Solar Hybrid Inverter Market Size to Surge at the CAGR of 8.90%...

Solar Hybrid Inverter Market Size to Surge at the CAGR of 8.90% throughout the Foreseeable Period

Posted 2023-10-26 05:14:28

Market Research Future Insights

According to MRFR analysis, Solar Hybrid Inverter market is expected to register a CAGR of ~ 8.90% from 2022 to 2032 and hold a value of over USD 16.15 Million by 2032. The solar hybrid inverter market refers to the market for a type of inverter used in solar power systems.

A solar hybrid inverter combines the functions of a standard solar inverter and a battery inverter, allowing for the integration of both solar power and energy storage in a single system. It is a key component in hybrid or off-grid solar power systems that utilize solar energy during the day and store excess energy in batteries for use during the night or during times of low solar generation.

Regional Analysis

The North American market has experienced substantial growth in solar hybrid inverters due to the growing demand for renewable energy and the presence of favorable government policies and incentives. The United States has been a key market in the region, driven by the increasing deployment of solar power systems in residential, commercial, and utility-scale applications. Canada is also witnessing growth in the solar hybrid inverter market, with a focus on sustainable energy solutions and government initiatives promoting renewable energy adoption.

Europe has been at the forefront of renewable energy adoption, and the solar hybrid inverter market has gained traction in several countries. Germany, being one of the leading countries in solar energy installations, has witnessed significant demand for solar hybrid inverters, driven by favorable feed-in tariffs and strong government support. Other countries in Europe, such as Spain, Italy, France, and the United Kingdom, have also seen increased adoption of solar hybrid inverters as part of their renewable energy transition efforts.

The Asia Pacific region has emerged as a key market for solar hybrid inverters, primarily driven by the rapid growth of solar power installations in countries like China, India, and Japan. China has been the largest market in the region, supported by government initiatives and targets for renewable energy generation. India has also witnessed significant growth in solar hybrid inverters, fueled by the government's ambitious solar energy targets and favorable policies promoting clean energy adoption.

Market Segmentation

Solar Hybrid Inverter market has been segmented into type, application, and vertical.

By product : single-phase hybrid solar inverter and three-phase hybrid PV Inverter.

By End User: commercial, residential, and others

Key Players