Hybrid Solar Inverter Market Size, Share, and Analysis, By Product (Single-phase Hybrid and Three-phase Hybrid), By Application (Solar Energy Storage, Energy Generation, and Others), By End-User (Commercial, Industrial, and Residential), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034
Hybrid Solar Inverter Market Size, Share, and Analysis, By Product (Single-phase Hybrid and Three-phase Hybrid), By Application (Solar Energy Storage, Energy Generation, and Others), By End-User (Commercial, Industrial, and Residential), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034
PRODUCT OVERVIEW
Hybrid Solar Inverter Market is projected to exhibit a Compound Annual Growth Rate (CAGR) of 9.5% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 7.2 billion and is projected to reach USD 19.5 billion by the completion of 2034.
Hybrid solar inverter are used to integrate the functions of a solar inverter and a battery inverter in a single device. The system changes DC electricity from solar panels into AC electricity for homes and connects with battery storage systems to save extra energy for future use. In addition, hybrid inverters have the capability to connect to the grid for sending surplus energy and can transition to off-grid mode during power outages to maintain electricity supply. They are equipped with smart systems that control energy usage and grid connectivity, which allow users to monitor and control them through apps or websites. Besides, solar energy devices are used in different environments such as homes, businesses, factories, and isolated areas to improve dependability and flexibility.
MARKET HIGHLIGHTS
Hybrid Solar Inverter Market is expected to reach USD 19.5 billion during the forecast period, due to the growing demand for renewable energy solutions. Several consumers and businesses are focusing on energy independence and sustainability, which will drive the growth of the hybrid solar inverter market. These inverters combine energy storage and grid connectivity features to improve efficiency and reliability. Moreover, innovations in solar and battery storage technologies are improving hybrid solar inverter efficiency and capabilities, which results in the growing demand for hybrid solar inverters in the market. Besides, government assistance and policies that promote the adoption of solar power, further contribute to the growth of the industry.
Hybrid Solar Inverter Market Segments:
Growth Drivers
High Demand for Renewable Energy is Critical to Boost the Adoption of Hybrid Solar Inverters
Improvements in Technology Will Aid the Market
Restraint
High Initial Investment Costs Can Limit the Growth of the Hybrid Solar Inverter Market
Key Players
PRODUCT OVERVIEW
Hybrid Solar Inverter Market is projected to exhibit a Compound Annual Growth Rate (CAGR) of 9.5% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 7.2 billion and is projected to reach USD 19.5 billion by the completion of 2034.
Hybrid solar inverter are used to integrate the functions of a solar inverter and a battery inverter in a single device. The system changes DC electricity from solar panels into AC electricity for homes and connects with battery storage systems to save extra energy for future use. In addition, hybrid inverters have the capability to connect to the grid for sending surplus energy and can transition to off-grid mode during power outages to maintain electricity supply. They are equipped with smart systems that control energy usage and grid connectivity, which allow users to monitor and control them through apps or websites. Besides, solar energy devices are used in different environments such as homes, businesses, factories, and isolated areas to improve dependability and flexibility.
MARKET HIGHLIGHTS
Hybrid Solar Inverter Market is expected to reach USD 19.5 billion during the forecast period, due to the growing demand for renewable energy solutions. Several consumers and businesses are focusing on energy independence and sustainability, which will drive the growth of the hybrid solar inverter market. These inverters combine energy storage and grid connectivity features to improve efficiency and reliability. Moreover, innovations in solar and battery storage technologies are improving hybrid solar inverter efficiency and capabilities, which results in the growing demand for hybrid solar inverters in the market. Besides, government assistance and policies that promote the adoption of solar power, further contribute to the growth of the industry.
Hybrid Solar Inverter Market Segments:
- By Product
- Single-phase Hybrid
- Three-phase Hybrid
- By Application
- Solar Energy Storage
- Energy Generation
- Others
- By End-User
- Commercial
- Industrial
- Residential
Growth Drivers
High Demand for Renewable Energy is Critical to Boost the Adoption of Hybrid Solar Inverters
Improvements in Technology Will Aid the Market
Restraint
High Initial Investment Costs Can Limit the Growth of the Hybrid Solar Inverter Market
Key Players
- Schneider Electric
- ABB Ltd.
