Solar Hybrid Inverter Market

Global Solar Hybrid Inverter Market Size (2024-2032):

The Global Solar Hybrid Inverter Market size is estimated at USD 8.50 billion in 2023 to reach a valuation of USD 21.39 billion by 2032 from USD 9.42 billion in 2024 and registering with a CAGR of 10.80% during the forecast period 2024-2032.

Current Scenario of the Global Hybrid Inverter Market

The main expansion of the solar hybrid inverter market includes increased spending on solar power systems and beneficial government plans and initiatives. These policies are likely to develop the industry, as these plans and policies will increase the use of efficient solar devices as well as hybrid solar inverters. Also, a solar hybrid inverter is a hybrid solar system (UPS) with two built-in chargers called grid chargers and solar chargers which provide fast power in the event of a grid power outage. The high cost and high maintenance of solar inverters are the main limitations that could hamper the expansion of the global hybrid solar inverter market. Hybrid solar inverters, in addition to converting direct current into alternating current, can also store excess energy while working with batteries. These types of inverters solve the problems associated with the variability of renewable energy and unreliable grid inverter structures. These inverters are also available in the 48V hybrid solar inverter range. Solar battery-charged hybrid inverters and grid-connected hybrid inverters are some of the advanced inverters available around the world. Hybrid means two different types of components that perform a similar function effectively.

MARKET DRIVERS

The main drivers of expansion in the worldwide solar hybrid inverter industry include increased investment in solar power systems and supporting government policies and initiatives.

Also, a solar hybrid inverter is a solar hybrid UPS system with two built-in chargers, such as grid chargers and solar chargers, and provides an instant power supply in the event of grid power failure. Additionally, products such as Solaredge Hybrid Inverters and Infinity Inverters aim to provide power outputs through maximum power point tracking, contributing to industry expansion. The worldwide industry for hybrid solar inverters is predicted to grow at a high rate during the foreseen period. Hybrid solar inverters, in addition to converting direct current into alternating current, can also store excess energy while working in conjunction with batteries. This type of inverter solves the problems associated with the variability of renewables and unreliable grid structures. The growing call for polycrystalline solar panels will be one of the main trends gaining traction in this industry over the next four years. Due to the low cost and efficiency associated with the product, the next few years will see an increased preference for polycrystalline technology, especially in the residential sector, which in turn will drive the expansion of the hybrid solar inverter industry.

MARKET RESTRAINTS

One of the main limitations that could hamper the worldwide industry of solar hybrid inverters is the high cost of solar inverters and their high maintenance costs.

MARKET OPPORTUNITIES

The growing call for polycrystalline solar panels is predicted to be an opportunity for worldwide players in the hybrid solar inverter industry.

Today end users have focused on traditional inverters for solar hybrid inverters as the latter is connected to batteries and can simply go into off-grid mode temporarily and continue to power end applications. In addition, technological advancements, the growing awareness of major manufacturers to reduce the carbon footprint, incentives and subsidies provided by federal governments for the establishment of solar power plants around the world, and the low cost of maintenance. they are predicted to contribute to the expansion of the solar hybrid inverter industry.

MARKET CHALLENGES

The high operating and maintenance costs of solar inverters are predicted to hold back industry expansion during the foreseen period. 

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Solar Hybrid Inverter Market Analysis By Product

The three-phase hybrid segment is predicted to dominate the worldwide industry due to its application in residential and commercial areas.

Global Solar Hybrid Inverter Market Analysis By End User

The commercial segment is poised to grow with the highest CAGR during the foreseen period, as this type of solar hybrid inverter is unique in its ability to control the performance of PV panels in a wide range of applications. in commercial applications.

REGIONAL ANALYSIS

Asia-Pacific has the largest hybrid solar inverter industry share, as many key hybrid solar inverter manufacturers expand to Asia-Pacific, as it is a potential industry for hybrid solar inverters.

For example, in 2023, Sungrow, one of the leading providers of inverters for the renewable energy sector, is accelerating its deployment in South Korea and Vietnam. APAC occupied the largest share of the hybrid solar inverter industry in 2023. Factors such as escalating environmental concerns, rising energy call, population expansion, and improving living standards will increase the industry expansion prospects. in this region. A solar panel can offer a very cost-effective solution for energy needs.

The importance of regulations that require functional and occupational safety, expansion of the power generation capacities of the plants, and a decrease in the production and operation costs of the plants due to technological advances in the Developing economies of the APAC region are driving the expansion of the solar inverter industry in the Asia-Pacific regions. Asia-Pacific is predicted to dominate the industry, as the region should benefit from the presence of a large number of partner players. In India, the call for these sources is escalating. In Europe, the industry will benefit from consumer behaviour that respects the environment.

KEY PLAYERS IN THE GLOBAL SOLAR HYBRID INVERTER MARKET

Companies playing a prominent role in the global solar hybrid inverter market include Flin Energy (India), Havells (India), Schneider Electric (France), Microtek Inverters (India), Delta Energy Systems (Germany), Pure Volt (India), Su-Kam Power Systems (India), Redback Technologies (Australia), Luminous (India), EAST Group (China), KACO new energy (Germany), Tabuchi Electric (US), SolarEdge Technologies (Israel), Voltronic Power Technology (Taiwan), and SolaX Power (China) and Others.

RECENT HAPPENINGS IN THE GLOBAL SOLAR HYBRID INVERTER MARKET

• Ingeteam is launching its latest hybrid inverter. This very versatile inverter has a battery input and two additional inputs for photovoltaic panels. Each photovoltaic input has its own system for monitoring the maximum power point, which makes it ideal to take advantage of the maximum energy in self-consuming photovoltaic installations on the roof, with the photovoltaic solar panels placed in two different orientations.

DETAILED SEGMENTATION OF THE GLOBAL SOLAR HYBRID INVERTER MARKET INCLUDED IN THIS REPORT

This research report on the global solar hybrid inverter market has been segmented and sub-segmented based on product, end user, and region.

By Product

• Single-Phase Hybrid Solar Inverter
• Three-Phase Hybrid Solar Inverter

By End User

• Commercial
• Residential

• Others

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa