Following the launch of customized solar modules for electric vehicles, EPC contractor and solar PV manufacturer Waaree Energies has forayed into the standalone solar solutions segment by offering off-grid inverters for commercial and residential consumers. Significantly, the Mumbai-headquartered manufacturer—which aims to grow 300% by 2022—had announced its aggressive plans for rooftop solar market recently.
“With the solar off-grid inverter market currently valuated at Rs 600 crore, we aim to capture over 15% of the market share by 2022, thus becoming one of the largest solar inverter players in the segment,” said Sunil Rathi, director, Waaree Energies while commenting on their plans for the market.
Waaree inverters will be available across India within a year through the company’s robust supply chain. With a strong business plan in place, Waaree expects the vertical to contribute significantly to its revenues in FY 2019-20.
“With poor transmission infrastructure in select parts of the nation, the solar off-grid inverters will provide respite to residential and commercial units in these areas. Moreover, the post-sale service/maintenance of the indigenously developed product will be made possible through our robust network of 270+ franchise units across the country,” Rathi shared.
The Waaree solar inverters are available in capacities ranging from of 375 VA to 10 KW across a wide scale of commercial and residential consumers.
Significantly, the Indian solar inverter market is expected to grow at over 25% annually in the next 5 years. Waaree aims to capitalize on the growth curve and satiate the much needed quality service in the segment.
Waaree Energies claims to have the country’s largest solar PV module manufacturing capacity of 1.5 GW. In addition, it is one of the leading players in India in EPC services, project development, rooftop solutions, solar water pumps, and an independent power producer. The company has presence in over 250 locations nationally and 68 countries globally.