Solar Hybrid Inverter Market Size Analysis
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.
GOVERNMENT POLICIES AND REGULATIONS FAVOR THE MARKET GROWTH
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.
Over the projected period, the industry will benefit greatly from the strict government restrictions that support energy management systems and inverters with solar PV panels. Additionally, the government’s increased financial assistance for installing renewable energy sources like solar panels will increase the market’s overall worth.
The expansion of the commercial, industrial, and utility-scale industries is driving the demand for solar inverters. For future growth, solar hybrid inverters may commonly be installed without batteries; this is the main advantage of increasing demand for them 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.
HIGH MAINTENANCE AND INSTALLATION COSTS REFRAIN THE MARKET GROWTH
The global market for solar hybrid inverters may be hampered by the high price of solar inverters and increased maintenance expenses. Because solar hybrid inverters are believed to be less efficient than solar-only or battery-only inverters, the market for these devices is anticipated to expand more slowly than expected throughout the forecast period.
Market Segments Covered in Report
By Region and Country:
Why are three-phase hybrid type solar hybrid inverters account for a larger market share?
In 2021, 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 is used to regulate the PCC’s voltage and frequency, balance, level loads, and harmonics suppression. The growing use of three-phase hybrid inverters is helping the market for this sector develop since the three-phase inverter is forced to work at the necessary frequency to maintain a stable frequency.
Which end-user segment is expected to lead the market during the forecast period?
Because these solar hybrid inverters are unique in their capacity to regulate the PV panels’ performance in various commercial applications, the Commercial sector is anticipated to lead the market with the highest CAGR throughout the projected period.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Some of the key developments that have taken place in the Solar Hybrid Inverter Market include:
A list of some of the key suppliers present in the market are:
Global Solar Hybrid Inverter Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product, Application, End-User, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 14.5%.
Increasing investments in solar power systems and supportive government efforts are the primary growth drivers of the global market for solar hybrid inverters.
Major global Solar Hybrid Inverter Market players are Havells, Schneider Electric, Microtek Inverters, Delta Energy Systems, Redback Technologies, Luminous, Tabuchi Electric, SolarEdge Technologies, Voltronic Power Technology, and SolaX Power.
The global market for solar hybrid inverters may be hampered by the high cost of solar inverters and increased maintenance expenses.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Solar Hybrid Inverter market.
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