- Victron Energy
- GoodWe
- Flin Energy
- Delta Electronics, Inc.
- Ginlong Technologies (Solis)
- SMA Solar Technology AG
- Microtek Inverters
- KACO New Energy
- Delta Energy Systems
- Havells
- Solax Power
- SolarEdge Technologies Inc.
- OutBack Power Technologies
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
- Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
- Provides insight into the market through Value Chain
- Market dynamics scenario, along with growth opportunities of the market in the years to come
- 3-month post-sales analyst support.
1. EXECUTIVE SUMMARY
1.1.Regional Market Share
1.2. Business Trends
1.3.Hybrid Solar Inverter Market: COVID-19 Outbreak
1.4.Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1. Research Objective
2.2.Research Approach
2.3.Data Sourcing and Methodology
2.4. Primary Research
2.5. Secondary Research
2.5.1. Paid Sources
2.5.2.Public Sources
2.6.Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1. Market Definition
3.2.Hybrid Solar Inverter Market: COVID-19 Impact
3.3.Key Segmentations
3.4. Key Developments
3.5. Allied Industry Data
4. HYBRID SOLAR INVERTER MARKET – INDUSTRY INSIGHTS
4.1.Industry Segmentation
4.2. COVID-19 overview of world economy
4.3. Industry Ecosystem Channel Analysis
4.4. Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7.MARKET DYNAMICS
7.1. Introduction
7.2.Growth Drivers
7.3.Market Opportunities
7.4. Market Restraints
7.5.Market Trends
8. RISK ANALYSIS
9. MARKET ANALYSIS
9.1. Porter's Five Forces
9.2.PEST Analysis
9.2.1. Political
9.2.2.Economic
9.2.3.Social
9.2.4.Technological
10. HYBRID SOLAR INVERTER MARKET
10.1.Overview
10.2. Historical Analysis (2018-2022)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11.HYBRID SOLAR INVERTER MARKET SIZE & FORECAST 2024A-2034F
11.1.Overview
11.2. Key Findings
11.3. Market Segmentation
11.3.1.By Product
11.3.1.1. Single-phase Hybrid
11.3.1.1.1. By Value (USD Million) 2024A-2034F
11.3.1.1.2.Market Share (%) 2024A-2034F
11.3.1.1.3.Y-o-Y Growth (%) 2024A-2034F
11.3.1.2.Three-phase Hybrid
11.3.1.2.1.By Value (USD Million) 2024A-2034F
11.3.1.2.2. Market Share (%) 2024A-2034F
11.3.1.2.3. Y-o-Y Growth (%) 2024A-2034F
11.3.2. By Application
11.3.2.1.Solar Energy Storage
11.3.2.1.1.By Value (USD Million) 2024A-2034F
11.3.2.1.2. Market Share (%) 2024A-2034F
11.3.2.1.3. Y-o-Y Growth (%) 2024A-2034F
11.3.2.2. Energy Generation
11.3.2.2.1. By Value (USD Million) 2024A-2034F
11.3.2.2.2.Market Share (%) 2024A-2034F
11.3.2.2.3.Y-o-Y Growth (%) 2024A-2034F
11.3.2.3. Others
11.3.2.3.1. By Value (USD Million) 2024A-2034F
11.3.2.3.2.Market Share (%) 2024A-2034F
11.3.2.3.3.Y-o-Y Growth (%) 2024A-2034F
11.3.3. By End-User
11.3.3.1.Commercial
11.3.3.1.1.By Value (USD Million) 2024A-2034F
11.3.3.1.2. Market Share (%) 2024A-2034F
11.3.3.1.3. Y-o-Y Growth (%) 2024A-2034F
11.3.3.2. Industrial
11.3.3.2.1. By Value (USD Million) 2024A-2034F
11.3.3.2.2.Market Share (%) 2024A-2034F
11.3.3.2.3.Y-o-Y Growth (%) 2024A-2034F
11.3.3.3. Residential
11.3.3.3.1. By Value (USD Million) 2024A-2034F
11.3.3.3.2.Market Share (%) 2024A-2034F
11.3.3.3.3.Y-o-Y Growth (%) 2024A-2034F
12. NORTH AMERICA HYBRID SOLAR INVERTER MARKET SIZE & FORECAST 2024A-2034F
12.1. Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1. By Product
12.3.2.By Application
12.3.3.By End-User
