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Solar Hybrid Inverter Market is Projected to Witness 9.04% CAGR by 2025 | Leading Players like Havells, Schneider Electric, KACO new energy, Microtek Inverters, Pure Volt, Su-kam power systems, Redback Technologies, Tabuchi Electric, Luminous, Delta Energ

07-31-2020 08:28 AM CET | Energy & Environment

Press release from: Market Research Future

Solar Hybrid Inverter Market

Solar Hybrid Inverter Market

Solar Hybrid Inverter Market Scenario:

Solar hybrid inverter provides a suitable and eco-friendly power backup option. Solar hybrid inverter is a deep cycle battery-based power storage system. It generates power in the same way as any other grid-tied solar system. Therefore, the global solar hybrid inverter Market is expected to be valued at USD 12,829.0 Million by 2025 at a projected CAGR of 9.04% over the forecast period.

However, the growing competition amongst solar hybrid inverter manufacturers, stringent environment regulations, and government initiatives & related policies supporting solar energy generation have encouraged the manufacturers to design a product adhering to the government regulations across the globe, which leads to the growth of this market.

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Nowadays, the focus of End Users has been shifting from traditional inverters to solar hybrid inverters as the latter are connected to batteries and can simply switch to an off-grid mode temporarily and continue to power end-use applications. Furthermore, technological advancements, growing awareness from the key manufacturers in reducing the carbon footprints, incentives and subsidies provided by federal governments for setting up solar power plants globally, and the low maintenance cost are expected to add to the growth of the solar hybrid inverter market.

Leading Players:

The key players of the global Solar Hybrid Inverter Market are Flin Energy (India), Havells (India), Schneider Electric (France), KACO new energy (Germany), Microtek Inverters (India), Pure Volt (India), Su-kam power systems (India), Redback Technologies (Australia), Tabuchi Electric (US), Luminous (India), Delta Energy systems (Germany), EAST Group (China), SolarEdge Technologies (Israel), Voltronic Power Technology (Taiwan), and SolaX Power (China).

Solar Hybrid Inverter Market Segmentation:

The global Solar Hybrid Inverter Market has been segmented based on product and End User.

By product, the global market is classified into single-phase hybrid solar inverter and three-phase hybrid solar inverter. The three-phase hybrid segment is set to dominate the global market owing to its application in residential as well as commercial areas.

By End User, the market is segmented as commercial, residential, and others. The commercial segment is poised to grow with the highest CAGR during the forecast period as these kind of solar hybrid inverters are unique in its ability to control the performance of the PV panels in the wide range of applications within commercial applications.

Regional Anlaysis:

Based on region, the global market for the solar hybrid inverter is classified into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Asia-Pacific is one of the largest markets for solar hybrid inverter across the globe. The increasing demand for renewable energy sources due to the growing population and rising disposable income are set to drive the solar hybrid inverter market growth.

North America is estimated to witness the highest growth in solar hybrid inverter market during forecast period owing to growing demand for environment-friendly solar devices in the region. The growth is attributed to the rise in demand for inverters which could convert direct current solar power into alternating current efficiently and cost-effectively.

The market in Europe is growing due to stringent environment norms and the growing transition towards solar energy. In Europe, Germany is the largest and fastest growing market in solar hybrid inverter Market, whereas the UK, France, Italy, Spain, Sweden, and the Netherlands are the other major countries that contribute in the growth of this market.

In the Middle East & Africa market, Saudi Arabia is the largest market for solar hybrid inverter. Iran and South and East Africa growing at high rates have a major contribution in the growth of solar hybrid inverter market due to the increasing penetration of solar photovoltaic technology across these countries. In South America, Brazil is the largest and fastest growing country, playing an important role in this market.

In South America market, Brazil is the largest market for solar hybrid inverter. In South America, Brazil is the largest and fastest growing country, playing an important role in this market.

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