ID: MRFR/E&P/6980-HCR | 111 Pages | Published By Priya Nagrale on April 2023
Solar Hybrid Inverter Market is projected to be worth USD 13462.01 Million by 2030, registering a CAGR of 8.90% during the forecast period, The market was valued at USD 8.91 billion in 2020.
A solar hybrid inverter is a multi-mode inverter. It can simultaneously manage inputs from solar panels, wind turbines, generators, and a battery bank. The solar hybrid inverter helps to convert direct current power generated from the array into the usable alternating current. Solar hybrid inverters can work with batteries for storing excess power. They store power in batteries and then, draw upon the functional requirements of energy stabilization. Solar hybrid inverters have a widely recognized application for energy backup during emergencies in various areas like residential, commercial, and industrial.
The expansive demand for solar hybrid inverters in industrial, commercial, and utility-scale sectors is the major driver for the market. Anyone can install these Solar hybrid inverters without batteries. This is the biggest advantage for the customers and hence, they demand these inverters in large numbers. Also, they are safe, environment-friendly, and support sustainable development plans that have been implemented by the government for residential and commercial areas. However, maximum demand will pour in from the residential and building sectors. The outbreak of the coronavirus pandemic has urged people to stay back in their homes and electricity use has also, promoted market growth.
Flin Energy (India), Havells (India), Schneider Electric (France), Microtek Inverters (India), Delta Energy Systems (Germany), Pure Volt (India), Su-Kam power systems (India), Redback Technologies (Australia), Luminous (India), EAST Group (China), KACO new energy (Germany), Tabuchi Electric (US), SolarEdge Technologies (Israel), Voltronic Power Technology (Taiwan), and SolaX Power (China).
Major players are manufacturing solar hybrid inverters that are highly competitive and provide significant efficiency to the end-users. They focus on new product development as a key strategy in order to offer the suitable solar hybrid inverters. For instance, in August 2017, ABB entered into a contract to supply solar inverters for two solar photovoltaic power plants, Jordan. This contract has benefitted ABB in strengthening its market in the Middle East, thereby enhancing the local presence. Other major players are also involved in introducing innovative products.
Solar hybrid inverters apart from converting direct current to alternate current can also store excess power while working with batteries. These types of inverters solve the issues related to renewable energy variability and unreliable grid inverter structures. These inverters are also available in the range of hybrid solar inverter 48V. Hybrid inverter with solar battery charging and hybrid grid-tie inverter are some of the advanced inverters available worldwide.
The global Solar Hybrid Inverter Market has been segmented based on product and End User. By product, the global market is classified into single-phase hybrid solar inverter and three-phase hybrid solar inverter. The three-phase hybrid segment is set to dominate the global market owing to its application in residential as well as commercial areas. By End User, the market is segmented as commercial, residential, and others. The commercial segment is poised to grow with the highest CAGR during the forecast period as these kind of solar hybrid inverters are unique in its ability to control the performance of the PV panels in the wide range of applications within commercial applications.
The market is expected to witness high growth during the forecast period owing to increasing investments in solar power systems and growing government policies.
By region, the global solar hybrid inverter market is segmented as Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific holds the largest solar hybrid inverter market share as many key solar hybrid inverters manufacturers are expanding their operations in Asia-Pacific as Asia-Pacific is a potential market for solar hybrid inverters. For instance, in 2019, Sungrow, one of the leading inverter suppliers for the renewable sector is accelerating its foothold in South Korea and Vietnam.
The primary growth drivers of the global solar hybrid inverter market include rising investments in solar power systems and favorable government initiatives and policies. These policies are likely to boost the solar hybrid inverter industry as these policies will encourage the use of efficient solar devices including solar hybrid inverters. Moreover, a solar hybrid inverter is a solar hybrid UPS system with two inbuilt chargers such as grid chargers and solar chargers and provide instant power supply in case of grid power failure. Also, products such as Solaredge hybrid inverters and Infini inverters are aimed at providing energy outputs through maximum power point tracking, adding to the market growth.
The global solar hybrid inverter market is projected to grow at a high rate during the forecast period. Solar hybrid inverters are frequently used in developing countries, especially the countries where access to a reliable power grid is a major concern. Moreover, in countries such as India and South Africa, increasing installation of microgrid is also likely to positively impact the solar hybrid inverter market. Apart from developing countries, many developed countries of North America and Europe are also increasingly deploying solar hybrid inverters in the situation of weak grids. However, the high cost of solar inverters and high maintenance costs is one of the major restraints that could hinder the global solar hybrid inverter market. The growing demand for polycrystalline solar panels is expected to be an opportunity for global solar hybrid inverter market players.
|Market Size||2027: USD 13.46 Billion|
|CAGR||8.90% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Flin Energy (India), Havells (India), Schneider Electric (France), Microtek Inverters (India), Delta Energy Systems (Germany), Pure Volt (India), Su-Kam power systems (India), Redback Technologies (Australia), Luminous (India), EAST Group (China), KACO new energy (Germany), Tabuchi Electric (US), SolarEdge Technologies (Israel), Voltronic Power Technology (Taiwan), and SolaX Power (China)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||Rising investments in solar power systems Favorable government initiatives and policies|
The solar hybrid inverter market can thrive at 8.9% CAGR by 2030.
The solar hybrid inverter market can value at USD 13.46 billion by 2030.
SolarEdge Technologies (Israel), Tabuchi Electric (US), SolaX Power (China), and Voltronic Power Technology (Taiwan) some reputed companies in the solar hybrid inverter market.
In 2019, the worldwide market of solar hybrid valued at USD 7,633.4 Mn.
Solar hybrid inverters are used for settling residential and commercial thermal needs.