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Grid-Tied Inverters Market: Detailed Share Analysis, Key Segments, Major Drivers, and Growth Strategies
Grid- Tied Inverters Market
Grid- Tied Inverters Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $7.47 billion In 2028 At A CAGR Of 7.4% :
The grid- tied inverters market size has grown strongly in recent years. It will grow from $5.16 billion in 2023 to $5.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to government incentives and subsidies, technological advancements in solar energy, increasing adoption of renewable energy sources, grid modernization initiatives, declining costs of solar photovoltaic systems.
The grid- tied inverters market size is expected to see strong growth in the next few years. It will grow to $7.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to growing demand for clean energy solutions, expansion of solar power capacity, regulatory support for renewable energy integration, advancements in grid-tied inverter technology, increasing focus on energy efficiency and sustainability. Major trends in the forecast period include adoption of hybrid grid-tied inverters with energy storage capabilities, emergence of smart grid technologies for improved grid management, integration of internet of things (iot) for remote monitoring and control, development of microgrid systems for decentralized energy generation, emphasis on grid resilience and reliability in response to climate change impacts.
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Grid- Tied Inverters Market Major Segments
The grid- tied inverters market covered in this report is segmented -
1) By Type: Low Frequency Inverter, High Frequency Inverter 2) By Application: DC Voltage Source, Grid Connection, Other Applications 3) By End-Use: Residential, Commercial, Industrial, Other End-Uses
Key Driver - The increase In Number Of Solar Power System Installations Accelerates The Growth Of The Market
An increase in the number of solar power system installations is expected to propel the growth of the grid-tied inverter market going forward. A solar power system refers to a device that captures solar radiation and transforms it into usable electrical energy or thermal energy. Solar panels are connected to a grid-tied inverter (GTI), which transforms the direct current (DC) they produce into alternating current (AC). For instance, in February 2023, according to the Solar Energy UK, a UK-based the Solar Trade Association, 61,320 UK properties had solar panels installed in 2021, a 71% increase from the 35,841 properties that had solar panels installed the year before. Therefore, an increase in the number of solar power installations is driving the growth of the grid-tied inverter market.
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Prominent Trend - Innovations Propel Growth In Industrial Evaporators Market
Major companies operating in the grid-tied inverter market are developing innovative solutions in grid-tied inverter such as grid-tied residential energy storage solutions to strengthen their position in the market. Integration of new grid-tied residential energy storage boosts grid-tied inverter market growth by, driving demand, technological advancements, and seamless integration of energy storage systems with diverse grid environments. For instance, in September 2023, Canadian Solar Inc., a Canada-based Renewable energy company, has unveiled the EP Cube Lite, a cost-effective residential energy storage solution introduced at RE+ in Las Vegas. It's a scaled-down version of the EP Cube, enhancing financial benefits for U.S. households adopting integrated solar and battery storage. The compact, grid-tied system allows users to optimize energy usage, reducing evening costs. With scalable capacities from 6.6 kWh to 19.9 kWh, it's compatible with existing PV systems, promoting customization. Featuring an integrated hybrid inverter and stackable storage modules, the lightweight components facilitate quick installation, aiming to make energy storage more accessible and promote sustainable practices.
Grid- Tied Inverters Market Players
Major companies operating in the grid- tied inverters market report are Mitsubishi Electric Corporation, Huawei Technologies Co Ltd., Hitachi Ltd., Schneider Electric SE, ABB Ltd., Toshiba Corporation, Emerson Electric Co, Delta Electronics, Chint Power Systems Co Ltd., Omron Corporation, Sungrow Power Supply Co Ltd. , KACO New Energy GmbH, CyberPower Systems Inc., SolarEdge Technologies Inc., Enphase Energy Inc., Advanced Energy Industries Inc., Ginlong Technologies Co Ltd., TMEIC International Corporation, SMA Solar Technology AG, Power Electronics España SL, Darfon Electronics Corporation, Luminous Power Technology Pvt Ltd., Fronius International GmbH, FIMER SpA, Altenergy Power System Inc., Growatt New Energy Technology Co Ltd., Sputnik Engineering AG, RS Components Ltd.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the grid tied inverters market in 2023. The regions covered in the grid- tied inverters market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Grid- Tied Inverters Market Report Structure
3. Grid- Tied Inverters Market Trends And Strategies
4. Grid- Tied Inverters Market - Macro Economic Scenario
5. Grid- Tied Inverters Market Size And Growth
…..
27. Grid- Tied Inverters Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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