Sample-India Power Inverter Market Overview

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India Power Inverter Market Outlook 2021 Page 2

TABLE OF CONTENTS 

1. Executive Summary 

2. Global Inverter Market Outlook 

2.1. Market Size By Value 

2.2. Market Size By Volume 

2.3. Pricing Analysis 

3. India Non Renewable Inverter Market Outlook 


3.1.1. Overall Inverter Market 

3.1.1.1. Total Inverter Market 

3.1.1.2. Total Organized Inverter Market 

3.1.1.3. Total Unorganized Inverter Market 

3.1.2. Overall Residential Inverter Market 

3.1.2.1. Total Residential Inverter Market 

3.1.2.2. Organized-Unorganized Market Size in Residential Inverter Market 

3.1.3. Overall Industrial Inverter Market 

3.1.3.1. Total Industrial Inverter Market 

3.1.3.2. Organized-Unorganized Market Size in Industrial Inverter Market 

3.2. Market Size By Volume 

3.2.1. Overall Inverter Market 

3.2.1.1. Total Inverter Market 

3.2.1.2. Total Organized Inverter Market 

3.2.1.3. Total Unorganized Inverter Market 


3.2.2.1. Total Residential Inverter Market 


3.2.3. Overall Industrial Inverter Market 

3.2.3.1. Total Industrial Inverter Market 


3.3. Market Share 

3.3.1. By Region 

3.3.2. By Company 

3.3.3. By Technology 


3.3.4. By Division in Residential Segment in KVA 

4. Pricing Analysis of Indian Inverter Market 

5. Company Profiles 

5.1. Luminous 

5.2. Su Kam 

5.3. Microtek 

5.4. Genus 

5.5. Consol 

6. Disclaimer 


LIST OF FIGURES 

Figure 1: Global Inverter Market Size By Value 2009 - 2014 (USD Billion) 

Figure 2: Global Inverter Market Size By Value 2015F – 2021F (USD Billion) 

Figure 3: Global Inverter Market Size By Volume 2009 - 2014 (Million Units) 

Figure 4: Global Inverter Market Size By Volume 2015F - 2021 (Million Units) 

Figure 5: Global Inverter Market Average Selling Price 2009 - 2014 (USD) 

Figure 6: Global Inverter Market Average Selling Price 2015 - 2021 (USD) 

Figure 7: Indian Inverter Market Size By Value 2009 - 2014 (USD Million) 

Figure 8: Indian Inverter Market Size By Value 2015F – 2021F (USD Million) 

Figure 9: Indian Inverter Market Size By Total Organized Inverter Market 2009 - 2014 (USD Million) 

Figure 10: Indian Inverter Market Size By Total Organized Inverter Market 2015F – 2021 (USD Million) 

Figure 11: Indian Inverter Market Size By Total Unorganized Inverter Market 2009 - 2014 (USD Million) 

Figure 12: Indian Inverter Market Size By Total Unorganized Inverter Market 2015F – 2021F (USD 

Million) 

Figure 13: Indian Inverter Market Size By Total Residential Inverter Market 2009 - 2014 (USD Million) 

Figure 14: Indian Inverter Market Size By Total Residential Inverter Market 2015F – 2021F (USD Million) 

Figure 15: Indian Inverter Market Size By Organized- Unorganized Residential Inverter Market 2009 - 

2014 (USD Million) 

Figure 16: Indian Inverter Market Size By Organized- Unorganized Residential Inverter Market 2015F – 

2021F (USD Million) 

Figure 17: Indian Inverter Market Size By Total Industrial Inverter Market 2009 - 2014 (USD Million) 

Figure 18: Indian Inverter Market Size By Total Industrial Inverter Market 2015F – 2021F (USD Million) 

Figure 19: Indian Inverter Market Size By Organized- Unorganized Industrial Inverter Market 2009 - 2014 

(USD Million) 

Figure 20: Indian Inverter Market Size By Organized- Unorganized Industrial Inverter Market 2015F – 

2021F (USD Million) 

Figure 21: Indian Inverter Market Size By Volume 2009 - 2014 (Million Units) 

Figure 22: Indian Inverter Market Size By Volume 2015F – 2021F (Million Units) 

Figure 23: Indian Inverter Market Size By Total Organized Inverter Market By Volume 2009 - 2014 (Million 

Units) 

Figure 24: Indian Inverter Market Size By Total Organized Inverter Market By Volume 2015F – 2021F 

(Million Units) 

Figure 25: Indian Inverter Market Size By Total Unorganized Inverter Market By Volume 2009 - 2014 


