Overview:
The global report on the solar hybrid inverter market includes a study that predicts valuation and CAGR. According to that, the market valuation could cross USD 13.46 Billion by 2027, with a CAGR of 8.90% during the forecast period. Market Research Future (MRFR) predicts that the market would benefit from factors like the rising concerns for eco-friendly measures, investments in research and development projects, favorable government policies, and others as major contributors to the market.
However, the high cost of solar inverters could hold back the growth for the solar hybrid inverter market.
Segmentation:
The global report on the solar hybrid inverter market includes a study of segments like the product and end user. Market players could gain insights from this segmentation and its analysis of factors and dynamics.
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By product, the study of the global solar hybrid inverter market includes single-phase hybrid solar inverter and three-phase hybrid solar inverter. The market will be dominated by the three-phase hybrid segment as its application in the residential sector is rising.
By end user, the understanding of the solar hybrid inverter market includes a study of residential, commercial, and others. The commercial segment has the chance of registering the highest CAGR during the forecast period for its use in controlling the PV panel for various applications, mostly in the commercial sector, which is widely acknowledged.
Regional Analysis:
Asia Pacific is slated to dominate the market as the region is expected to benefit from the presence of a high number of associated players. In India, the demand for such sources is growing. In Europe, the market will benefit from eco-friendly consumer behavior.
Competitive Landscape:
Havells (India), Schneider Electric (France), Flin Energy (India), Pure Volt (India), Microtek Inverters (India), Delta Energy Systems (Germany), Luminous (India), EAST Group (China), Su-Kam power systems (India), Redback Technologies (Australia), Tabuchi Electric (US), Voltronic Power Technology (Taiwan), SolarEdge Technologies (Israel), KACO new energy (Germany), and SolaX Power (China) are names associated with the solar hybrid inverter market. This market is getting backed by strategic moves implemented by these companies who engage themselves in the competition to secure their market position. MRFR analysts included the recent changes launched by these companies that span across strategic measures like merger, acquisition, innovation, branding, investment for research, and others.
Industry News:
In July 2020, Ginlong Solis Technologies declared the launching of its latest hybrid energy storage inverter for the EU markets. The three-phase Solis-HVES inverter is known for its highest conversion efficiencies on the market and its design facilitates maximizing of solar-plus-storage systems as its intelligent and fully integrated energy management system backs it properly. The design allows integration of convenient alongside a new PV system and it is also safe. This further allows control of the energy usage for the user and the device is compatible with world-class battery suppliers.
The global market for solar hybrid inverter may find the COVID-19 crisis as a market adversary. This is due to the halting of projects that requires the intake of solar hybrid inverters. Countries were forced to initiate lockdowns and impose strict measures. This also included procedures that witnessed a curtailing of financial support. However, the market may also find this as a bolstering factor as some scientists believe this crisis was spurred by global warming and sustainable prevention of such an outcome requires eco-friendly measures. This will open up avenues for the solar hybrid inverter market expansion.
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