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Solar Hybrid Inverter Market by End-user and Geography - Forecast and Analysis 2021-2025

  • Published: Mar 2021
  • Pages: 116
  • SKU: IRTNTR70424
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The solar hybrid inverter market share is expected to increase by USD 76.44 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 10%.

This solar hybrid inverter market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers solar hybrid inverter market segmentations by end-user (commercial and residential) and geography (APAC, Europe, North America, MEA, and South America). The solar hybrid inverter market report also offers information on several market vendors, including ABB Ltd., Delta Electronics Inc., Flin Technologies Pvt. Ltd., Growatt New Energy Technology Co. Ltd., KACO new energy, Microtek International Pvt. Ltd., Schneider Electric SE, SolarEdge Technologies Inc., Su-Kam Power Systems Ltd., and Tabuchi Electric Co. Ltd. among others.

What will the Solar Hybrid Inverter Market Size be During the Forecast Period?

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Solar Hybrid Inverter Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The rise in solar energy installations is notably driving the solar hybrid inverter market growth, although factors such as technical problems associated with solar PV components and intermittent nature of solar energy may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the solar hybrid inverter industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Solar Hybrid Inverter Market Driver

One of the key factors driving the solar hybrid inverter market growth is the rise in solar energy installations. In recent years, the solar energy industry has gained momentum and has grown dramatically. This owes to the initiatives that have been undertaken by the governments globally in order to encourage renewable resources. Most of the industrialized nations have integrated significant numbers of solar power installations into their electrical grids as an alternative to conventional energy sources. On the other hand, developing economies are using solar energy to reduce their dependence on expensive fossil fuel-based power generation. Solar power plants use two technologies that include PV systems and concentrated solar power. The growing awareness about the benefits of solar energy is leading to a rise in the number of solar projects worldwide. The use of solar hybrid inverters can optimize solar energy output and ensure a high rate of return for investors. Moreover, the rise in the cost of fossil fuels is making solar power a more economical alternative. The rise in solar energy installations is expected to propel the demand for solar hybrid inverter systems during the forecast period.

Key Solar Hybrid Inverter Market Trend

Another key factor driving the solar hybrid inverter market growth is the growing demand for polycrystalline solar panels. Monocrystalline, polycrystalline, and amorphous thin film are the three types of film materials used in solar panels. Monocrystalline was earlier the most preferred; however, polycrystalline technology has gained momentum over the years, especially in the residential sector. Polycrystalline solar panels are simple, efficient, and cost less than the other two popular types of solar panels. Monocrystalline is oldest and the most developed technology. This technology is created from a single continuous crystalline structure. Polycrystalline or multi-crystalline films have been recently introduced in the solar industry and slightly differ in the manufacturing process of monocrystalline panels. Amorphous thin film is the way amorphous film operates is different from crystalline panels. This technology is, however, expected to evolve during the forecast period. The low cost of polycrystalline panels and fewer disadvantages associated with the product will propel the growth of the solar hybrid inverters market during the forecast period.

Key Solar Hybrid Inverter Market Challenge

Intermittent nature of solar energy is one of the key challenges hindering the solar hybrid inverter market growth. With solar power prices coming down, PV adoption has gained traction, leading to a high number of installations over the years. However, the intermittent nature of solar power is a key issue. Power output from solar PVs depends on factors such as the efficiency of the panel, solar irradiation, and the degree of shade, which varies over the duration of the day and in overcast conditions. The intermittent nature of solar energy affects the power systems. Thus, having a power system totally reliant on solar power is not a viable option. During the time of the day when the solar plant is not at its peak production, a secondary power system such as a battery, wind power, hybrid generator, or grid power is needed to meet the power needs. Solar PVs convert about 12%-16% of the sunlight that falls on the panels into electrical power. The most efficient PVs are manufactured using monocrystalline silicon. Companies such as SunPower are focusing on enhancing the efficiency of solar panels.

This solar hybrid inverter market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global solar hybrid inverter market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the solar hybrid inverter market during the forecast period.

Who are the Major Solar Hybrid Inverter Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • ABB Ltd.
  • Delta Electronics Inc.
  • Flin Technologies Pvt. Ltd.
  • Growatt New Energy Technology Co. Ltd.
  • KACO new energy
  • Microtek International Pvt. Ltd.
  • Schneider Electric SE
  • SolarEdge Technologies Inc.
  • Su-Kam Power Systems Ltd.
  • Tabuchi Electric Co. Ltd.

 

This statistical study of the solar hybrid inverter market encompasses successful business strategies deployed by the key vendors. The solar hybrid inverter market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.