Figure 26: Indian Inverter Market Size By Total Unorganized Inverter Market By Volume 2015F – 2021F 


Figure 27: Indian Inverter Market Size By Total Residential Inverter Market By Volume 2009 - 2014 


Figure 28: Indian Inverter Market Size By Total Residential Inverter Market By Volume 2015F – 2021F 



2014 (Million Units) 


2014 (USD Million) 

Figure 31: Indian Inverter Market Size By Total Industrial Inverter Market By Volume 2009 - 2014 (Million 

Units) 


Figure 32: Indian Inverter Market Size By Total Industrial Inverter Market By Volume 2015F – 2021F 





(USD Million) 

Figure 35: Indian Inverter Market Share By Value 2009 & 2021F 

Figure 36: Indian Inverter Market Share By Region By Value 2009 &2021F 

Figure 37: Indian Inverter Market Share By Technology By Value 2009 & 2021F 

Figure 38: Indian Inverter Market Share By Division in segment By Value 2014 & 2021F 

Figure 39: Indian Inverter Pricing Analysis 2010-2021 (INR) 

Table 1: Key Facts of Luminous 

Table 2: Key Facts of Su Kam 

Table 3: Key Facts of Microtek 

Table 4: Key Facts of Genus 

Table 5: Key Facts of Consol 

LIST OF TABLES 


1. Executive Summary 

A power inverter, or inverter, is an electronic device or circuitry that changes direct current (DC) 

to alternating current (AC). The input voltage, output voltage and frequency, and 

overall power handling depend on the design of the specific device or circuitry. The inverter 

does not produce any power as the power is provided by the DC source. 

The global non renewable (power) inverter market is on an increasing trend with the ongoing 

gap in the power supply all over the world. Inverters are now being used globally with new 

technologies and innovations being made. The global non renewable inverter market grew with 

a CAGR of around xxxx% within five years till 2014 and is expected to grow with a CAGR of 

close to xxxx% in the next six years till 2021. The global inverter market stands at USD xxxx 

Billion in 2014 which is expected to reach a market of USD xxxx Billion till 2021. The increasing 

use of inverters in the SOHO segment, the demand growth from the Asia Pacific region and the 

trend of people shifting from gensets to inverters will let the market increase in such a pace. 

While power inverters are establishing a foothold in the power industry, the gradual pace of 

economic recovery and restrained spending environment are stymieing inverter manufacturers‘ 

efforts to expand. Prices are expected to drop as these products are being mass-produced. The 

price of an inverter was about xxxx USD in 2009 which is on a continuous decreasing trend 

since then. 

The Indian Power Inverter Market stood at USD xxxx Million in 2014 and is on a continuously 

increasing trend till 2021. India does not have a grid that is efficient or sufficient enough for its 

people. Not only is there a lack of power compared to what is required, the power that we do 

receive is not efficient power and it thus incurs huge losses. Power quality and reliability has 

been (and remains) a concerning issue until today in India. From industrial and commercial 

sectors, the power requirement has increased, and this demand and supply gap is forcing 


establishments to opt for inverters and UPS systems to address this requirement. The market 

for inverters in India was characterized by a dominant presence of the unorganized sector. 

While the unorganized sector caters to the price-sensitive consumers, organized players mostly 

target the brand-conscious consumers. However, the low prices offered by the unorganized 

players are now compelling the organized players to reduce their prices to effectively maintain 

their competitive edge in the market. 

In India, the electric power projections depict a shortfall in power generation. The quality of 

power is also not as desired. Therefore, a suitable power conditioning system is needed to 

buffer the equipment from electric utility supply variations and fluctuations. Inverter is a device 

that converts direct current electricity to alternating current either for stand-alone systems or to 

supply power to an electricity grid. All processes which are continuous and not batch processes 

require continuous quality power supply. A reliable power supply is essential in both the 

residential and the industrial sector nowadays. 

Shifting focus to the inverter segment, previously, for hard-core backup power, people used 

gensets. Due to rising cost and storage challenges of diesel, people are starting to shift from 

gensets to power inverters. In some of the small office/home office (SOHO) and SME segments, 

diesel gensets are not completely being discarded but their usage is slowly being reduced; they 

are complementing the power inverters when they are completely discharged. The government 

is releasing schemes but, at the same time, due to lack of knowledge, the assemblers and 

integrators still do not know how to give you maximum benefit. 

The trend is moving towards hybrid inverters. These inverters use solar panels in combination 

with the main power to charge the battery, thus saving on the electricity cost. These inverters 

could help in integrating conventional energy sources with regular sources easily and are 

programmed to use conventional sources in a better way. Another emerging area is that of 


superior after-sales services. A widespread service centre network will help companies build 

trust and ensure recommendations from existing customers, thereby adding to their goodwill 

and brand value. Moreover, cross-selling platforms for low-voltage products via the diffused 

channels are expected to bring about a greater visibility amongst end users, thus leading to 

greater revenues. 


