Allied Market Research

2024

Solar Hybrid Inverter Market

Solar Hybrid Inverter Market Size, Share, Competitive Landscape and Trend Analysis Report by Product, by Application and by End User : Global Opportunity Analysis and Industry Forecast, 2023-2032

EP : Equipment and Devices

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Author's: | Eswara Prasad
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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.

COVID-19 impact analysis

  • The suspension in various activities for commercial areas leads to less usage of electricity, thus declining the demand for solar hybrid inverter.
  • In addition, insufficiency in raw material supply hampers the production rate of solar hybrid inverters, thus affecting the market growth. 
  • However, residential and building sectors are expected to witness more demand for power, as large percentage of population is residing in their houses due to social distancing norms and extended lockdown. This can improve the market growth for solar hybrid gradually.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

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.

The global solar hybrid inverter trends are as follows:    

New product launches to flourish the market

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 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 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.

Solar Hybrid Inverter Market Report Highlights

Aspects Details
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By Product
  • Single-phase hybrid
  • Three-phase hybrid
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By Application
  • Energy generation
  • Solar energy storage
  • Others
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By End User
  • Residential
  • Commercial
  • Industrial
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By Region
  • North America  (US, Canada)
  • Europe  (Germany, UK, France, rest of Europe)
  • Asia-Pacific  (China, Japan, India, rest of Asia-Pacific)
  • Latin America  (Brazil, Mexico, rest of LATAM)
  • the Middle East 
  • Africa 
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Key Market Players

Pure Volt, Su-kam Power Systems, Havells, Luminous Power Technologies, Delta Energy Systems, Microtek Inverters, KACO New Energy, Redback Technologies, Flin Energy, Schneider Eevctric

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Solar Hybrid Inverter Market

Global Opportunity Analysis and Industry Forecast, 2023-2032