Solar Hybrid Inverter Market Forecasts to 2028 – Global Analysis By Product (Single-Phase Hybrid, Three-Phase Hybrid), Application (Energy Generation, Solar Energy Storage) and By Geography

Solar Hybrid Inverter Market Forecasts to 2028 – Global Analysis By Product (Single-Phase Hybrid, Three-Phase Hybrid), Application (Energy Generation, Solar Energy Storage) and By GeographyAccording to Stratistics MRC, the Global Solar Hybrid Inverter Market is accounted for $10.76 billion in 2022 and is expected to reach $18.96 billion by 2028 growing at a CAGR of 9.9% during the forecast period. Solar Hybrid Inverter is a combination of inverter and solar charge regulator. These inverters are able to control the solar panel arrays for storing batteries and power grids, simultaneously. The major purpose of using solar hybrid inverter converts DC power generated from the array into usable AC power. A hybrid inverter is the blend of an on-grid and off-grid solar inverter. This inverter can control the solar panel arrays for storing batteries and power grids, simultaneously. These are more multipurpose but more exclusive than on-grid and off-grid inverters.

The Government of India set an ambitious target of achieving 175 GW of renewable energy capacity by 2022. Out of the 175 GW, 100 GW was earmarked for solar capacity with 40 GW (40%), which was predictable to be achieved through decentralized and rooftop-scale solar projects. To achieve this huge target, the government launched several new programs in 2019, like the solar rooftop phase-2, PM-KUSUM, and the development of ultra-mega renewable energy power parks (UMREPPs).

Market Dynamics:

Driver:

Rising demand for polycrystalline solar panels

The rising demand for polycrystalline solar panels will boost the market over the forecast period for global players in the market. End users have concentrated on traditional inverters for solar hybrid inverters as the latter are connected with batteries and can go into off-grid mode temporarily and start to power end applications. Besides, rising concerns for eco-friendly measures, favourable government policies, and inclination towards investment in R&D projects are also adding market growth.

Restraint:

High cost

The accumulation of a hybrid inverter plus batteries to current system is likely to procure a higher price than installing a grid-tied solution. If using regular power outages or want to use a battery for savings on utility bill, the extra expense may be a beneficial investment. Thus high cost is one the restraint factor hampering the market growth.

Opportunity:

Stringent government regulations

The stringent government regulations which encourage the use of EMS (energy management systems) and inverters with solar PV panels will offer robust opportunities for the market over the forecast period. Moreover, additional financial aids accessible by the government for the deployment of substitute energy sources like solar panels will boost the market value which in turn creates ample opportunities for the market growth.

Threat:

Short battery life

Most battery models have a lifespan of seven to fifteen years. This means have to get batteries now and then or keep one in stock for when the battery in use comes to the end of its term in the midst of a blackout. This is one of the factors threatening the market growth.

Impact of Covid- 19

Covid-19 pandemic has caused considerable effect on the momentum of growth of the market. The worldwide lockdowns have negatively impacted the sector to a certain extend. COVID-19 has caused major ructions across the energy sector and threatens to undermine efforts to accelerate clean energy transition. Wide-scale suspension of economic activity, supply chain disruption and employee health concerns have created supply and demand shocks across the energy sector.

The Three-Phase Hybrid segment is expected to be the largest during the forecast period

The Three-Phase Hybrid segment is expected to be the largest during the forecast period as three-phase hybrid segment is performing better than any other segment. The factors motivating the growth of this phase are the innovative power generation, equal distribution and transmission sector. A three-phase PV inverter converts the DC electricity to AC with an accuracy of 98.9%. This way, it confirms optimum operational energy and reduces energy waste to the minimum.

The Commercial segment is expected to have the highest CAGR during the forecast period

The Commercial segment is expected to have the highest CAGR during the forecast period as commercial segment made huge revenue and growing its prominence during the forecast period. Dependency on diesel adds huge operating cost in the yearly spending of commercial end users. These concern factors make huge opportunity for employing hybrid power solutions in commercial sector.

Region with highest share:

North America is projected to hold the highest market share during the forecast period. The factors behind the extreme growth of the market in this very province are higher use of the solar panel, government subsidizing the solar panel installation, and frequent price fall of solar panels are booming the market. The consciousness speeded around the use of alternative energy sources is also driving the sales of Solar Hybrid Inverter.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period. The growth of this factor can be attributed to the, heavy demand for solar inverters, growing investments in the construction sector, rising demand for solar power energy sources, increasing investments in solar power projects, ever-escalating demand for solar energy as a viable substitute to conventional energy sources, the motivation to decrease carbon emission by meeting the electricity needs of the province, and different encouraging government initiatives such as incentives by the governments in India, China, Malaysia, and Thailand, and several favourable government initiatives such as energy-saving certificates are also adding market growth.

Key players in the market

Some of the key players profiled in the Solar Hybrid Inverter Market include Tesla, Luminous India, Microtek Inverters, Schneider Electric, Su-Kam Power Systems, Delta Energy Systems, Sungrow Power Supply, Kaco New Energy, Pure Volt, Tabuchi Electric, Shanghai Sunvis New Energy, Voltronic Power Technology, Solax Power, SolarEdge Technologies, Redback Technologies, Growatt New Energy Technology, GoodWe (Jiangsu) Power Supply Technology, Lavancha Renewable Energy.

Key Developments:

In April 2022: Sungrow Power Supply announced that it supplied string inverters to a 20.7 MW rooftop PV plant for electric vehicle manufacturing base of XPENG. The XPENG factory is now powered by 30% of clean electricity.

In January 2021: Tesla announced the development of a proprietary solar inverter in 2021. Tesla solar inverters are available in 3.8 kW and 7.6 kW configurations, with two and four maximum power point trackers, respectively (MPPTs).

Products Covered:
• Single-Phase Hybrid
• Three-Phase Hybrid

Applications Covered:
• Energy Generation
• Solar Energy Storage

End Users Covered:
• Commercial
• Residential

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances