Solar Hybrid Inverter Market Overview
The global solar hybrid inverter industry size is predicted to reach USD 12,827.5 million by the end of 2025, from a predicted value of USD 7,632.1 million, with a CAGR of 9.82% in the foreseen period. The main expansion of the solar hybrid inverter market includes increased spending on solar power systems and beneficial government plans and initiatives. These policies are likely to develop the industry, as these plans and policies will increase the use of efficient solar devices as well as hybrid solar inverters. Also, a solar hybrid inverter is a hybrid solar system (UPS) with two built-in chargers called grid chargers and solar chargers and which provides fast power in the event of a grid power outage. The high cost and high maintenance of solar inverters are the main limitations that could hamper the expansion of the global hybrid solar inverter market. Hybrid solar inverters, in addition to converting direct current into alternating current, can also store excess energy while working with batteries. These types of inverters solve the problems associated with the variability of renewable energy and unreliable grid inverter structures. These inverters are also available in the 48V hybrid solar inverter range. Solar battery-charged hybrid inverters and grid-connected hybrid inverters are some of the advanced inverters available around the world. Hybrid means two different types of components that perform a similar function effectively.
The hybrid solar inverter provides a suitable and environmentally friendly power backup option. It is an energy storage system based on a deep cycle battery. It produces electricity in the same way as any other solar system connected to the grid. However, escalating competition among hybrid solar inverter manufacturers, strict environmental regulations, and government initiatives and related policies that support solar power generation have encouraged manufacturers to design a product that complies with government regulations throughout. the world. which leads to the expansion of this industry.
Recent Developments and Trends
Ingeteam is launching its latest hybrid inverter. This very versatile inverter has a battery input and two additional inputs for photovoltaic panels. Each photovoltaic input has its own system for monitoring the maximum power point, which makes it ideal to take advantage of the maximum energy in self-consuming photovoltaic installations on the roof, with the photovoltaic solar panels placed in two different orientations.
Solar Hybrid Inverter Market Drivers
The main drivers of expansion in the worldwide solar hybrid inverter industry include increased investment in solar power systems and supporting government policies and initiatives. Also, a solar hybrid inverter is a solar hybrid UPS system with two built-in chargers, such as grid chargers and solar chargers, and provides instant power supply in the event of grid power failure. Additionally, products such as Solaredge Hybrid Inverters and Infinity Inverters aim to provide power outputs through maximum power point tracking, contributing to industry expansion. The worldwide industry for hybrid solar inverters is predicted to grow at a high rate during the foreseen period. Hybrid solar inverters, in addition to converting direct current into alternating current, can also store excess energy while working in conjunction with batteries. This type of inverter solves the problems associated with the variability of renewables and unreliable grid structures. The growing call for polycrystalline solar panels will be one of the main trends gaining traction in this industry over the next four years. Due to the low cost and efficiency associated with the product, the next few years will see an increased preference for polycrystalline technology, especially in the residential sector, which in turn will drive the expansion of the hybrid solar inverter industry.
The high cost of solar inverters and high maintenance costs is one of the main limitations that could hamper the worldwide industry for solar hybrid inverters.
The growing call for polycrystalline solar panels is predicted to be an opportunity for worldwide players in the hybrid solar inverter industry. Today end users have focused on traditional inverters for solar hybrid inverters as the latter are connected to batteries and can simply go into off-grid mode temporarily and continue to power end applications. In addition, technological advancements, the growing awareness of major manufacturers to reduce the carbon footprint, incentives and subsidies provided by federal governments for the establishment of solar power plants around the world and the low cost of maintenance. they are predicted to contribute to the expansion of the solar hybrid inverter industry.
The high operating and maintenance costs of solar inverters are predicted to hold back industry expansion during the foreseen period.
Solar Hybrid Inverter Market Segmentation:
Single-Phase Hybrid Solar Inverter
Three-Phase Hybrid Solar Inverter
The three-phase hybrid segment is predicted to dominate the worldwide industry due to its application in residential and commercial areas.
By end user:
The commercial segment is poised to grow with the highest CAGR during the foreseen period, as this type of solar hybrid inverter is unique in its ability to control the performance of PV panels in a wide range of applications. in commercial applications.
Solar Hybrid Inverter Regional Analysis:
The Solar Hybrid Inverter Report includes the segmentation of Regions with their respective Countries.
North America Solar Hybrid Inverter Industry includes U.S, Canada.
Europe Solar Hybrid Inverter Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.
Asia Pacific Solar Hybrid Inverter Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.
Latin America Solar Hybrid Inverter Industry includes Brazil, Mexico, Argentina, Chile & Rest of LATAM.
Middle East & Africa Solar Hybrid Inverter Industry includes KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA.
Asia-Pacific has the largest hybrid solar inverter industry share, as many key hybrid solar inverter manufacturers expand to Asia-Pacific, as it is a potential industry for hybrid solar inverters. For example, in 2019, Sungrow, one of the leading providers of inverters for the renewable energy sector, is accelerating its deployment in South Korea and Vietnam. APAC occupied the largest share of the hybrid solar inverter industry in 2019. Factors such as escalating environmental concerns, rising energy call, population expansion and improving living standards will increase the industry expansion prospects. in this region. A solar panel can offer a very cost-effective solution for energy needs. The importance of regulations that require functional and occupational safety, an expansion of the power generation capacities of the plants and a decrease in the production and operation costs of the plants due to technological advances in the Developing economies of the APAC region are driving the expansion of the solar inverter industry in the Asia-Pacific regions. Asia-Pacific is predicted to dominate the industry, as the region should benefit from the presence of a large number of partner players. In India, the call for these sources is escalating. In Europe, the industry will benefit from consumer behavior that respects the environment.
The key players operating in the global Solar Hybrid Inverter Market are Flin Energy (India), Havells (India), Schneider Electric (France), Microtek Inverters (India), Delta Energy Systems (Germany), 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), and SolaX Power (China).