LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global solar hybrid inverter market report until 2021. This research report also lists 13 other prominent vendors that are expected to impact the market during the forecast period.
The research study by Technavio on the global solar hybrid inverter market for 2017-2021 provides a detailed industry analysis based on the end-users (residential and commercial sectors) and geography (APAC, EMEA, and the Americas).
“The global solar hybrid inverter market is projected to grow to nearly USD 142 million by 2021, at a CAGR of more than 9% over the forecast period. The reduction in the levelized cost of electricity of solar power generation is one of the key drivers of the market,” says Thankikachalam Chandrasekaran, a lead analyst at Technavio for energy storage research.
Competitive vendor landscape
The global solar hybrid inverter market is still at a nascent stage and characterized by the presence of a small number of local vendors. In several regions, local or regional vendors such as Flin Energy and Luminous India dominate the market, accounting for the larger portion of the installations. The solar hybrid inverter market is a highly potential market with scope for the entry of new vendors that addresses the growing need for solar PV manufacturers and solar farm developers alike. The competitive environment in this market is likely to intensify further during the forecast period because of the increase in product extensions and technological innovations.
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Top five vendors in the global solar hybrid inverter market
Flin Energy company offers customized solar solutions for its residential, commercial, and utility provider end-users. In addition to solar hybrid inverters, the company also provide solar kits, mini solar lighting solution, solar charge controller, FlinFlow Pump Inverter and solar accessories.
Luminous India has a product portfolio comprising power backup solutions such as home UPS, inverter batteries, and solar applications. The company has seven manufacturing units, and over 6,000 employees worldwide. The company has a strong presence in the Middle East, Africa, and the Indian Subcontinent.
Microtek Inverters designs, manufactures, and markets power products. The company has 355 service points and 25,000 distributors and dealers in India. The company exports to countries such as South Africa, Afghanistan, Nepal, Iraq, Bangladesh, the UAE, and Pakistan.
Schneider Electric manufactures a wide range of equipment and components for electricity distribution, energy management, and automation management. The company operates through the building and partner, infrastructure, industry, IT, UPS, and other business segments.
Su-Kam Power Systems
Su-Kam Power Systems provides advanced technology solutions for power back-up, generation, and monitoring. The company also manufactures battery accessories, diesel, lead-acid batteries, tubular, SMF, battery equalizers, tall tubular and automotive batteries, LPG, and CNG genets.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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