Three-phase hybrid is Expected to Dominate the Global Residential Solar Hybrid Inverter Market
The
world is increasingly turning to renewable energy sources to reduce its
reliance on fossil fuels and address climate change. Solar energy is one of the
most popular renewable energy sources, and solar hybrid inverters make it
possible to store excess solar energy for use later.
According
to TechSci Research report, “Global Residential Solar Hybrid Inverter Market
- By Country, Competition, Forecast & Opportunities, 2028”. The Global Residential Solar
Hybrid Inverter is anticipated to project robust growth in the forecast period
with a CAGR of 6.5 % through 2028. A
solar hybrid inverter, also called as a multi-mode inverter, is an inverter
that can simultaneously manage inputs from solar panels, wind turbines,
generators, and a battery bank. The major purpose of the Residential Solar
Hybrid Inverter is to convert direct current power generated from the array
into the usable alternating current. Solar hybrid inverters can work with
batteries to store excess power as well. They store power in batteries and
subsequently draw upon the needed requirement of energy stabilization. In
residential, commercial, and industrial areas, solar hybrid inverters are
widely used for energy back-up during emergencies. The Global Residential 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 Residential Solar Hybrid Inverter is a hybrid UPS
system with two built-in chargers such as grid and solar chargers.
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On
the basis of Geography, the Global Residential Solar Hybrid Inverter Market is
bifurcated into North America, Europe, Asia Pacific, and the Rest of the world.
Asia-Pacific dominates the Global Residential 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.
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.
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 Residential Solar Hybrid Inverter Market value.
Key
market players in the Global Residential Solar Hybrid Inverter Market are
following:-
- Havells
- Schneider
Electric
- Microtek
Inverters
- Delta
Energy Systems
- Redback
Technologies
- Luminous
- Tabuchi
Electric
- SolarEdge
Technologies
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“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 Residential
Solar Hybrid Inverter Market..” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
Residential Solar Hybrid Inverter Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Type (Single-phase hybrid, Three-phase hybrid), By
Application (Energy generation, Solar energy storage, Others), By Region,
Competition 2018-2028 has
evaluated the future growth potential of Global Residential Solar Hybrid
Inverter Market and provides statistics and information on market structure,
size, share, and future growth. The report is intended to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Residential
Solar Hybrid Inverter Market.
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