Global Solar Hybrid Inverter Market 2017-2021
About Solar Hybrid Inverter
Solar hybrid inverters apart from converting direct current to alternate current can also store excess power while working in tandem with batteries. This type of inverters solves the issues related to renewable energy variability and unreliable grid structures.
Technavio’s analysts forecast the global solar hybrid inverter market to grow at a CAGR of 9.05% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global solar hybrid inverter market for 2017-2021. To calculate the market size, the report considers the new installations and exclude replacement/aftermarket sales.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Solar Hybrid Inverter Market 2017-2021
Technavio recognizes the following companies as the key players in the global solar hybrid inverter market: Flin Energy, Luminous India, Microtek Inverters, Schneider Electric, and Su-Kam Power Systems.
Other Prominent Vendors in the market are: Delta Energy Systems, EAST Group, KACO new energy, Pure Volt, TABUCHI ELECTRIC, SHANGHAI SUNVIS NEW ENERGY, Voltronic Power Technology, SOLAX POWER, SolarEdge Technologies, Redback Technologies, Growatt New Energy Technology, GoodWe (Jiangsu) Power Supply Technology, and Lavancha Renewable Energy.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is rise in adoption of hybrid power systems in telecom towers. The telecom industry is growing at a faster pace, especially in the developing economies. More telecom towers have been built in remote locations where the grid connectivity is bad. Hence, remote towers need a continuous power supply that can be provided by a combination of renewable energy sources and diesel generators. The focus is on hybrid power systems as they have a lower impact on the environment. This is because hybrid power systems produce lower carbon emissions than traditional power systems, which use a mix of different energy sources.”
According to the report, one of the major drivers for this market is rise in solar energy installations. In recent years, the solar energy industry has gained momentum and has grown dramatically. This owes to the initiatives that have been undertaken by the governments globally in order to encourage renewable resources. Most of the industrialized nations have integrated significant numbers of solar power installations into their electrical grids as an alternative to conventional energy sources. On the other hand, developing economies are using solar energy to reduce their dependence on expensive fossil fuel-based power generation.
Further, the report states that one of the major factors hindering the growth of this market is technical problems associated with solar PV components. The Eurozone crisis of 2009 affected the EU countries, many of which are still struggling from the impact of the crisis. Germany experienced a decline of almost 55% in new solar PV installations from 2013 to 2014. This is attributed to the severe cuts in FiTs coupled with increasing safety regulations on the construction of new solar PV systems in the country. In the same year, new PV installations increased worldwide by almost 20%.
Flin Energy, Luminous India, Microtek Inverters, Schneider Electric, Su-Kam Power Systems, Delta Energy Systems, EAST Group, KACO new energy, Pure Volt, TABUCHI ELECTRIC, SHANGHAI SUNVIS NEW ENERGY, Voltronic Power Technology, SOLAX POWER, SolarEdge Technologies, Redback Technologies, Growatt New Energy Technology, GoodWe (Jiangsu) Power Supply Technology, and Lavancha Renewable Energy.
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