Rising smart home market and power shortage concern in country has pull the demand of Power inverter market to support residential energy storage: Bonafide Research  

"In last few years, smart home market has gain colossal momentum in India. Increasing awareness of smart homes among users is key growth driver for smart home and power back up industry. The awareness is high in metros but slightly lower in non-metros. On other hands, Power shortage concerns in country have pulled the demand of power inverters in tier-II and tier III cities."

India is the world’s third-largest producer of electricity, after China and the US. Even as demand grows some 10% a year, the country is on track to produce more power than it consumes. Still, power outages are a way of life for the average Indian. Many Indians have limited or no access to electricity. On other hand, increasing disposable income is the primary factor that has enables people to consider loT based devices to make their homes smart with complete power back up solution.

According to recently published report of Bonafide Research "India Power Inverter Market Outlook, 2023" India power inverters market is expected to grow with a CAGR of more than 8.5 % from 2012-17.

Power inverter market has an immense potential taking into consideration the power shortage in India, increasing demand from industries and unplanned power cuts. A shift towards better quality and reliable products at competitive prices will lead to technology innovations as well as the need to conserve energy will drive manufacturing companies to produces efficient products. Expansion of distribution and service network will supplement the growth of the market. 

Contact Us

Bonafide Research & Marketing Pvt. Ltd.

Steven Thomas – Sales & Marketing Manager

E-mail: sales@bonafideresearch.com

Telephone:  +91-7878231309

Website: http://bonafideresearch.com/