3. India Non Renewable Inverter Market Outlook 

Power or electricity is one of the most critical components of infrastructure affecting economic 

growth and well-being of nations. The existence and development of adequate infrastructure is 

essential for sustained growth of the Indian economy. India‘s power sector is one of the more 

ignored sectors in the Indian economy especially in the rural parts of the country remains 

without power, as does 6% of the urban population. 

The inverter and UPS market in India was estimated to be worth US$ xxxx million in 2012 out of 

which the inverter market stands at US$ xxxx million and grow at about xxxx per cent during the 

period 2010—2015. The manufacturing ecosystem for these products is quite mature while 

technological requirements of UPS manufacturing are greater than the manufacturing and 

design capabilities present in India currently. Some of the major players in the inverters market 

are Luminous, Su-kam, and Microtek. Steady demand from the home and SOHO segments is 

expected to buttress the growth of the inverter market. The unorganized segment has a large 

share of the inverter market, though its share has been declining lately due to enhanced 

consumer awareness. 

Unorganized players source their products in knocked-down units from East Asia, which do not 

compare favorably with locally produced products in their quality and reliability. However, their 

input costs have increased on account of levying of duties on the import of lead and lead 

products. Also, organized players have strengthened their distribution networks, thus posing a 

formidable challenge to the unorganized players. Due to frequent power failures, inverters, 

specifically sub-5kVA inverters, are increasingly being used in applications like emergency 

lighting, elevator backup systems and other non-critical systems. The demand for inverters is 

seasonal, peaking during the summer due to frequent power outages. This situation, especially 

in the southern states, has contributed to the sharp rise in demand. The enforcement of 


pollution control norms is likely to support the substitution of generator sets with inverters of 

similar capacity. The market is also witnessing the entry of consumer durables players. 

The Indian power inverter market was worth about Rs xxxx billion in 2010-11, in terms of 

revenue. The market is projected to grow at a double-digit rate during the next three to four 

years. This is likely to be the result of a steady demand from the domestic, small-office homeoffice, 

small and medium enterprises (SMEs), and commercial, industrial and other sectors. 

The domestic manufacturing of inverters possesses medium value addition; all the electronics 

components are mostly imported. Various companies present in the Indian industry leverage 

their local competencies and global supply to serve the domestic market. India is more or less 

self-sufficient in the manufacturing of inverters. The most valuable component inside of an 

inverter is the transformer and India possesses considerable capabilities for their manufacture. 

Such capabilities could enable the country act as an export hub to countries such as 

Philippines, Vietnam, Sri Lanka etc. 

One of the major buyers of inverters today is the government of India. Of late, our government 

has not floated any major tenders, as a result of which sale of inverters has taken a hit. While 

government schemes such as computerization of schools have boosted the industry in the past, 

not many new funds have been allocated to schools in the recent times. This has, in turn, 

affected the number of orders, thereby leading to a decline in sales. On the brighter side, the 

government‘s initiative of computerization of its various departments is benefitting the industry, 

currently keeping the industry afloat. 





The unorganized sector in the Inverter market mainly catered the residential segment in 2009. 

The residential segment used inverter with capacity less than 5 KVA. 

Fig : 15 Indian Inverter Market Size By Organized- Unorganized Residential Inverter Market 

2009 - 2014 (USD Million) 

Source: Bonafide Research 

Till 2011, the unorganized market ruled in the whole Inverter market by segmenting majorly in 

the residential segment. The organized sector generated revenue of USD xxxx Million where as 

the unorganized sector generated a market of USD xxxx Million. The gap narrowed with the 

entry of the organized players into the market. The people of India are always price sensitive 

because of which the unorganized segment were a hit back then. But now with the active 

participation of the organized players in the residential segment by good distribution channel, 

new innovation in technologies and lowering in the prices of the inverters the organized sector 

are back in the game. 

2009 2010 2011 2012 2013 2014 

Organized 

Unorganized 

In 2014, the market size acquired by the unorganized market went down to reach USD xxxx 

Million whereas the market acquired by the organized market raise to reach USD xxxx Million. 


The unorganized market in the residential sector is forecasted to shrink as compared to the 

organized sector. The people are becoming more aware about the brands and the choices that 

are available the organized market has taken a huge jump. Luminous, Microtek and Su-kam 

cover about xxxx% of the organized market in the Indian inverter market. 

