Solar Hybrid Inverter Market has been valued USD 9.91 billion in the year 2021 and it is estimated to reach USD 15.46 billion by the year 2027, with a CAGR of 8.92% from 2022 to 2027. Solar Hybrid Inverter is the combination of an on-grid and off-grid solar inverter. This inverter can control the solar panel arrays for storing batteries and power grids, simultaneously. These are more versatile but more expensive than on-grid and off-grid inverters ; these are the main factors that have considerably increased the demand for the Solar Hybrid Inverter in the market, thereby driving the huge growth of the Solar Hybrid Inverter market in the upcoming years
Market Drivers and Restrains:
The main factors that have considerably increased the demand for the Solar Hybrid Inverter in the market is mainly due to the expansion of industrial, commercial, and utility-scale sectors is the major driver of the solar inverter market. Solar hybrid inverters can usually be installed without batteries for future expansion; this is the biggest advantage, which boosts their demand, globally. In addition, these inverters are safe, environment-friendly, and support sustainable development plans implemented by the government for residential and commercial areas. However, the major restraint of solar hybrid inverter market is that they have less design flexibility than a modular solution in which separate battery inverters have been used. Moreover, solar hybrid inverters are considered less efficient than solar-only or battery-only inverters, which is anticipated to hamper the growth of the solar hybrid invertors market during the forecast period; these are the main factors that have considerably increased the demand for the Solar Hybrid Inverter in the market, thereby driving the huge growth of the Solar Hybrid Inverter market in the upcoming years
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Report is segmented as:
Solar Hybrid Inverter Market is segmented on the basis of by:
By Product (Single-Phase Hybrid Solar Inverter and Three-Phase Hybrid Solar Inverter), by end user (Commercial, Residential, and others)
Solar Hybrid Inverter Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Solar Hybrid Inverter is due to the Rise in the disposal income these are the main factors that have considerably increased the demand for the Solar Hybrid Inverter in the North America, followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Solar Hybrid Inverter Market
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Impact of COVID-19 on Market
Covid -19 pandemic has affected every industry, and the long-term consequences are projected to influence the Solar Hybrid Inverter boom for the duration of the forecast period. Covid-19 pandemic has impacted large on the income of Solar Hybrid Inverter market. COVID-19 has adversely affected the Solar Hybrid Inverter market. The restrictions and lockdown imposed by means of the authorities in quite a few international locations has gradual down the market and reduce the Solar Hybrid Inverter. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Solar Hybrid Inverter market growth.
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