12.4. Country
12.4.1. United States
12.4.2.Canada
13. EUROPE HYBRID SOLAR INVERTER MARKET SIZE & FORECAST 2024A-2034F
13.1. Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1. By Product
13.3.2.By Application
13.3.3.By End-User
13.4. Country
13.4.1.Germany
13.4.2.United Kingdom
13.4.3.France
13.4.4. Italy
13.4.5.Spain
13.4.6.Russia
13.4.7.Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14. ASIA-PACIFIC HYBRID SOLAR INVERTER MARKET SIZE & FORECAST 2024A-2034F
14.1.Overview
14.2. Key Findings
14.3. Market Segmentation
14.3.1. By Product
14.3.2.By Application
14.3.3.By End-User
14.4.Country
14.4.1.India
14.4.2.China
14.4.3. South Korea
14.4.4. Japan
14.4.5. Rest of APAC
15. MIDDLE EAST AND AFRICA HYBRID SOLAR INVERTER MARKET SIZE & FORECAST 2024A-2034F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1. By Product
15.3.2.By Application
15.3.3.By End-User
15.4. Country
15.4.1.Israel
15.4.2.GCC
15.4.3.North Africa
15.4.4. South Africa
15.4.5.Rest of Middle East and Africa
16. LATIN AMERICA HYBRID SOLAR INVERTER MARKET SIZE & FORECAST 2024A-2034F
16.1. Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1. By Product
16.3.2.By Application
16.3.3.By End-User
16.4. Country
16.4.1.Mexico
16.4.2.Brazil
16.4.3.Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1. Company market share, 2023
17.2.Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1.Schneider Electric
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1. Product Portfolio
18.1.4.2.Key Clients
18.1.4.3.Market Share
18.1.4.4.Recent News & Development (Last 3 Yrs.)
18.2.ABB Ltd.
18.3.Victron Energy
18.4. GoodWe
18.5.Flin Energy
18.6.Delta Electronics, Inc.
18.7.Ginlong Technologies (Solis)
18.8. SMA Solar Technology AG
18.9.Microtek Inverters
18.10.KACO New Energy
18.11. Delta Energy Systems
18.12. Havells,
18.13. Solax Power
18.14.SolarEdge Technologies Inc.
18.15. OutBack Power Technologies
18.16.Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
1.1.Regional Market Share
1.2. Business Trends
1.3.Hybrid Solar Inverter Market: COVID-19 Outbreak
1.4.Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1. Research Objective
2.2.Research Approach
2.3.Data Sourcing and Methodology
2.4. Primary Research
2.5. Secondary Research
2.5.1. Paid Sources
2.5.2.Public Sources
2.6.Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1. Market Definition
3.2.Hybrid Solar Inverter Market: COVID-19 Impact
3.3.Key Segmentations
3.4. Key Developments
3.5. Allied Industry Data
4. HYBRID SOLAR INVERTER MARKET – INDUSTRY INSIGHTS
4.1.Industry Segmentation
4.2. COVID-19 overview of world economy
4.3. Industry Ecosystem Channel Analysis
4.4. Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7.MARKET DYNAMICS
7.1. Introduction
7.2.Growth Drivers
7.3.Market Opportunities
7.4. Market Restraints
7.5.Market Trends
8. RISK ANALYSIS
9. MARKET ANALYSIS
9.1. Porter's Five Forces
9.2.PEST Analysis
9.2.1. Political
9.2.2.Economic
9.2.3.Social
9.2.4.Technological
10. HYBRID SOLAR INVERTER MARKET
10.1.Overview
10.2. Historical Analysis (2018-2022)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11.HYBRID SOLAR INVERTER MARKET SIZE & FORECAST 2024A-2034F
11.1.Overview
11.2. Key Findings
11.3. Market Segmentation
11.3.1.By Product
11.3.1.1. Single-phase Hybrid
11.3.1.1.1. By Value (USD Million) 2024A-2034F