Fig : 16 Indian Inverter Market Size By Organized- Unorganized Residential Inverter Market 

2015F – 2021F (USD Million) 

2015 2016 2017 2018 2019 2020 2021 

Organized 

Unorganized 


The residential segment of the organized segment is those inverters with the capacity of less 

than xxxx KVA. The organized sector is expected to lead through brand building, channel 

expansion, building service infrastructure and of course, lowering the price gap between 

organized and unorganized players by product innovation. 

The organized sector is expected to have a market of USD xxxx Million by 2018 whereas the 

unorganized sector is expected to have a market size of USD xxxx Million in the residential 

segment. By 2021, the organized market is expected to acquire a market of USD xxxx Million in 

the residential sector alone whereas that of unorganized is expected to decrease to reach USD 

xxxx Million in the same year. 


3.3. Market Share 

3.3.1. By Region 

The grid collapse may have inconvenienced many and caused losses too few industries, but 

one segment is not complaining, manufacturers of power backup products such 

as generator sets, inverters and batteries across north India are seeing a demand surge as a 

result of the twin power outages. 

Fig : 35 Indian Inverter Market Share By Region By Value 2009 & 2021F 

2014 2021 

North 

South 

East 

West 


There has been an instant rise in sales queries for gensets. From five-six queries a day, it is 20- 

25 now. The highest demand from residential areas has been for xxxx kva genset, priced Rs 

xxxx lakh, which can run up to one air conditioner, while commercial units enquire mostly for xxx 

kva genset, which costs around Rs xxxx lakh. 

As per a report of the Associated Chambers of Commerce and Industry of India (Assocham), 

the demand for inverters, genset and battery has risen by 70 per cent in Delhi-NCR this 

summer. There has been an almost xxx per cent increase in the sale of inverters this month. 

Not only households, even small establishments and shops have started going for UPS for 

having minimum lighting and fans on in their shops for the convenience of the customers. These 


gadgets not only provide people relief from the sweltering heat, but also come to their aid in 

running their business. 

Demand for inverters and generators this summer is likely to grow by about 30 per cent in the 

national capital region (NCR), which may face power shortage of up to 10 hours, industry body 

Assocham said on Monday. The demand for inverters, their batteries and generators will rise to 

the extent of xxxx per cent as NCR is unlikely to be supplied power supplies either from 

neighboring region or else from far off power producing sources. 

Manufacturing hub of the Indian power backup industry is concentrated in North India, 

particularly Himachal Pradesh, and Kolkata. Power deficit in the southern region of the country 

has triggered the demand for power backup in these regions. Tamil Nadu, Karnataka and 

Kerala generate the highest share of the overall demand for power backup in the country. 

Shortage in coal and gas, the primary raw materials for power generation, further aggravates 

the shortage in power supply. With time, consumers have emerged to be less tolerant about the 

duration of power cuts, thus providing tremendous growth prospects, which players can 

capitalize upon. 


5. Company Profiles 

5.1. Luminous 

Luminous, a leading player in the estimated Rs. xxx Indian inverter and power storage market, 

which is growing at over xxxx per cent annually, generated revenues of around Rs. Xxxx crore 

in 2010-11. It has a wide distribution network of network of xxxx channel partners with xxxx 

distributors serving over xxxx retail outlets. The total net debt of the company was Rs. Xxx 

crore as of March 31 2011. 

Luminous' Chairman, who will continue to hold xxxx per cent in the firm, plan to be closely 

associated with the company. Luminous, which employs xxx, will provide Schneider a broad 

customer base with xxxx million existing inverter users and also access to clients in sectors 

such as government and telecom. With over xxxx employees, seven manufacturing units, xxxx 

sales offices and more than xxxx channel partners; Luminous has a dominating position in the 

UPS, inverter market. Founded in 1988, today it has a differentiated portfolio of solutions for 

packaged power, diversified generation, electrical control & safety and energy optimization. It 

has been awarded with the ‗Global Superbrands‘ status for the year 2011-12, ISO 50001:2011 

certification and MNRE: CRISIL recognition. 

France‘s Schneider Electric SA bought xxxx % of privately held Indian inverter 

manufacturer Luminous Power Technologies Pvt. Ltd for around € xxx million to boost revenue 

and market share in Asia‘s third largest economy. Schneider‘s eighth acquisition in India since 

2000 is likely to raise its sales in the country to more than Rs xxxx crore, tripling 2009 revenue, 

said Olivier Blum, managing director, Schneider Electric India. 

