Overview of the Market
Hybrid inverters have been gaining popularity due to their environmentally friendly nature, as well as their numerous advantages, such as low cost, uninterruptible power supply, small size, and compliance with government regulations. The demand for solar inverters is increasing, which is benefiting the hybrid inverter market. Hybrid inverters are a sustainable and environmentally friendly power backup option, capable of simultaneously managing inputs from solar panels and battery banks, as well as charging batteries using both the electricity grid and solar panels.
Furthermore, the growing number of government initiatives to increase electrification rates in various parts of the world is expected to have a positive impact on the hybrid inverter market, creating numerous opportunities for hybrid inverter vendors. The leading players in the hybrid inverter market are primarily targeting rural homes, as these areas have yet to be electrified and thus offer significant opportunities for sales of cost-effective and user-friendly hybrid inverters.
The market for Hybrid Inverters: Drivers and Challenges
During the forecast period, the global hybrid inverters market is expected to be driven by government initiatives to increase the adoption of hybrid inverters. The federal solar tax credit, also known as the investment tax credit (ITC), allows you to deduct 30% of the cost of installing a solar energy system from your federal taxes. This is true for commercial and residential systems alike. Similarly, Germany passed the Renewable Energy Sources Act in 2011 to encourage citizens to use renewable energy generation utilities. All of these factors are expected to have a big impact on the global hybrid inverter market’s growth.
Less design flexibility compared to other battery and PV inverters, as well as lower efficiency than solar inverters, are limiting the global hybrid inverters market’s growth. Manufacturers, on the other hand, are focusing on improving hybrid inverter performance and are expected to overcome these challenges during the forecast period.
Recent Developments in the Hybrid Inverter Market
Schneider Electric, a global leader in energy management and automation, patented the new smart charge technology, known as the Conext SW inverter, in July 2018. It monitors excess power flow and initiates automatic battery charging.
Players to Watch
Schneider Electric, Advanced Energy, ABB, Growatt New Energy Technology, Delta Energy Systems, Redback Technologies, TABUCHI ELECTRIC, SOLAX POWER, Lavancha Renewable Energy, and SolarEdge Technologies are some of the key players in the hybrid inverters market.
Overview of the Region
North America, Latin America, Europe, CIS & Russia, Japan, APEJ, and the Middle East & Africa make up the hybrid inverters market. The APEJ market is expected to account for a significant portion of the global market. The demand for hybrid inverters in the region is driven by the widespread adoption of solar technologies and government initiatives.
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