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“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.
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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.
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
Key Solar Hybrid Inverter Market Trend
Key Solar Hybrid Inverter Market Challenge
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
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.
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.
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.
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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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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