Solar Hybrid Inverter Market Size

Global Solar Hybrid Inverter Market Overview:

Solar Hybrid Inverter Market Size was valued at USD 7.5 Billion in 2022. The Solar Hybrid Inverter market industry is projected to grow from USD 8.16 Billion in 2023 to USD 16.15 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.90% during the forecast period (2024–2032). Growing demands for energy efficiency and cost savings, grid resilience and energy independence, technological advancements and product innovations, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Grid resilience & energy independence and growing demands for energy efficiency & cost savings are considered vital parameters enhancing the performance of the global market. Furthermore, technological advancements and product innovations are also likely to have a positive impact.

• July 2023- GoodWe has lately disclosed the expansion of its commercial and industrial (C&I) solution portfolio with the launch of the ETC 100 kW hybrid inverter. The addition follows the success of its predecessor, the ETC 50 kW, which has been awarded the All-Quality Matters (AQM) Award from TÜV Rheinland. The ETC 100 kW incorporates the key features of the 50-kW inverter and provides a wider power rating, more effectively meeting the diverse energy needs of business owners.

Solar Hybrid Inverter Market Trends

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  Growing demands for energy efficiency and cost savings is driving the market growth

  
  

The market for solar hybrid inverters is expanding significantly as a result of increasing consumer demand for clean, renewable energy sources. There is an increasing focus on moving away from fossil fuels and towards sustainable alternatives as the globe works to cut carbon emissions and prevent climate change. In this shift, solar hybrid inverters are essential because they make it possible to combine solar energy with conventional electrical grids. Growing awareness of the negative environmental effects of conventional energy sources is one of the main factors influencing the demand for solar hybrid inverters. Fossil fuels, such as natural gas and coal, are a significant source of air pollution, greenhouse gas emissions, and warming. Governments, companies, and consumers are consequently actively looking for cleaner and more sustainable energy options. By converting solar energy into electricity that can be utilized to power homes, buildings, and industries, solar hybrid inverters enable users to take use of the sun's power. These inverters offer cost savings and energy efficiency in addition to reducing dependency on electricity produced from fossil fuels. Users can cut their energy costs and carbon footprint by producing their own electricity.

Solar hybrid inverters also offer grid resiliency and energy independence. These inverters can store extra solar energy for use during times of low sunlight or power disruptions by integrating battery storage devices. This characteristic guarantees a consistent and dependable energy supply, especially in areas with a faulty grid infrastructure or prone to frequent power outages. The demand for solar hybrid inverters has also been significantly fueled by government incentives and support. To promote solar energy adoption and the usage of solar hybrid inverters, many nations have put in place beneficial policies including subsidies, tax credits, and feed-in tariffs. These measures have improved the financial viability and appeal of solar power for both individuals and companies. The market for solar hybrid inverters is expanding as a result of technological developments and product innovations. Solar hybrid inverters are now more dependable, approachable, and adaptable with a variety of solar panel systems thanks to increased efficiency, improved power conversion capabilities, and intelligent monitoring and control features. They now appeal to a wider range of consumers, and this has made it easier for them to be integrated into different applications. Thus, driving the Solar Hybrid Inverter market revenue.

Solar Hybrid Inverter Market Segment Insights:

Solar Hybrid Inverter Product Insights

The Solar Hybrid Inverter market segmentation, based on Product, includes Single-Phase Hybrid, Three-Phase Hybrid. The three-phase hybrid segment dominated the market, accounting for 57% of market share. They are compatible with three-phase electrical systems typically found in bigger buildings, factories, and grid-connected solar arrays and are made to manage higher power capabilities.

Figure 1: Solar Hybrid Inverter Market, by Product, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Solar Hybrid Inverter End-User Insights

The Solar Hybrid Inverter market segmentation, based on End-User, includes Commercial, Residential and others. The commercial segment dominated the market, accounting for 53% of market share. Enterprises are able to meet their energy needs with the help of commercial solar hybrid inverters, which are made to handle larger power capacities. By combining solar energy and battery storage, businesses can reduce costs and increase power reliability.

Solar Hybrid Inverter Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Solar Hybrid Inverter Market dominated this market in 2022 (45.80%). Renewable energy solutions are required due to increasing populations, rapid urbanisation, and rising energy demand will boost market growth in this region. Further, China’s Solar Hybrid Inverter market held the largest market share, and the Indian Solar Hybrid Inverter market was the fastest growing market in the Asia-Pacific region.

Figure 2: Solar Hybrid Inverter Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Solar Hybrid Inverter market accounts for the second-largest market share. The region's market for solar hybrid inverters has expanded as a result of Europe's strong commitment to cutting carbon emissions and reaching renewable energy goals. Further, the German Solar Hybrid Inverter market held the largest market share, and the UK Solar Hybrid Inverter market was the fastest growing market in the European region

The North America Solar Hybrid Inverter Market is expected to grow at the fastest CAGR from 2023 to 2032. The growth of the market in the area is also being driven by rising electricity prices, increased consumer knowledge, and a focus on energy independence. Moreover, the U.S. Solar Hybrid Inverter market held the largest market share, and the Canada Armor Materials market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Solar Hybrid Inverter Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Solar Hybrid Inverter market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Solar Hybrid Inverter industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Solar Hybrid Inverter industry to benefit clients and increase the market sector. In recent years, the Solar Hybrid Inverter industry has offered some of the most significant advantages to medicine. Major players in the Solar Hybrid Inverter market, including 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, are attempting to increase market demand by investing in research and development operations.

