Solar Hybrid Inverter Market: Global Industry Analysis and Forecast (2023-2029)

Solar Hybrid Inverter Market was valued at US$ 6.65 Bn. in 2022. Global Solar Hybrid Inverter Market size is estimated to grow at a CAGR of 14.23% over the forecast period.
Solar Hybrid Inverter Market Overview:
A Solar Hybrid Inverter is also known as a multi-mode inverter, is an inverter that can manage inputs from solar panels, wind turbines, generators, and a battery bank at the same time. The solar hybrid inverter's primary function is to transform direct current (DC) power generated by the array into usable alternating current (AC). These inverters are utilized as solar backup storage and are simple to set up. Solar hybrid inverters can also be used in conjunction with batteries to store excess energy. They store energy in batteries and then use it to meet the need for energy stability. Solar hybrid inverters are commonly utilized for energy backup during emergencies in residential, commercial, and industrial settings.

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Solar Hybrid Inverter Market Dynamics:
Growing investments in solar power systems, along with favourable government initiatives and legislation, are the key growth drivers of the solar hybrid inverter market across the globe. These rules are expected to enhance the solar hybrid inverter business by encouraging the adoption of energy-efficient solar devices, such as solar hybrid inverters. A solar hybrid inverter, on the other hand, is a solar hybrid UPS system with two inbuilt chargers, such as grid chargers and solar chargers, which give instant power in the event of a grid power outage. In addition, products such as Solaredge hybrid inverters and Infini inverters are designed to provide energy outputs through maximum power point tracking, which is expected to contribute to market growth.

With the inverter industry growing in Europe's growing economies, the major manufacturers are now focusing their efforts on the Asia Pacific and the United States. Due to electricity shortages and the government's strong push for the national solar mission, inverter demand has increased in India. Some state governments and agencies are already moving through with plans to install solar inverters for more reliable backup power. Dealers are unable to meet demand due to the unpredictability of demand, which is a major boon for solar inverter manufacturers. With the National Solar Mission and a growing number of companies eyeing the market, the Indian PV market has been growing.

Companies have increased their production as a result of the government's impetus in the PV industry. For example, ABB, one of the key solar inverter manufacturers, has been able to grow market manufacturing and increase along with it. According to their global product manager, new manufacturing services have been established, allowing them to better serve Indian customers with faster delivery times. They can also provide more rapid support for changing project requirements.

Market growth is expected to be aided by government rules from several countries across the globe are encouraging the adoption of energy management systems (EMS). For example, the South African cabinet has established a goal of achieving net-zero greenhouse gas emissions by 2050. In the foreseeable term, increased investments in solar power systems are likely to drive market size.

Market participants have taken the necessary efforts to improve device accuracy and overall performance. For example, the latest INGECON SUN storage 1 play TLM hybrid inverter from Ingeteam, a developer of electric power conversion equipment, has launched in 2020. With a battery input and two additional PV panel inputs, the new product is extremely adaptable. Each PV input has its own maximum power point tracking mechanism. The solar hybrid inverter includes a versatile application that allows for easy setup and firmware updates through PC, tablet, or smartphone. In addition, the top market companies' storage systems are compatible with both lithium-ion and lead-acid batteries. These factors are expected to boost the market growth during the forecast period.

The solar inverter market is being driven by the growth of the industrial, commercial, and utility-scale sectors. Solar hybrid inverters may frequently be placed without batteries for future expansion; this is the most significant benefit, which is driving up demand across the globe. In addition, these inverters are safe, environmentally beneficial, and help the government's sustainable development objectives for residential and commercial regions. However, the market for solar hybrid inverters is constrained by the fact that they offer less design freedom than a modular solution with separate battery inverters. Furthermore, solar hybrid inverters are thought to be less efficient than solar-only or battery-only inverters, which are expected to hamper the market's growth throughout forecast period.
Solar Hybrid Inverter Market Segment Analysis:
Based on the Product, the Solar Hybrid Inverter Market is segmented into Single-phase hybrid and Three-phase hybrid. The Three-phase hybrid segment held the largest market share, accounting for 74% in 2022. Because of its use in both residential and commercial settings, the three-phase hybrid segment has dominated the global market. The voltage and frequency of the PCC, as well as balances, level loads, and harmonics suppression, are all controlled by a three-phase inverter. The three-phase inverter is pushed to operate at the required frequency to maintain a steady frequency, as a result growing adoption of three-phase hybrid inverters is boosting the market's growth for this segment.

Based on the End User, the Solar Hybrid Inverter Market is segmented into Residential, Commercial, and Others. The Commercial segment held the largest market share, accounting for 48% in 2022. These solar hybrid inverters are unique in their capacity to control the performance of PV panels, as a result, it is widely used in commercial applications, which are boosting the market growth for this segment.
Solar Hybrid Inverter Market Regional Insights:
The Asia Pacific region held the largest market share accounted for 38.2% in 2022. As a prospective market for solar hybrid inverters, many major solar hybrid inverter manufacturers are growing their operations in Asia-Pacific. Rising environmental concerns, increased energy demand, population growth, and rising living standards are all expected to help this region's sector growth. A solar panel is a very cost-effective way to meet consumers energy requirements. The solar inverter market is growing due to lower plant production and operation costs as a result of technology advancements in the APAC region's growing economies.

The objective of the report is to present a comprehensive analysis of the global Solar Hybrid Inverter Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Solar Hybrid Inverter Market dynamic, structure by analyzing the market segments and projecting the Solar Hybrid Inverter Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Solar Hybrid Inverter Market make the report investor’s guide.
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Solar Hybrid Inverter Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 6.65Bn.


Forecast Period 2023 to 2029 CAGR:
14.23%
Market Size in 2029:
US $ 16.90 Bn.


 Segments Covered:
by Product
Single-phase hybrid
Three-phase hybrid


by End User
Residential
Commercial
Others



Solar Hybrid Inverter Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Solar Hybrid Inverter Market, Key Players are
1. Flin Energy
2. Havells
3. Schneider Electric
4. Microtek Inverters
5. Delta Energy System
6. Pure Volt
7. Su- kam Power systems
8. Redback Technologies
9. Luminous
10. EAST Group
11. KACO new energy
12. Tabuchi Electric
13. SolarEdge Technologies
14. Voltronic Power Technology
15. SolaX Power
16. ABB Ltd.
17. Shanghai Sunvis New Energy

Frequently Asked Questions:

1] What segments are covered in the Global Solar Hybrid Inverter Market report?
Ans. The segments covered in the Solar Hybrid Inverter Market report are based on Product and End User.

2] Which region is expected to hold the highest share in the Global Solar Hybrid Inverter Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Solar Hybrid Inverter Market.

3] What is the market size of the Global Solar Hybrid Inverter Market by 2029?
Ans. The market size of the Solar Hybrid Inverter Market by 2029 is expected to reach US$ 16.92 Bn.

4] What is the forecast period for the Global Solar Hybrid Inverter Market?
Ans. The forecast period for the Solar Hybrid Inverter Market is 2023-2029.

5] What was the market size of the Global Solar Hybrid Inverter Market in 2022?
Ans. The market size of the  Market in 2022 was valued at US$ 6.65 Bn.