Based on Product Types the Market is categorized into Below types that held the largest Solar Inverter market share In 2023.
· String Solar Inverters
· Hybrid Inverters
· Off-grid Inverters
· Micro Inverters
Which regions are leading the Solar Inverter Market?
·North America (United States, Canada and Mexico)
·Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
·Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
·South America (Brazil, Argentina, Columbia etc.)
·Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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.
