Solar Hybrid Inverter Market Size And Forecast
Solar Hybrid Inverter Market size is growing at a faster pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e., 2021 to 2028.
The main growth drivers of the Global Solar Hybrid Inverter Market include increasing investments in solar power systems and favorable government policies and initiatives. These policies are expected to boost the solar hybrid inverter industry as these policies will promote the adoption of efficient solar devices, including solar hybrid inverters. The Global Solar Hybrid Inverter Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Solar Hybrid Inverter Market Definition
A completely solar power solution for general lighting load is costly as far as the initial investment. Also, a regular battery backup inverter barely gets time to charge the battery from the mains due to frequent power failures. The solar hybrid inverter combines solar energy and mains utility to give an excellent solution by providing the best of both worlds. Besides converting direct current to alternate current, solar hybrid inverters can store excess power while working with batteries. This type of inverter solves the issues related to renewable energy variability and unreliable grid structures.
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The commercial segment accounted for a significant share of the Solar Hybrid Inverter Market. Uninterrupted supply, even during frequent and prolonged power failures. The Solar Hybrid Inverter comes with the choice of charging batteries by both solar and mains utility, with an automatic switch over from mains to the battery and from the battery to mains like a regular inverter. Factors such as strict government regulations that promote energy management systems and inverters with solar PV panels will encourage the growth of this market segment.
Global Solar Hybrid Inverter Market Overview
The Global Solar Hybrid Inverter Market is forecasted to grow at a high rate during the projection period. Solar hybrid inverters are often used in developing countries, especially where access to a stable power grid is a significant concern. The expansion of commercial, industrial, and utility-scale sectors is the primary driver of the solar inverter market. Today, end-users have focused on traditional inverters for solar hybrid inverters. The latter is connected with batteries and can go into off-grid mode temporarily and start to power end applications. Furthermore, a solar hybrid inverter is a hybrid UPS system with two built-in chargers such as grid and solar chargers.
It provides an instant power supply in case of grid power failure. Solar hybrid inverters can generally be installed without batteries for future expansion; this is the most significant advantage, boosting their global demand. Besides, these inverters are safe, and environment-friendly, increasing inclination towards investment in R&D projects and encouraging sustainable development policies implemented by the government for residential and commercial areas are also adding to market growth. However, the high price of solar inverters and high maintenance costs are significant restraints that could hinder the Global Solar Hybrid Inverter Market.
In addition, solar hybrid inverters have less design flexibility than modular solutions in which separate battery inverters have been used. Furthermore, solar hybrid inverters are considered less efficient than solar-only or battery-only inverters, which is expected to limit the growth of the global solar hybrid inverters market during the projection period. The stringent government regulations that promote energy management systems and inverters with solar PV panels will offer solid opportunities for the market over the projection period. Moreover, the additional financial support provided by the government for the deployment of alternative energy sources like solar panels will boost the Global Solar Hybrid Inverter Market value.
Global Solar Hybrid Inverter Market: Segmentation Analysis
The Global Solar Hybrid Inverter Market is segmented on the basis of Product, End User, and Geography.
Solar Hybrid Inverter Market, By Product
- Single-phase hybrid
- Three-phase hybrid
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Based on Product, the market is bifurcated into Single-phase hybrid and Three-phase hybrid. The Three-phase hybrid segment will dominate the global market due to its application in residential and commercial areas. A three-phase inverter controls PCC’s voltage and frequency, balances, level loads, and harmonics mitigation. To maintain a constant frequency, the three-phase inverter is forced to operate at the desired frequency.
Solar Hybrid Inverter Market, By End User
- Residential
- Commercial
- Others
Based on End User, the market is bifurcated into Residential, Commercial, and Others. The Commercial segment is likely to dominate the market with the highest CAGR during the forecast period as these kinds of solar hybrid inverters are unique in their ability to control the performance of the PV panels in a wide range of applications within commercial applications.
Solar Hybrid Inverter Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
On the basis of Geography, the Global Solar Hybrid Inverter Market is bifurcated into North America, Europe, Asia Pacific, and the Rest of the world. Asia-Pacific dominates the Global Solar Hybrid Inverter Market. Many key solar hybrid inverters manufacturing companies are expanding their operations in Asia-Pacific as it is a potential market for solar hybrid inverters.
Rising environmental concerns, rising energy calls, population expansion, and improving living standards will boost this region’s industry expansion prospects. A solar panel offers a very cost-effective solution for energy needs. The decline in the production and operation costs of the plants due to technological advances in the emerging economies of the APAC region is driving the development of the solar inverter industry. In the European region, the market will benefit from eco-friendly consumer behavior.
Key Players
The “Global Solar Hybrid Inverter Market” study report will provide valuable insight emphasizing the global market. The major players in the market are Havells, Schneider Electric, Microtek Inverters, Delta Energy Systems, Redback Technologies, Luminous, Tabuchi Electric, SolarEdge Technologies, Voltronic Power Technology, and SolaX Power. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the players mentioned above globally.
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