Flin Energy company specializes in the development, manufacturing, and distribution of solar hybrid inverters, which are essential components in solar power systems. Solar hybrid inverters by Flin Energy are made to effectively transform solar power from photovoltaic (PV) panels into electrical energy used for buildings, companies, and other purposes. These inverters effortlessly combine solar power with the grid infrastructure already in place, allowing consumers to optimise energy use, lower electricity costs, and help the environment. The solar hybrid inverters from Flin Energy are renowned for their top-notch design, cutting-edge features, and dependable performance. Utilising cutting-edge technology and stringent testing procedures, the company makes sure that its products adhere to international standards and deliver enduring performance across a variety of operating circumstances. Flin Energy also places an emphasis on user-friendly designs and provides simple monitoring systems so that users can monitor and control their energy production and usage. Sustainability and the shift to renewable energy sources are important to Flin Energy. Its solar hybrid inverters are made with the goal of promoting energy independence while also maximising energy efficiency and minimising environmental effect. The inverters from Flin Energy have energy storage features that enable users to store extra solar energy and use it during times of low sunshine or power outages, improving grid resilience and supplying a steady source of power. The company's commitment to providing great customer service and client-centric business practises has enhanced its standing in the marketplace. To ensure client satisfaction and the seamless integration of their solar hybrid inverters, Flin Energy offers thorough pre-sales support, technical help, and after-sales services.

Schneider Electric is a multinational company that operates in various sectors, including the solar hybrid inverter market. Schneider Electric is a prominent participant in the energy management and automation sector with a long history and a presence. Solar hybrid inverters are among the several solar power system solutions that Schneider Electric provides. Their solar hybrid inverters are made to efficiently convert solar energy into electrical power used for domestic, commercial, and industrial uses. Advanced power electronics and control technologies are incorporated into these inverters to maximise energy production, enhance efficiency, and guarantee grid compatibility. The solar hybrid inverters produced by the company are renowned for their dependability, toughness, and high conversion efficiency. Schneider Electric uses its knowledge of energy management to deliver smart, scalable solutions that adapt to changing customer needs. Their inverters have cutting-edge monitoring and communication features that let consumers manage their solar power systems in real-time.

Key Companies in the 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)


• SolaX Power (China)

Solar Hybrid Inverter Industry Developments

The year 2023 will see Ningbo Deye Inverter Technology Co., Ltd. as a major manufacturer of intelligent hybrid inverters meant to seamlessly link into battery storage systems and smart grids. The advanced inverters assist in improved energy efficiency and flexibility in power management thus catering to the changing requirements of modern energy solutions.

Sungrow introduced its latest SH8.ORS and SHIORS single-phase hybrid inverters for homes at All Energy Australia 2023 in October 2023. The advantages of this system are capable of seamless transition within 10ms for uninterrupted power supply, improved performance and reliability through upgrading the design, as well as a digital energy management platform (iSolarCloud) on which smart energy management is made possible.

GoodWe launched a high-capacity ET Series three-phase hybrid for residential and small C&I applications in October 2022. Powerful energy backup, peak shaving, and intelligent load management provide other benefits with respect to this series of inverters for increased energy autonomy and reduced energy costs. The intention behind this is to provide reliable and flexible energy solutions for various rooftop installations by increasing the range of its products to serve larger residential and small commercial/industrial projects.

According to IEA forecast published in 2022, global renewable capacity is set to soar by nearly 2 400 GW (nearly three-quarters) between 2022 and 2027

In 2021, Tesla (TSLA) launched a solar power inverter that complemented its home solar lineup alongside Powerwall. It is what the Tesla Solar Inverter does converting DC electricity generated by sunlight into AC for use in households. The inverter has strong safety features and an easy installation process with compatibility on both Solar Roof and standard solar panels because it leverages Tesla’s expertise in power electronics.

Governments worldwide have been implementing policies and incentives aimed at promoting the adoption of solar power like the Solar Investment Tax Credit (ITC) being used within the United States, which provides a 26% tax credit for solar installations until 2022.

Ingeteam developer of electric power conversion equipment, released the INGECON SUN storage 1 play TLM hybrid inverter in the year 2020. This new product is highly adaptable, with one battery input and two other PV panel inputs. Each PV input has its own maximum power point tracking mechanism. The solar hybrid inverter has a flexible application allowing easy setup and firmware updates via PC, tablet or smartphone. Additionally, the lead-acid batteries and lithium-ion used by most of the major storage systems in the market are compatible with this type of storage system. This will drive market growth during the forecast period.

In July 2018, Schneider Electric, an energy management specialist and automation leader, secured a patent for its new smart charge technology- the Conext SW inverter. It initiates automatic battery charging and monitors excess power flow.

Solar Hybrid Inverter Market Segmentation

Solar Hybrid Inverter Product Outlook

• Single-Phase Hybrid


• Three-Phase Hybrid

Solar Hybrid Inverter End-User Outlook

• Commercial


• Residential


• others

Solar Hybrid Inverter Regional Outlook

• North America
  
  
  
  • U.S.
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America