Solar Hybrid Inverter Market Overview
According to a research survey conducted by ChemView Consulting, in 2022, the Global Solar Hybrid Inverter Market was worth US$ 6,700.0 Mn and is expected to grow at a CAGR of 14.5% over the forecast period. The market is expected to hit US$ 25,900.0 Mn by 2032 end.
An inverter that can simultaneously control inputs from solar panels, wind turbines, generators, and a battery bank is called a solar hybrid inverter, also known as a multi-mode inverter. The main job of the solar hybrid inverter is to convert the array’s generated direct current (DC) electricity into useable alternating current (AC). These inexpensive, straightforward-to-install inverters are used as solar backup storage.
The solar hybrid inverter combines solar energy with mains utility to provide the best of both worlds and an ideal option. Solar hybrid inverters can store extra power while operating with batteries and converting direct current to alternating current. This inverter resolves problems with unstable grid systems and variable renewable energy sources.
ChemView Consulting has analyzed that Increasing investments in solar power systems and supportive government efforts are the primary growth drivers of the global market for solar hybrid inverters. Since these rules would encourage the deployment of effective solar devices, including solar hybrid inverters, they are anticipated to enhance the solar hybrid inverter business.
The main factor contributing to increased market rise is expanding the commercial, industrial, and utility-scale industries. For future growth, solar hybrid inverters may commonly be installed without batteries; this is the main advantage of increasing demand worldwide. These inverters also support the government’s goals for sustainable growth in residential and commercial areas while being secure and advantageous to the environment.
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Segments Covered in Report
By Product:
- Single-Phase Hybrid
- Three-Phase Hybrid
By Application:
- Energy Generation
- Solar Energy Storage
By End-User:
- Commercial
- Residential
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Solar Hybrid Inverter Market
- Based on the product, the three-phase hybrid market category accounted for 74.2% of the total market. The three-phase hybrid category has ruled the worldwide market because of its application in residential and commercial settings. A three-phase inverter regulates the PCC’s voltage, frequency, balance, level loads, and harmonics suppression.
- Based on the end-user, the commercial sector is anticipated to lead the market with the highest CAGR throughout the projected period.
- Asia-Pacific dominates the market for global solar hybrid inverters. In 2021, the Asia Pacific region accounted for 38.3% of the market. Due to the potential market for solar hybrid inverters in the Asia-Pacific region, several major manufacturers are increasing their operations there. Growing environmental concerns, increased energy demands, population growth, and rising living standards will improve this region’s chances for business expansion. A solar panel provides a relatively affordable alternative for energy requirements.
Competition Summary
Key companies covered in the market study are Havells, Schneider Electric, Microtek Inverters, Delta Energy Systems, Redback Technologies, Luminous, Tabuchi Electric, SolarEdge Technologies, Voltronic Power Technology, and SolaX Power.
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Report Key Highlights
- Detailed information on factors that will assist Global Solar Hybrid Inverter’s growth during the next ten years
- Assessment of the historical and current Global Solar Hybrid Inverter Market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
- The growth of the market across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa
- Segment-wise, country-wise, and region-wise market analysis
- Key drivers, restraints, opportunities, and key emerging trends impacting market growth
- Predictions on critical supply, demand, and technological trends and changes in consumer behavior
- Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
- Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
- Covid-19 impact on the market and how to navigate
- Strategic market analysis and recommendations on crucial winning strategies
