Solar Hybrid Inverter Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Solar Hybrid Inverter Market is segmented By Product (Grid-Tied Solar Hybrid Inverter, Off-Grid Solar Hybrid Inverter), By End User (Commercial, Resid....
Solar Hybrid Inverter Market Size
Market Size in USD
CAGR9.2%
| Study Period | 2024 - 2031 |
| Base Year of Estimation | 2023 |
| CAGR | 9.2% |
| Market Concentration | High |
| Major Players | Schneider Electric SE, Huawei Technologies Co., Ltd., Sungrow Power Supply Co., Ltd., Delta Electronics, Inc., SMA Solar Technology AG |
*Disclaimer: Major players are listed in no particular order.
*Source: Coherent Market Insights
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Solar Hybrid Inverter Market Analysis
The solar hybrid inverter market is estimated to be valued at USD 8.07 Bn in 2024 and is expected to reach USD 14.94 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031. Government initiatives to promote renewable energy along with lowering battery costs are bringing more prosumers into the solar hybrid inverter market.