplied over 3 GW cumulatively in India. Delta Power, Solis, ABB and Sungrow rounded off the Top 5 list for string inverter suppliers in India accounting for a combined 77% share of the market.
Ginlong (<a href="http://www.ginlong.com/?l=en-us" target="_blank" rel="noopener noreferrer">Solis</a>) Technologies, was <a href="https://mercomindia.com/solis-floats-20-million-shares-in-ipo-79-million/" target="_blank" rel="noopener noreferrer">listed as a public company</a> on the Shenzhen Stock Exchange in March. It is the first string inverter company to be listed on the Stock Exchange.
<a href="https://mercomindia.com/wp-content/uploads/2019/06/Top-String-Inverters-in-2018.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-13868" src="https://mercomindia.com/wp-content/uploads/2019/06/Top-String-Inverters-in-2018.png" alt="Top String Inverters in 2018" width="330" height="251" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/06/Top-String-Inverters-in-2018.png 330w, https://cms.mercomindia.com/wp-content/uploads/2019/06/Top-String-Inverters-in-2018-300x228.png 300w" sizes="(max-width: 330px) 100vw, 330px" /></a>
India has set an ambitious target to install 100 GW of solar capacity by 2022 with 40 GW targeted for rooftop solar. According to the <a href="https://mercomindia.com/product/q1-2019-india-solar-market-update/" target="_blank" rel="noopener noreferrer">Q1 2019 India Solar Market Update</a>, the country has installed only 3.5 GW of rooftop solar so far. There is significant potential for the growth of string inverters as they are more <a href="https://mercomindia.com/string-inverter-indian-solar-market/" target="_blank" rel="noopener noreferrer">suited</a> for rooftop solar systems compared to large-scale utility projects.
<a href="https://mercomindia.com/confusion-bis-certification-inverters/" target="_blank" rel="noopener noreferrer">Previously</a>, Mercom reported on the challenges faced by inverter manufacturers in gaining clarity on the ambiguous BIS certification process. Manufacturers complained that getting approval for individual models was expensive and caused delays.
Recently, the <a href="https://mercomindia.com/mnre-issues-draft-guidelines-for-solar-inverters/" target="_blank" rel="noopener noreferrer">MNRE</a> came up with draft series guidelines for BIS certification for solar inverters with a capacity of up to 150 kW and has also <a href="https://mercomindia.com/deadline-bis-certification-solar-inverters-extended/" target="_blank" rel="noopener noreferrer">extended</a> the deadline up to June 30, 2019. This will hopefully make it easier for both battery and inverter manufacturers to get testing done quickly and efficiently.
The top 10 solar inverter suppliers accounted for 94% market share in 2018, while the remaining 6% was shared by others.
Mercom’s <a href="https://mercomindia.com/product/mercoms-india-solar-market-leaderboard-2019-market-shares-and-profiles/" target="_blank" rel="noopener noreferrer">India 2019 Solar Market Leaderboard report</a> gives a detailed breakdown of the solar supply chain, their growth rates, and shipments.
A complete list of solar inverter suppliers and their market share in India is available here:  <a href="https://mercomindia.com/product/mercoms-india-solar-market-share-tracker/" target="_blank" rel="noopener noreferrer">Mercom India’s Solar Market Share Tracker</a>.
Note: Article updated with corrected string and central inverter charts and text.

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