New York, US, May 17, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Solar Hybrid Inverter Market Information by Product, End-User, and Region - Forecast till 2030”, Solar Hybrid Inverter Market could thrive at a rate of 8.90% between 2022 and 2030. The market size will be reaching around USD 13,462.01 Million by the end of the year 2030
Solar Hybrid Inverter Market Overview
Solar Hybrid Inverter is a device that combines the functions of a solar inverter and a battery inverter, allowing users to utilize both solar energy and stored energy from batteries. The Solar Hybrid Inverter market has been experiencing significant growth due to the increasing adoption of renewable energy sources and government initiatives to promote their usage.
One of the main drivers of the Solar Hybrid Inverter market is the rising demand for clean energy solutions. The use of solar energy as an alternative to conventional sources of energy has gained popularity due to its environmental benefits, such as reducing carbon emissions and promoting sustainability. Solar Hybrid Inverters provide an effective solution for harnessing the power of solar energy and storing it for later use.
Market Competitive Landscape:
The affluent companies in the Solar Hybrid Inverter industry include
- Flin Energy
- Havells
- Schneider Electric
- Microtek Inverters
- Delta Energy Systems
- Pure Volt
- Su-Kam power systems
- Redback Technologies
- Luminous
- EAST Group
- KACO new energy
- Tabuchi Electric
- SolarEdge Technologies
- Voltronic Power Technology
- SolaX Power
- Among others.
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January 2020
Ingeteam initiated discussions on the release of its latest hybrid inverter, the INGECON SUN storage 1 play TLM. This inverter is equipped with a battery input and two PV inputs, and includes a maximum power point tracking system for each PV input, making it highly adaptable.
COVID 19 Analysis
The COVID-19 pandemic has impacted the solar hybrid inverter market in several ways. One of the major impacts is the disruption in the supply chain due to the closure of manufacturing plants and restrictions on international trade. The lockdown measures in various countries have led to the delay in project implementation and installation of solar hybrid inverters. The pandemic has also led to a decrease in demand for solar hybrid inverters due to the economic downturn and financial uncertainty faced by consumers and businesses.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2030: USD 13.46 Billion 2032: Significant Value |
| CAGR during 2023-2032 | 8.90% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, End-User |
| 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 |
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Market USP Covered:
Market Drivers:
One of the major drivers for the solar hybrid inverter market is the increasing demand for clean and sustainable energy sources. Governments across the world are promoting the use of renewable energy sources to reduce carbon emissions and combat climate change. Solar hybrid inverters are capable of integrating solar power with other energy sources, providing a continuous power supply to homes and businesses. This has led to the increased adoption of solar hybrid inverters, especially in residential and commercial buildings.
Market Restraints:
One of the major restraints for the solar hybrid inverter market is the high initial investment required for the installation of the system. The cost of the inverter and other components of the solar power system can be expensive, which can deter customers from adopting this technology. Additionally, the maintenance and repair costs of the system can also add up over time, making it a costly investment in the long run. This can be a major challenge for small and medium-sized enterprises that have limited financial resources.
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Market Segmentation
By Product
The product in the market includes Single-Phase Hybrid, Three-Phase Hybrid.
By End-User
By End-user the segment includes Commercial, Residential, and others
Regional Insights
The solar hybrid inverter market in North America is expected to witness significant growth due to the increasing adoption of solar energy and favorable government initiatives such as tax credits and incentives. The US is one of the major markets in the region due to the growing demand for residential solar systems and the presence of key players in the market.
In Europe, the solar hybrid inverter market is driven by the increasing focus on renewable energy sources and the growing demand for energy-efficient solutions. Germany, France, and the UK are the major markets in the region, with a high number of solar installations and favorable government regulations.
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The Asia Pacific solar hybrid inverter market is expected to witness significant growth due to the rising demand for energy and the increasing focus on sustainable energy solutions. China and India are the major markets in the region, with a high number of solar installations and government initiatives to promote solar energy adoption. Other countries such as Japan, Australia, and South Korea are also expected to contribute to the growth of the market in the region.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
