Solar Hybrid Inverter Market is Projected to Witness 8.90% CAGR by 2030

Pune, India, October 2019, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Solar Hybrid Inverter Market.

Market Highlights

Solar hybrid inverter provides a suitable and eco-friendly power backup option. Solar hybrid inverter is a deep cycle battery-based power storage system. It generates power in the same way as any other grid-tied solar system.

However, the growing competition amongst solar hybrid inverter manufacturers, stringent environment regulations, and government initiatives & related policies supporting solar energy generation have encouraged the manufacturers to design a product adhering to the government regulations across the globe, which leads to the growth of this market. Therefore, the global solar hybrid inverter Market is expected to be valued at USD 13462.01 Million by 2030, at a projected CAGR of 8.90% over the forecast period.

Nowadays, the focus of End Users has been shifting from traditional inverters to solar hybrid inverters as the latter are connected to batteries and can simply switch to an off-grid mode temporarily and continue to power end-use applications. Furthermore, technological advancements, growing awareness from the key manufacturers in reducing the carbon footprints, incentives and subsidies provided by federal governments for setting up solar power plants globally, and the low maintenance cost are expected to add to the growth of the solar hybrid inverter market.  

Drivers: Global Solar Hybrid Inverter Market
 

Market Research Analysis

Based on region, the global market for the solar hybrid inverter  is classifed into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Asia-Pacific is one of the largest markets for solar hybrid inverter  across the globe. The increasing demand for renewable energy sources due to the growing population and rising disposable income are set to drive the solar hybrid inverter market growth.

North America is estimated to witness the highest growth in solar hybrid inverter market during forecast period owing to growing demand for envirnment-friendly solar devices in the region. The growth is attributed to the rise in demand for inverters which could convert direct current solar power into alternating current efficiently and cost-effectively. In th region, the US is expected to dominate with the largest share and is projected to have the highest CAGR between 2022 and 2030 due to growing solar power generation. The US is expected to be the largest market during the forecast period. It is also expected to witness the highest growth rate owing to an increase in the need for clean and alternate energy sources.

The market in Europe is growing due to stringent environment norms and the growing transition towards solar energy. In Europe, Germany is the largest and fastest growing market in solar hybrid inverter Market, whereas the UK, France, Italy, Spain, Sweden, and the Netherlands are the other major countries that contribute in the growth of this market.

In the Middle East & Africa market, Saudi Arabia is the largest market for solar hybrid inverter . Iran and South and East Africa growing at high rates have a major contribution in the growth of solar hybrid inverter market due to the increasing pentration of solar photovoltaic technology across these countries. In South America, Brazil is the largest and fastest growing country, playing an important role in this market.

In South America market, Brazil is the largest market for solar hybrid inverter . In South America, Brazil is the largest and fastest growing country, playing an important role in this market.

Scope of the Report

This study provides an overview of the global solar hybrid inverter market, tracking three market segments across three geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the rest of the world. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global solar hybrid inverter market by product, End User, and region.

• By Product
  
  
  
  • Single-phase Hybrid
  
  
  • Three-phase Hybrid
  
  
  
  

• By End User
  
  
  
  • Commercial
  
  
  • Residential
  
  
  • Others
  
  
  
  

• By Regions
  
  
  
  • North America 
  
  
  • Asia-Pacific 
  
  
  • Europe
  
  
  • South America
  
  
  • Middle East & Africa 
  
  
  
  

Key Players

The key players of the global Solar Hybrid Inverter Market are Flin Energy (India), Havells (India), Schneider Electric (France), KACO new energy (Germany), Microtek Inverters (India), Pure Volt (India), Su-kam power systems (India), Redback Technologies (Australia), Tabuchi Electric (US), Luminous (India), Delta Energy systems (Germany), EAST Group (China), SolarEdge Technologies (Israel), Voltronic Power Technology (Taiwan), and SolaX Power (China).