In 2025, inverter shipments to solar projects in India increased 40.8% compared to 2024, driven by record installations and a strong project pipeline targeted for commissioning in the first half of 2026, ahead of the phased reduction in interstate transmission systems charges waiver. The upcoming ALMM-II deadline created uncertainty around cells and module availability, prompting developers to accelerate project execution during the year.

Sungrow India, Sineng Electric, TBEA Energy India, FIMER India, and Ginlong (Solis) Technologies were the leading solar inverter suppliers in India in 2025, according to Mercom’s recently released India Solar Market Leaderboard 2026 report.

The report provides insights into the market share and shipment rankings of industry leaders across the Indian solar supply chain.

Sungrow led the market, followed by Sineng Electric and TBEA Energy India in second and third place, respectively, while FIMER India and Ginlong (Solis) Technologies rounded out the top five.

The inverter market in 2025 remained highly concentrated, with Sungrow Power Supply leading the segment by capturing nearly one-third of the market share, supported by scale, competitive pricing, and a deep presence in utility-scale projects.

Sineng Electric ranked second, capturing over 19% of shipments in 2025, reflecting strong order conversion from utility-scale and central procurement projects, along with a broader shift toward Chinese suppliers gaining share through competitive pricing and faster delivery.

TBEA Energy India ranked third, with its market share declining to about 18%, while FIMER India’s shipments fell to nearly 7%. These declines indicate weakening competitiveness among some established inverter suppliers.

The inverter market is also evolving in line with recent regulatory changes. The Bureau of Energy Efficiency (BEE) has made efficiency standards and labeling mandatory for inverters up to 100 kW, pushing manufacturers to improve product performance and comply with defined benchmarks. In parallel, the Ministry of New and Renewable Energy (MNRE) has introduced stricter communication protocols for inverters, requiring secure data transmission to improve monitoring and visibility of rooftop solar systems.

At the same time, MNRE extended the BIS compliance deadline for higher-capacity inverters, providing manufacturers additional time to meet quality and safety standards. The ministry also issued draft guidelines on secure rooftop solar data and inverter testing, encouraging the adoption of improved telemetry and cybersecurity features. These measures are guiding the market toward more uniform testing and certification processes, requiring manufacturers to comply early to remain competitive.

String Inverters

TBEA Energy India, Sungrow India, Sineng Electric, Ginlong (Solis) Technologies, and NingBo Deye Inverter Technology were the top solar string inverter suppliers.

String inverters accounted for 49% of the solar inverter shipments in 2025.

Central Inverters

Central inverter supplies surpassed string inverters in 2025, accounting for approximately 51% of the total shipments during the period.

Sungrow India, Sineng Electric, FIMER India, TBEA Energy India, and TMEIC were the top solar central inverter suppliers for 2025.

The growth of central inverters was supported by rising utility-scale solar project commissioning and the increasing standardization of large projects in Gujarat and Rajasthan, where higher power density is required. In comparison, demand for string inverters remained stable, driven by continued adoption in rooftop and smaller-scale solar installations.

Mercom’s Market Leaderboard report published annually, covers the market landscape across the entire supply chain. For the detailed and comprehensive report, click here.

Our Market Share Tracker provides insights into the solar market competitors and their growth rates on a quarterly basis.