Product Insights and News

  • ABB Ltd.- The company offers single phase hybrid inverters and high voltage solar inverters.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The solar hybrid inverter market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Solar Hybrid Inverter Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the solar hybrid inverter market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Solar Hybrid Inverter Market?

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47% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for solar hybrid inverter in APAC. Market growth in this region will be faster than the growth of the market in South America regions.

Increasing environmental concerns, rising demand for energy, growing population, and improving the standard of living will facilitate the solar hybrid inverter market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the COVID-19 outbreak affected various industries, including renewable energy. Owing to lockdowns in various countries such as India, China, South Korea, and Japan in Q2 of 2020, up to 150 gigawatts (GW) of wind, solar, and fuel cell power projects across APAC could be postponed or canceled in the next five years. Owing to the delay in the completion of solar power projects, the demand for solar hybrid inverters also declined. However, the resumption of manufacturing activities after the lifting of nationwide lockdowns in Q4 of 2020 and the decreasing demand for UPS and general inverters may accelerate the growth of the solar hybrid inverter market in the region during the forecast period.

What are the Revenue-generating End-user Segments in the Solar Hybrid Inverter Market?

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The solar hybrid inverter market share growth by the commercial will be significant during the forecast period. The end-users in the commercial sector require energy storage devices to maximize their solar generation capacities and mitigate monetary losses due to high electricity rates during peak demand. The commercial buildings include office buildings, warehouses, restaurants, and retail stores (i.e., convenience stores, big box stores, and shopping malls). The growth in the adoption of solar energy products in the commercial sector is expected to accelerate the global solar hybrid inverters market over the forecast period.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the solar hybrid inverter market size and actionable market insights on post COVID-19 impact on each segment.

 

Solar Hybrid Inverter Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 10%

Market growth 2021-2025

$ 76.44 million

Market structure

Fragmented

YoY growth (%)

8.00

Regional analysis

APAC, Europe, North America, MEA, and South America

Performing market contribution

APAC at 47%

Key consumer countries

China, India, Germany, US, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

ABB Ltd., Delta Electronics Inc., Flin Technologies Pvt. Ltd., Growatt New Energy Technology Co. Ltd., KACO new energy, Microtek International Pvt. Ltd., Schneider Electric SE, SolarEdge Technologies Inc., Su-Kam Power Systems Ltd., and Tabuchi Electric Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Solar Hybrid Inverter Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive solar hybrid inverter market growth during the next five years
  • Precise estimation of the solar hybrid inverter market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the solar hybrid inverter industry across APAC, Europe, North America, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of solar hybrid inverter market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Renewable electricity

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five Forces Summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 15: End user - Market share 2020-2025 (%)
    • 5.2 Comparison by End user
      • Exhibit 16: Comparison by End user
    • 5.3 Commercial - Market size and forecast 2020-2025
      • Exhibit 17: Commercial - Market size and forecast 2020-2025 ($ million)
      • Exhibit 18: Commercial - Year-over-year growth 2020-2025 (%)
    • 5.4 Residential - Market size and forecast 2020-2025
      • Exhibit 19: Residential - Market size and forecast 2020-2025 ($ million)
      • Exhibit 20: Residential - Year-over-year growth 2020-2025 (%)
    • 5.5 Market opportunity by End user
      • Exhibit 21: Market opportunity by End user

    6 Customer landscape

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 23: Market share by geography 2020-2025 (%)
    • 7.2 Geographic comparison
      • Exhibit 24: Geographic comparison
    • 7.3 APAC - Market size and forecast 2020-2025
      • Exhibit 25: APAC - Market size and forecast 2020-2025 ($ million)
      • Exhibit 26: APAC - Year-over-year growth 2020-2025 (%)
    • 7.4 Europe - Market size and forecast 2020-2025
      • Exhibit 27: Europe - Market size and forecast 2020-2025 ($ million)
      • Exhibit 28: Europe - Year-over-year growth 2020-2025 (%)
    • 7.5 North America - Market size and forecast 2020-2025
      • Exhibit 29: North America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 30: North America - Year-over-year growth 2020-2025 (%)
    • 7.6 MEA - Market size and forecast 2020-2025
      • Exhibit 31: MEA - Market size and forecast 2020-2025 ($ million)
      • Exhibit 32: MEA - Year-over-year growth 2020-2025 (%)
    • 7.7 South America - Market size and forecast 2020-2025
      • Exhibit 33: South America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 34: South America - Year-over-year growth 2020-2025 (%)
    • 7.8 Key leading countries
      • Exhibit 35: Key leading countries
    • 7.9 Market opportunity by geography
      • Exhibit 36: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • Exhibit 37: Impact of drivers and challenges
      • 8.3 Market trends

