Solar Hybrid Inverter Market worth USD 15.72 billion by 2027, registering a CAGR of 11.45% - Report by Market Research Future (MRFR)
/EIN News/ -- New York, July 29, 2021 (GLOBE NEWSWIRE) -- Solar Hybrid Inverter Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Solar Hybrid Inverter Market Research Report, Product, End-User and Region - Forecast till 2027” the market size is projected to be worth USD 15.72 billion by 2027, registering a CAGR of 11.45% during the forecast period (2021 - 2027), The market was valued at USD 8.91 billion in 2020.
COVID-19 Analysis
The solar hybrid inverter market has been adversely impacted by the COVID-19 outbreak. China is the biggest market for solar energy generation, the slowdown in the economic growth of the country has impacted the overall generation and renewable energy investment globally. Besides, China is also a leader in solar photovoltaic installations and the production of solar hybrid inverters and PV panels. As per the Global Energy Data, this country contributes more than 35% of the global solar installation. The annual installation of the country was likely to reach around 30 GW by 2020. But COVID-19 impacted the solar installations in 2020. Besides, the US is mostly dependent on solar PV production from China. The outbreak starting in China has resulted in the shortage of supply in the US. Besides, two leading solar inverter manufacturers, Enphase and SolarEdge offering residential solar inverters in the US faced reduction in power demand and decline in growth rate in 2020. All these are impacting the market growth.
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Key Players
Eminent players profiled in the global solar hybrid inverter industry report include –
- Flin Energy (India)
- Schneider Electric (France)
- Havells (India)
- Delta Energy Systems (Germany)
- Microtek Inverters (India)
- 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)
- SolaX Power (China)
The global solar hybrid inverter market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
Industry Updates
Sungrow, a leading storage and inverter system manufacturer has announced a novel residential storage solution for the European market. This new solution has been designed for optimizing solar self-consumption.
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Solar Hybrid Inverter Market Drivers/Solar Hybrid Inverter Market Trends
Growing Call for Polycrystalline Solar Panels to Boost Market Growth
The growing call for polycrystalline solar panels will boost the market over the forecast period for worldwide players in the hybrid solar inverter industry. End users today have focused on traditional inverters for solar hybrid inverters as the latter are connected with batteries and can go into off-grid mode temporarily and start to power end applications.
Besides, rising concerns for eco-friendly measures, favorable government policies, and inclination towards investment in R&D projects are also adding market growth.
Solar Hybrid Inverter Market Opportunities
Stringent Government Regulations to offer Robust Opportunities
The stringent government regulations which promote the use of EMS (energy management systems) and inverters with solar PV panels will offer robust opportunities for the market over the forecast period. Besides, additional financial aids offered by the government for the deployment of alternative energy sources like solar panels will boost the global solar hybrid inverter market value.
Restraints and Challenges
High Cost to act as Market Restraint
The high cost of solar inverters coupled with high maintenance costs may impact the global solar hybrid inverter market share over the forecast period.
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Market Segmentation
By product, the three-phase segment will lead the market over the forecast period for its application in residential and commercial areas.
By end user, the commercial segment will dominate the market over the forecast period as these solar hybrid inverters are unique in their ability of controlling the performance of the PV panels in an array of applications within commercial application.
Regional Analysis
APAC to Precede Solar Hybrid Inverter Market
The APAC region will precede the market over the forecast period. Key solar hybrid inverters manufacturers expanding their operations, the increasing demand for renewable energy sources for the rising disposable income and growing population, increased investments for the deployment of industrial automation solutions, the emphasis on regulations which demand workforce safety and operational safety, electrification of the transportation sector, expansion of power generation capacities of plants, and reduction in the production and operational costs of power plants due to the advances in technologies in emerging economies are adding to the global solar hybrid inverter market share in the region. Besides, heavy demand for solar inverters, increasing investments in the construction sector, growing demand for solar power energy sources, increasing investments in solar power projects, ever-escalating demand for solar energy as a viable substitute to conventional energy sources, the impetus to reduce carbon emission by meeting the electricity needs of the region, and different favorable government initiatives such as incentives by the governments in India, China, Malaysia, and Thailand, and various favorable government initiatives such as energy-saving certificates are also adding market growth.
Segmentation of Market covered in the research:
Information by Product (Single-Phase Hybrid, Three-Phase Hybrid), End-User (Commercial, Residential and others) and Region (North America, Europe, Asia-Pacific and Rest of the World)
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