Gurugram: With the government’s initiatives to expand electrification rates all across India, technological developments, and overall economic growth, the energy demand has skyrocketed. After fulfilling the needs of electricity, relying on uninterrupted power to run critical systems has become mandatory. So, as a result, the Indian Power Backup Market is also spreading its roots in the economy. By the year 2023, the Indian Power Backup Market is presumed to cross INR 500 billion.
Power Backup Market can be broadly segmented into three fields:
- Diesel Generators
- UPS and
The Diesel Generator occupies 25% of the Indian Power Backup Market and shows CAGR (Compound Annual Growth Rate) of 8.1%. The telecom industry is the critical driver for diesel generators, occupying more than 40% of the installed base. The construction and hospitality industries come next.
The UPS market occupies 20% of the Indian Power Backup Market, showing a CAGR of 11.97%. Growing investments and the rapid development of the IT sector have contributed to the boom in the UPS market. Inverters occupy almost half of the entire Indian Power Backup Market, showing a CAGR of 9.33%.
Indian inverter market is expected to reach INR 280 Billion by 2023. Demand and growth in the inverter market can be attributed to the requirement for power backup solutions across residential, commercial, and industrial sectors. Considering the advantages provided by inverters, they are no more luxury products; they become necessary. Based on inverter type, central inverters represent the most prominent segment, holding the largest market share. Prime reasons are the advantages offered by these inverters: high efficiency, low cost, credibility, and easy installation. String inverters and others follow central inverters.
Talking about the advancement in technology, trends regarding inverter and UPS systems shift towards solar-based solutions. Solar-powered inverters come with a separate solar charge controller to regulate the power from solar panels. And the UPS system is equipped with two inbuilt chargers -the grid charger and solar charger, to provide an instant power supply during power failures.
Nowadays, IoT (Internet of Things) has raised expectations of enhanced intelligence from inverters and UPS systems. Rather than being standalone devices, these systems operate in close connection with an intelligent network. IoT systems alert consumers about impending problems in advance, enabling preventive maintenance and caters ease in operations.
Plus, the third-party maintenance feature allows maintenance services 24/7 via remote monitoring. With such elevations, inverters today are added with attractive looks and intelligent features like intelligent connectivity and an app that shows the status of the inverter, battery status, remaining backup, etc.
ZunSolar aims to capture this vast inverter market in the coming years. ZunSolar has brought forth many solar products, including several solar combos, at a very affordable range to compete in this market with a focus on price and quality. The main objective is to liberate the common man with humble backgrounds, residing in villages and small towns from the huge electricity bills and provide light to every household.
The government’s initiatives to expand the electrification rate in India, coupled with technological developments, are further expected to positively influence the Indian inverter market in the coming years. We are hoping to serve this market for years to come.
About The Author
Pranesh Chaudhary is the Founder and CEO of ZunRoof Tech Private Limited, India’s leading Home-tech startup company that has pioneered to fulfill the supply and demand of electricity. Pranesh founded the company in 2016 with his long-time close friend Sushant Sachan, the Chief Research Officer at ZunRoof. Pranesh being an expert in Direct to customer domain and Sushant with expertise in the solar field, married two of their respective strengths to solve two problems: demand and supply of electricity by building a marketplace for solar rooftop installations and an IoT-based automation solution. Prior to founding Zunroof, Pranesh had worked at the Essex Lake Group, London and Capital One, Bangalore as a Management Consultant. He has acquired years of experience in the domains of Risk Analytics & Management, Marketing & Acquisitions Strategy, Customer Segmentation, Expense Re-engineering and Operations Management.