India’s solar photovoltaic (PV) supporting component market, such as inverters, batteries and trackers, is expected to double over the next five years, beginning FY24.
Market intelligence firm 1Lattice’s in its latest industry report projected that the balance of system (BoS) market is projected to grow from around $3 billion in calendar year (CY) 2024 to around $7 billion by CY 2029, registering a compound annual growth rate (CAGR) of 16 per cent.
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BoS includes all the supporting components of a solar PV installation, other than panels, such as inverters, mounting structures, trackers, wiring, combiner boxes, circuit protection devices, monitoring systems, charge controllers, and batteries.