Global Hybrid Inverters Market Growth during the Forecast Period, 2018-2028

Posted by Arslan on December 27th, 2018

The governmental initiatives to increase the adoption of hybrid inverters are expected to drive the growth of the global hybrid inverters market during the forecast period. The investment tax credit (ITC) or federal solar tax credit enables to deduct 30% of the cost of installation of solar energy system from federal taxes. This applies to both commercial and residential system. Similarly, Germany in 2011 initiated the Renewable Energy Sources Act to encourage the citizens to use renewable energy generation utilities. All these factors are expected to have a significant impact on the growth for global hybrid inverters market.

Stringent governmental regulations and the go green factor are increasing the adoption of hybrid inverters. Hybrid inverters are multi-functional inverters that incorporate the function of the inverter, solar charger and battery charger to provide power supply. The compact size of the hybrid inverters with uninterruptible power supply is one of the major reasons of the increasing inclination towards hybrid inverters. Vendors offer hybrid inverters with user-friendly features such as LCD display, easy configuration, easily accessible operation buttons such as AC and solar charger, battery charging current and acceptable input voltage based on applications.

The major features of hybrid inverters are generating pure sine waves, installed MPPT charging control, configurable input voltage range for different applications at home and offices, LCD interface configurable battery charging current, configurable AC and solar charging, highly compatible to main voltage and power, protection against short circuit, overload and over temperature, smart battery charger for optimized battery performance and to save energy—the hybrid inverters come in ‘power saving mode’.

The growing adoption of solar inverters is creating a huge demand for hybrid inverters. Hybrid inverters are the mix of grid-tied inverters and off-grid inverters. Generally, hybrid inverters are independent of the grid, but they synchronize with the grid in case of consumption of low solar energy. Hybrid inverters have huge adoption in rural areas due to the less availability of power supply.  

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Hybrid inverter is a cost-effective and seamless solution compared to the other inverters. Most of the hybrid inverters can be installed without a battery. It provides an option to install battery in later circumstances. Several developments in hybrid inverters with reference to technology is the major factor expected to drive the growth of the global hybrid inverter market during the forecast period.

The technical factors restraining the growth of the global hybrid inverters market are less design flexibility when compared to other battery and PV inverters, less efficiency than the solar inverters. However, manufacturers are focusing on the improvement of the performance of hybrid inverters and are expected to overcome these challenges during the forecast period.

The hybrid inverter market is segmented based on the type of application i.e. commercial sector, residential sector, government sector and others.

In July 2018, Schneider Electric, a leading player in energy management and automation successfully patented the new smart charge technology, i.e., Conext SW inverter. It initiates automatic battery charging and monitors excess power flow.

Examples of some of the key players in the hybrid inverters market are Schneider Electric, Advanced Energy, ABB, Growatt New Energy Technology, Delta Energy Systems, Redback Technologies, TABUCHI ELECTRIC, SOLAX POWER, Lavancha Renewable Energy, and SolarEdge Technologies, among others.

The hybrid inverters market is segmented into regions, namely North America, Latin America, Europe, CIS & Russia, Japan, APEJ and Middle East & Africa. The APEJ market is expected to hold a large share in the global market. The high adoption of solar technologies and initiatives from governments drive the demand for hybrid inverters in the region.

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

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Arslan

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Arslan
Joined: December 18th, 2017
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