Solar Hybrid Inverter Market to Cross $1200 Million by 2025

In a global report on the solar hybrid inverter market, published by Market Research Future (MRFR), has signalled that the total market valuation of the sector will cross $12,829 million by 2025.

The market will witness a CAGR (compound annual growth rate) of above 9% during the period from 2019 to 2025, thereby signaling robust growth and an important area for investment in the near future.

The presence of a high number of associated players and the market scenario present provides the Asia-Pacific region with the advantage to dominate the market. India, in particular, is witnessing a steady growth in demand for such sources. In Europe, the market will benefit from eco-friendly consumer behavior.

The study of the market includes single-phase hybrid solar inverter and three-phase hybrid solar inverter. The research carried out indicates that the market will be dominated by the three-phase hybrid segment as its application in the residential sector is rising.

Moreover, the commercial segment has the potential to register the highest CAGR during the forecast period for its use in controlling the PV panel for various applications, the report indicates.

Recent changes carried out by some of the large companies including mergers, innovations, acquisitions, branding, and heavy investment in the R&D segment have led to a rise in the level of competition.

Factors including rising concerns for eco-friendly measures, inclination towards investment in research and development projects, favorable government policies will further act as a catalyst for the sector to grow.