Manufacturing facilities: 


Luminous has 7 manufacturing facilities in India. It has the India's largest home UPS and line 

interactive/ online UPS manufacturing facilities. It also is amongst the world's most focused 

manufacturers of Deep Cycle Flooded Batteries. Relentless focus on process control and 

product testing leads them towards swift improvement in life cycle. 

Technology Used: 

Their Battery R&D team is headed by an American CTO with over xxx years of experience in 

battery industry. They have the Best Deep Cycle Flooded Lead Acid Battery Technology 

developed along with Eagle-Picher Inc, USA, a global leader in long life battery technology. 

Technology for manufacturing Lead Calcium Long Life Deep Cycle VRLA Batteries for UPS & 

EPS applications, developed together with Eagle Picher Inc, USA. 

Research and Development: 

They have advanced R&D facility with 15 Engineers and 27 technicians, lead by a dynamic 

personality who holds a Ph.D. and has 21+ years of experience in the field of power electronics. 

Luminous uses highly sophisticated equipments like ―Agilent‖ which makes DSO (Digital storage 

oscilloscope), ―Yokogawa‖ powered analyzers, ―Chroma‖ AC-DC Electronic Load, 

Environmental Temperature chamber, Digital data loggers, Precision multi meters, Digital 

venires, Screw gauges etc. They also have the biggest In House Battery Lab facilities for 

Battery charging& discharging algorithms validation & life cycle testing of all kind of batteries. 

They have an In house Design Team: PCB Design (using latest design software with simulation) 

headed by design engineer with an experience of 10 years. They provide DSP Lab facilities: 

Software development centre with four engineers headed by an engineer with 15+ year 

experience 

They have a special Mechanical Design Team who develops all aesthetic designs using Auto- 

CAD & Solid works software, tool designing for enclosures including plastic molding. 


Independent validation Team of 7-engineers & technicians who continuously engage in 

validating comparison with competitors 

Presence in India: 

Luminous has a strong dealer distributor network all over India which takes care of the 

customers whenever needed. They have developed service centers in xxxx cities and service 

presence in xxxx cities. They provide door step service facility for consumers with xxx Hours 

response time. In the northern region Luminous has about xxxx Distributors and xxxx Dealers 

whereas in the southern area it has xxxx Distributors and xxxx Dealers. In the eastern region 

the dealer distributor network is a bit low with xxxx Distributors and xxxx Dealers and the least 

distribution channel is provided in the xxxx region with xxxx distributors and xxxx dealers. 

Now, Luminous is gearing up to launch solar inverters targeted at businesses, including gas 

stations, petrol pumps etc. In 2012, the company provided hybrid power backup solutions to 

xxxx odd cell towers of public sector telecom major BSNL. Since they have the expertise and 

wherewithal to service telecom companies, they would be bidding for such projects in future. 

Luminous is amongst the top two power backup solutions companies in India. Uttar Pradesh is 

the biggest market for Luminous with over xxxx channel partners. The company is now 

gradually entering the electrical products market with the launch of fans, switch boards, cables 

etc. Their strategy is to have a complete value chain in the power backup and electrical space. 


Table-2: Key Facts of Luminous 

Head Office 

C 8 & C 9 Community Center, Behind Janak Cinema 

Complex, Janakpuri, New Delhi-110058 

Phone +91-11-40778222/221 

Web Address 

www.luminousindia.com 

Revenue/ Turnover Rs xxxx million(2011 - 2012) 

Employees 

xxxx 

Manufacturing Facilities 

Seven in Himachal Pradesh and Maharashtra 

Manufactures 

UPS systems, inverters, batteries, electrical products, 

solar lanterns, solar lamp systems and charge controllers 

Year of Establishment 1988 

Key People 

Mr. Rakesh Malhotra (Chairman) 

Mr. Vipul Sabharwal (Managing Director) 

Mr. Manish Pant (Director) 

Sectors it caters to 

Home, commercial and solar 

Source: Company Annual Report 


6. Disclaimer 

The contents of this report are based on information generally available to the public from 

sources believed to be reliable. No representation is made that it is timely, accurate or 

complete. Bonafide Research has taken due care and caution in compilation of data as this has 

been obtained from various sources including which it considers reliable and first hand. 

However, Bonafide Research does not guarantee the accuracy, adequacy or completeness of 

any information and it is not responsible for any errors or omissions or for the results obtained 

from the use of such information and especially states that it has no financial liability whatsoever 

to the subscribers / users of this report. The information herein, together with all estimates and 

forecasts, can change without notice. 

All the figures provided in this document are indicative of relative market size and are strictly for 

client‘s internal consumption. Usage of the same for purpose other than internal will require prior 

approval of Bonafide Research.

Sample-India Power Inverter Market Overview

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