Three-phase hybrid is Expected to Dominate the Global 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 Solar Hybrid Inverter Market - By Country,
Competition, Forecast & Opportunities, 2028”. The Global Solar Hybrid Inverter is anticipated to
project robust growth in the forecast period with a CAGR of 11.02% 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 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 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.
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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.
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 Solar Hybrid
Inverter Market value.
Key
market players in the Global 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 Solar
Hybrid Inverter Market..” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management
consulting firm.
Solar Hybrid Inverter Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast Segmented By Type (Single-phase hybrid, Three-phase hybrid), By
End User (Residential, Commercial, Others), By Region, Competition 2018-2028 has
evaluated the future growth potential of Global 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 Solar
Hybrid Inverter Market.
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