Solar Hybrid Inverter Market Overview
Solar Hybrid Inverter Market is projected to be worth USD 13.46 billion by 2027, registering a CAGR of 8.90% during the forecast period. The market was valued at USD 8.91 billion in 2020.
An inverter that can simultaneously control inputs from photovoltaic panels, wind turbines, generators, and a battery bank is referred to as 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) power into usable alternating current (AC).
These inexpensive, easily-installable inverters are used as energy backup storage. Batteries and solar hybrid inverters can both be used to store energy. They utilize the energy they store in batteries to provide the stability that is required. Solar hybrid inverters are frequently installed in residential, commercial, and industrial settings as an energy reserve during emergencies.
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CAGR
8.90% CAGR (2022-2030)
Base Year
2021
Forecast Period
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)
The COVID-19 pandemic has had a negative influence on the market for solar hybrid inverters. The slowdown in its economic expansion has influenced both worldwide production and investment in renewable energy sources. In addition, China is a world leader in the field of photovoltaic installations, solar hybrid inverter manufacturing, and PV panel manufacturing. This nation contributes more than 35% of the world's photovoltaic installation, according to Global Energy Data.
Market Segmentation
- By Product
The Solar Hybrid Inverter Market is divided into Single-phase hybrid and Three-phase hybrid based on the Product. In 2020, the three-phase hybrid market category accounted for 74% of the total market. The three-phase hybrid category has dominated the global market because of its use in both residential and commercial settings. A three-phase inverter is used to regulate the PCC's voltage and frequency as well as balances, level loads, and harmonic suppression.
- By End-User
The Solar Hybrid Inverter Market is divided into three categories based on the end user: residential, industrial, and others. In 2020, the Commercial category accounted for 48 percent of the market, holding the greatest share. Due to their unique ability to regulate the performance of PV panels, these solar hybrid inverters are frequently employed in commercial applications. This is fostering the growth of this market segment.
Regional Classification
In 2020, 38.2 percent of the market was accounted for by the Asia Pacific region. Many significant solar hybrid inverter manufacturers are expanding their business in Asia-Pacific as a potential market for these inverters. The expansion of this industry is anticipated to be aided by a growing population, rising living standards, increased energy demand, and growing environmental concerns.
A solar panel is a highly affordable way to satisfy consumers' energy needs. Due to decreasing plant production and operation costs brought on by technological improvements and the expanding economies of the APAC region, the market for PVverters is expanding.
The report's goal is to give industry participants a thorough insight into the global market for solar hybrid inverters. In the research, complex data is analyzed in simple terms, together with the historical and current state of the industry and projected market size and trends. The analysis examines key players, including market leaders, followers, and new entrants in detail and covers all areas of the industry.
Industry News
In the European market, Sungrow, a leading manufacturer of storage and inverter systems, has announced a brand-new residential storage solution. It is designed to optimize solar self-consumption.
Competitive Landscape:
Havells (India), Schneider Electric (France), Flin Energy (India), Pure Volt (India), Microtek Inverters (India), Delta Energy Systems (Germany), Luminous (India), EAST Group (China), Su-Kam power systems (India), Redback Technologies (Australia), Tabuchi Electric (US), Voltronic Power Technology (Taiwan), SolarEdge Technologies (Israel), KACO new energy (Germany), and SolaX Power (China) are names associated with the solar hybrid inverter market. This market is getting backed by strategic moves implemented by these companies who engage themselves in the competition to secure their market position. MRFR analysts included the recent changes launched by these companies that span across strategic measures like merger, acquisition, innovation, branding, investment for research, and others.