        9 Vendor Landscape

        • 9.1 Vendor landscape
          • Exhibit 38: Vendor landscape
        • 9.2 Landscape disruption
          • Exhibit 39: Landscape disruption
          • Exhibit 40: Industry risks
        • 9.3 Competitive Scenario

          10 Vendor Analysis

          • 10.1 Vendors covered
            • Exhibit 41: Vendors covered
          • 10.2 Market positioning of vendors
            • Exhibit 42: Market positioning of vendors
          • 10.3 ABB Ltd.
            • Exhibit 43: ABB Ltd. - Overview
            • Exhibit 44: ABB Ltd. - Business segments
            • Exhibit 45: ABB Ltd. - Key news
            • Exhibit 46: ABB Ltd. - Key offerings
            • Exhibit 47: ABB Ltd. - Segment focus
          • 10.4 Delta Electronics Inc.
            • 10.5 Flin Technologies Pvt. Ltd.
              • Exhibit 51: Flin Technologies Pvt. Ltd. - Overview
              • Exhibit 52: Flin Technologies Pvt. Ltd. - Key offerings
            • 10.6 Growatt New Energy Technology Co. Ltd.
              • Exhibit 53: Growatt New Energy Technology Co. Ltd. - Overview
              • Exhibit 54: Growatt New Energy Technology Co. Ltd. - Key offerings
            • 10.7 KACO new energy
              • Exhibit 55: KACO new energy - Overview
              • Exhibit 56: KACO new energy GmbH - Key news
              • Exhibit 57: KACO new energy - Key offerings
            • 10.8 Microtek International Pvt. Ltd.
              • Exhibit 58: Microtek International Pvt. Ltd. - Overview
              • Exhibit 59: Microtek International Pvt. Ltd. - Product and service
              • Exhibit 60: Microtek International Pvt. Ltd. - Key offerings
            • 10.9 Schneider Electric SE
              • Exhibit 61: Schneider Electric SE - Overview
              • Exhibit 62: Schneider Electric SE - Business segments
              • Exhibit 63: Schneider Electric SE - Key offerings
              • Exhibit 64: Schneider Electric SE - Segment focus
            • 10.10 SolarEdge Technologies Inc.
              • Exhibit 65: SolarEdge Technologies Inc. - Overview
              • Exhibit 66: SolarEdge Technologies Inc. - Business segments
              • Exhibit 67: SolarEdge Technologies Inc. - Key offerings
              • Exhibit 68: SolarEdge Technologies Inc. - Segment focus
            • 10.11 Su-Kam Power Systems Ltd.
              • Exhibit 69: Su-Kam Power Systems Ltd. - Overview
              • Exhibit 70: Su-Kam Power Systems Ltd. - Key offerings
            • 10.12 Tabuchi Electric Co. Ltd.
              • Exhibit 71: Tabuchi Electric Co. Ltd. - Overview
              • Exhibit 72: Tabuchi Electric Co. Ltd. - Key offerings

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Currency conversion rates for US$
                • Exhibit 73: Currency conversion rates for US$
              • 11.3 Research methodology
                • Exhibit 74: Research Methodology
                • Exhibit 75: Validation techniques employed for market sizing
                • Exhibit 76: Information sources
              • 11.4 List of abbreviations
                • Exhibit 77: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The solar hybrid inverter market market growth will increase by $76.44 million during 2021-2025.
              The solar hybrid inverter market market is expected to grow at a CAGR of 10.19% during 2021-2025.
              Technavio has segmented the solar hybrid inverter market market by end user (Commercial and Residential) and geographic (APAC, Europe, North America, MEA, South America, APAC, Europe, North America, MEA, and South America).
              ABB Ltd., Delta Electronics Inc., Flin Technologies Pvt. Ltd., Growatt New Energy Technology Co. Ltd., KACO new energy, Microtek International Pvt. Ltd., Schneider Electric SE, SolarEdge Technologies Inc., Su-Kam Power Systems Ltd., Tabuchi Electric Co. Ltd. are a few of the key vendors in the solar hybrid inverter market market.
              APAC will register the highest growth rate of 46.93% among the other regions. Therefore, the solar hybrid inverter market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the solar hybrid inverter market market growth are:
              • Rise in solar energy installations
              • Growing demand for polycrystalline solar panels
              The solar hybrid inverter market market vendors should focus on grabbing business opportunities from the commercial segment as it accounted for the largest market share in the base year.
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