With a strong business plan in place, Waaree expects the vertical to contribute significantly to its revenues in FY 2019-20.
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 per cent by 2022—had announced its aggressive plans for rooftop solar market recently.
Sunil Rathi, director, Waaree Energies while commenting on their plans for the market told to PV magazine that with the solar off-grid inverter market currently valuated at Rs 600 crore, the company aims to capture over 15 per cent of the market share by 2022, thus becoming one of the largest solar inverter players in the segment.
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.
Rathi further shared that with the 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 and maintenance of the indigenously developed product will be made possible through our robust network of 270+ franchise units across the country, added Rathi.
Significantly, the Indian solar inverter market is expected to grow at over 25 per cent annually in the next 5 years. Waaree aims to capitalize on the growth curve and satiate the much needed quality service in the segment.