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

“The Solar Hybrid Inverter Market is poised to grow by USD 76.44 million during 2022-2026, accelerating at a CAGR of 10.19% during the forecast period”

Technavio market report provides a holistic analysis, market size and forecast, trends, growth drivers, challenges, and vendor analysis covering around 15 vendors. 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 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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Parent Market Analysis

Our Technavio Research categorizes the report belonging to Utilities Industry for the market. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions.

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

Technavio Research categorizes the global Solar Hybrid Inverter Market belonging to the Independent Power and Renewable Electricity Producers Industry. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

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 forecast year.

The market is extremely competitive with all sizes of businesses, including large, medium, and small-sized companies vying to monopolize the market. The tremendous development in various fields such as product innovations and new product launches by manufacturers operating in the market will drive the growth further.

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 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 which 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 the 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

• The 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.

Who are the Major Solar Hybrid Inverter Market Vendors?

The vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading market vendors such as

 

• 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.

 

Market Overview

The parent global renewable electricity market covers companies engaged in the generation and distribution of electricity using renewable sources. The global renewable electricity market size includes combined revenue generated by companies involved in the generation and distribution of power producers, gas and power marketing and trading specialists, and/or integrated energy merchants and renewable electricity. The market also includes manufacturers of raw materials and equipment used in the solar power market. 

Solar Hybrid Inverter Market Value Chain Analysis

In this report, we provide extensive information on the value chain analysis for the market. Our data covers all key stages of a market flow and provides a complete understanding of all aspects of the market logistics value chain. This includes an end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies.

Which are the Key Regions for Solar Hybrid Inverter Market?

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

COVID Impact and Recovery Analysis

The solar hybrid inverter market in APAC will grow significantly during the forecast period. Increasing environmental concerns, rising demand for energy, growing population, and improving the standard of living are the key parameters that will drive the growth of the market in the region. India, China, and Japan will be the major countries contributing to the growth of the market. Financial incentive programs such as FiTs in China, Japan, India, South Korea, and Thailand will also foster the growth of the market. In May 2018, the Chinese National Development Reform Council (NDRC) announced its target of installing solar PVs capable of generating 70 GW of solar power by the end of 2021. China has set a target of achieving a total installed solar energy capacity of 50 GW by 2022. The tremendous growth in the solar power industry in APAC is boosting the solar hybrid inverter market. Moreover, the targets set by the government for the installation of solar-based powered plants will boost the market during the forecast period in both the residential and commercial sectors in the region. 

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

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The 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 majority of the demand for solar hybrid inverters in the commercial sector will originate from Europe and APAC. The commercial buildings include office buildings, warehouses, restaurants, and retail stores (i.e., convenience stores, big box stores, and shopping malls). It has been evaluated through independent studies that about one-third of the energy utilized by commercial buildings can be supplied by solar PV panels. Therefore, with government initiatives, building developers are implementing energy management systems (EMS) and inverters with solar PV panels on commercial buildings, thereby promoting sustainability and improving the overall building efficiency. In the US, commercial buildings account for nearly one-third of the total US electricity consumption. Moreover, various financial incentives are provided by governments for the development of alternative energy sources such as solar energy to curb carbon emissions. This factor makes the market an attractive option for investment. 

The report provides a near-term to long-term perspective on the trends and forecasts horizon for the market. It offers an overview of the key market drivers and restraints, enabling precise identification of key opportunities in each region over the coming years.

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 10.19%
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 the growth during the next five years
• Precise estimation of the size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the 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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