Press release
Hybrid Inverters Market to Witness a Pronounce Growth During 2018 to 2028
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The major features of hybrid inverters are generating pure sine waves, installed MPPT charging control, configurable input voltage range for different applications at home and offices, LCD interface configurable battery charging current, configurable AC and solar charging, highly compatible to main voltage and power, protection against short circuit, overload and over temperature, smart battery charger for optimized battery performance and to save energy—the hybrid inverters come in ‘power saving mode’.
The growing adoption of solar inverters is creating a huge demand for hybrid inverters. Hybrid inverters are the mix of grid-tied inverters and off-grid inverters. Generally, hybrid inverters are independent of the grid, but they synchronize with the grid in case of consumption of low solar energy. Hybrid inverters have huge adoption in rural areas due to the less availability of power supply. Hybrid inverter is a cost-effective and seamless solution compared to the other inverters. Most of the hybrid inverters can be installed without a battery. It provides an option to install battery in later circumstances. Several developments in hybrid inverters with reference to technology is the major factor expected to drive the growth of the global hybrid inverter market during the forecast period.
Hybrid Inverters Market: Drivers and Challenges
The governmental initiatives to increase the adoption of hybrid inverters are expected to drive the growth of the global hybrid inverters market during the forecast period. The investment tax credit (ITC) or federal solar tax credit enables to deduct 30% of the cost of installation of solar energy system from federal taxes. This applies to both commercial and residential system. Similarly, Germany in 2011 initiated the Renewable Energy Sources Act to encourage the citizens to use renewable energy generation utilities. All these factors are expected to have a significant impact on the growth for global hybrid inverters market.
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The technical factors restraining the growth of the global hybrid inverters market are less design flexibility when compared to other battery and PV inverters, less efficiency than the solar inverters. However, manufacturers are focusing on the improvement of the performance of hybrid inverters and are expected to overcome these challenges during the forecast period.
Hybrid Inverters Market: Segmentation
Segmentation Based on the Type of Application:
The hybrid inverter market is segmented based on the type of application i.e. commercial sector, residential sector, government sector and others.
Hybrid Inverter Market: Recent Developments
In July 2018, Schneider Electric, a leading player in energy management and automation successfully patented the new smart charge technology, i.e., Conext SW inverter. It initiates automatic battery charging and monitors excess power flow.
Key Players
Examples of some of the key players in the hybrid inverters market are Schneider Electric, Advanced Energy, ABB, Growatt New Energy Technology, Delta Energy Systems, Redback Technologies, TABUCHI ELECTRIC, SOLAX POWER, Lavancha Renewable Energy, and SolarEdge Technologies, among others.
Regional Overview
The hybrid inverters market is segmented into regions, namely North America, Latin America, Europe, CIS & Russia, Japan, APEJ and Middle East & Africa. The APEJ market is expected to hold a large share in the global market. The high adoption of solar technologies and initiatives from governments drive the demand for hybrid inverters in the region.
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The report covers exhaustive analysis on:
Hybrid Inverters Market Segments
Market Dynamics
Historical Actual Market Size, 2013 - 2017
Market Size & Forecast 2018 to 2028
Value Chain
Market Current Trends/Issues/Challenges
Competition & Companies involved
Market Drivers and Restraints
Regional analysis for hybrid inverters market includes development in the following regions:
North America Hybrid Inverters Market
U.S.
Canada
Latin America Hybrid Inverters Market
Brazil
Mexico
Argentina
Chile
Peru
Rest of LA
Europe Hybrid Inverters Market
EU – 4 (Germany, France, Italy, Spain)
U.K.
BENELUX (Belgium, Netherlands, Luxemburg)
NORDIC (Norway, Denmark, Iceland, Sweden)
Eastern Europe (Poland, Ukraine, Czech Rep., etc.)
Rest of Europe
CIS & Russia Hybrid Inverters Market
Japan Hybrid Inverters Market
APEJ Hybrid Inverters Market
Greater China
India
Korea
ASEAN Countries
Rest of APEJ
Middle East & Africa Hybrid Inverters Market
GCC Countries
Turkey
Iran
Israel
South Africa
Rest of MEA
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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