Solar Hybrid Inverter Market To Reach USD 18.1 Billion By 2032 | DataHorizzon Research – GlobeNewswire

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Fort Collins, Colorado, April 10, 2024 (GLOBE NEWSWIRE) —

Growing Demand for Energy Storage Solutions and Government Support Drives the Solar Hybrid Inverter Market.

The growing demand for energy storage solutions offers a significant opportunity for the solar hybrid inverter market. With the rise in renewable energy sources, there’s an increasing need for dependable and efficient energy storage systems. Solar hybrid inverters, which seamlessly integrate with batteries, allow users to store surplus solar energy generated during daylight hours for use during periods of low or no sunlight.

Governments across the globe are enacting policies aimed at encouraging the uptake of solar energy, including subsidies, tax credits, and net metering initiatives. These incentives are crucial in lowering the upfront costs associated with solar installations and enhancing the affordability of solar hybrid inverters for residential and commercial users. Furthermore, supportive regulations and ambitious renewable energy goals spur investments and advancements in the sector. For example, the Indian government’s objective of reaching 175 GW of renewable energy capacity by 2022 has dramatically stimulated the expansion of the solar market.

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Segmentation Overview:

The solar hybrid inverter market has been segmented into product, phase, end-user, and region.

Residential is the leading end-user segment

  • Based on market segmentation by end-user, residential use was the largest end-user segment in 2023. The increasing awareness of solar power’s environmental and economic benefits, along with the availability of financial incentives and falling costs, has led to a surge in residential solar installations.

Off-grid is the fast-growing product segment in 2023

  • Based on the market segmentation by product, the grid-tied solar hybrid inverter segment held the largest market share in 2023. Grid-tied inverters are popular because they seamlessly integrate with the utility grid, allowing users to feed excess solar energy back into the grid and receive credits or payments through net metering policies.  

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Solar Hybrid Inverter Market Report Highlights:

  • The solar hybrid inverter market growth is anticipated at a CAGR of 9.4% by 2032.
  • Solar hybrid inverters combine the functionality of a solar inverter and a battery inverter, enabling seamless integration of solar panels, batteries, and the utility grid.
  • Asia-Pacific remains the largest regional market for solar hybrid inverters in 2023. The rapid development of solar energy adoption in countries like China, India, Japan, and Australia drives this growth. According to the International Energy Agency (IEA), China leads in terms of solar PV capacity additions, with 100 GW added in 2022, which is 60% more than in 2021.
  • Some prominent players in the solar hybrid inverter market report include SolarEdge Technologies, Fronius International GmbH, SMA Solar Technology AG, Huawei Technologies Co., Ltd., Schneider Electric SE, Sungrow Power Supply Co., Ltd., Growatt New Energy Technology Co., Ltd., Outback Power Inc., Studer Innotec SA, Goodwe Solar Inverter, Victron Energy B.V., and Enphase Energy Inc. 

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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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