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Solar Hybrid Inverter Market: Innovation and Product Optimization to Boost Growth
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The solar hybrid inverter combines solar energy and mains utility to give an excellent solution by providing the best of both worlds. Besides converting direct current to alternate current, solar hybrid inverters can store excess power while working with batteries. This type of inverter solves the issues related to renewable energy variability and unreliable grid structure.
The expansion of industrial, commercial, and utility-scale sectors is the major driver of the solar inverter market. Solar hybrid inverters can usually be installed without batteries for future expansion; this is the biggest advantage, which boosts their demand, globally. In addition, these inverters are safe, environment-friendly, and support sustainable development plans implemented by the government for residential and commercial areas. However, the major restraint of solar hybrid inverter market is that they have less design flexibility than a modular solution in which separate battery inverters have been used. Moreover, solar hybrid inverters are considered less efficient than solar-only or battery-only inverters, which is anticipated to hamper the growth of the solar hybrid invertors market during the forecast period.
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Market players have taken necessary steps to improve accuracy of devices and overall functionality as well. Ingeteam, one of the manufacturers of electric power conversion systems, is finalizing the launch of its latest INGECON SUN storage 1 play TLM hybrid inverter in 2020. The new product's features are highly versatile with a battery input and two more inputs for PV panels. The maximum power point tracking system is built for each PV input.
The solar hybrid inverter has a versatile application of easy set up, and upgrades the inverter firmware via PC, table or smart phones. Moreover, the storage system made by the leading market players' is compatible with lithium-ion batteries and lead acid.
Key market players active in the industry are Flin Energy, Luminous Power Technologies, Microtek Inverters, Schneider Eevctric, Havells, Delta Energy Systems, Pure Volt, Redback Technologies, KACO New Energy, Su-kam Power Systems.
Key benefits of the report
• This study presents the analytical depiction of the global solar hybrid inverter industry along with the current trends and market estimation to determine the imminent investment pockets.
• The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the solar hybrid inverter market.
• The current market is quantitatively analyzed from 2022 to 2031 to highlight the market growth scenario.
• The report provides a detailed global market analysis depending on competitive and how the competition will take shape in coming years.
• This report helps users in comprehending the key product segments and their future.
Aspects Details
By Product
• Single-phase hybrid
• Three-phase hybrid
By Application
• Energy generation
• Solar energy storage
• Others
By End User
• Residential
• Commercial
• Industrial
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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