11.3.1.1.2.Market Share (%) 2024A-2034F
11.3.1.1.3.Y-o-Y Growth (%) 2024A-2034F
11.3.1.2.Three-phase Hybrid
11.3.1.2.1.By Value (USD Million) 2024A-2034F
11.3.1.2.2. Market Share (%) 2024A-2034F
11.3.1.2.3. Y-o-Y Growth (%) 2024A-2034F
11.3.2. By Application
11.3.2.1.Solar Energy Storage
11.3.2.1.1.By Value (USD Million) 2024A-2034F
11.3.2.1.2. Market Share (%) 2024A-2034F
11.3.2.1.3. Y-o-Y Growth (%) 2024A-2034F
11.3.2.2. Energy Generation
11.3.2.2.1. By Value (USD Million) 2024A-2034F
11.3.2.2.2.Market Share (%) 2024A-2034F
11.3.2.2.3.Y-o-Y Growth (%) 2024A-2034F
11.3.2.3. Others
11.3.2.3.1. By Value (USD Million) 2024A-2034F
11.3.2.3.2.Market Share (%) 2024A-2034F
11.3.2.3.3.Y-o-Y Growth (%) 2024A-2034F
11.3.3. By End-User
11.3.3.1.Commercial
11.3.3.1.1.By Value (USD Million) 2024A-2034F
11.3.3.1.2. Market Share (%) 2024A-2034F
11.3.3.1.3. Y-o-Y Growth (%) 2024A-2034F
11.3.3.2. Industrial
11.3.3.2.1. By Value (USD Million) 2024A-2034F
11.3.3.2.2.Market Share (%) 2024A-2034F
11.3.3.2.3.Y-o-Y Growth (%) 2024A-2034F
11.3.3.3. Residential
11.3.3.3.1. By Value (USD Million) 2024A-2034F
11.3.3.3.2.Market Share (%) 2024A-2034F
11.3.3.3.3.Y-o-Y Growth (%) 2024A-2034F
12. NORTH AMERICA HYBRID SOLAR INVERTER MARKET SIZE & FORECAST 2024A-2034F
12.1. Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1. By Product
12.3.2.By Application
12.3.3.By End-User
12.4. Country
12.4.1. United States
12.4.2.Canada
13. EUROPE HYBRID SOLAR INVERTER MARKET SIZE & FORECAST 2024A-2034F
13.1. Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1. By Product
13.3.2.By Application
13.3.3.By End-User
13.4. Country
13.4.1.Germany
13.4.2.United Kingdom
13.4.3.France
13.4.4. Italy
13.4.5.Spain
13.4.6.Russia
13.4.7.Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14. ASIA-PACIFIC HYBRID SOLAR INVERTER MARKET SIZE & FORECAST 2024A-2034F
14.1.Overview
14.2. Key Findings
14.3. Market Segmentation
14.3.1. By Product
14.3.2.By Application
14.3.3.By End-User
14.4.Country
14.4.1.India
14.4.2.China
14.4.3. South Korea
14.4.4. Japan
14.4.5. Rest of APAC
15. MIDDLE EAST AND AFRICA HYBRID SOLAR INVERTER MARKET SIZE & FORECAST 2024A-2034F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1. By Product
15.3.2.By Application
15.3.3.By End-User
15.4. Country
15.4.1.Israel
15.4.2.GCC
15.4.3.North Africa
15.4.4. South Africa
15.4.5.Rest of Middle East and Africa
16. LATIN AMERICA HYBRID SOLAR INVERTER MARKET SIZE & FORECAST 2024A-2034F
16.1. Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1. By Product
16.3.2.By Application
16.3.3.By End-User
16.4. Country
16.4.1.Mexico
16.4.2.Brazil
16.4.3.Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1. Company market share, 2023
17.2.Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1.Schneider Electric
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1. Product Portfolio
18.1.4.2.Key Clients
18.1.4.3.Market Share
18.1.4.4.Recent News & Development (Last 3 Yrs.)
18.2.ABB Ltd.
18.3.Victron Energy
18.4. GoodWe
18.5.Flin Energy
18.6.Delta Electronics, Inc.
18.7.Ginlong Technologies (Solis)
18.8. SMA Solar Technology AG
18.9.Microtek Inverters
18.10.KACO New Energy
18.11. Delta Energy Systems
18.12. Havells,
18.13. Solax Power
18.14.SolarEdge Technologies Inc.
18.15. OutBack Power Technologies
18.16.Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
