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Renewable Energy Integration Systems Market Size, Share, Overview And Forecast To 2033
Renewable Energy Integration Systems Market Size
According to The Business Research Company's, The renewable energy integration systems market size has grown rapidly in recent years. It will grow from $ 118.91 billion in 2023 to $132.84 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to renewable portfolio standards (RPS), net metering policies, feed-in tariffs (FITs), public support and advocacy, and electricity market reforms.
The renewable energy integration systems market size is expected to see rapid growth in the next few years. It will grow to $194.73 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to advancements in energy storage, smart grid solutions, digitalization and iot, decentralized energy systems, electrification of transportation. Major trends in the forecast period include grid flexibility solutions, hybrid renewable energy systems, integration of electric vehicles (EVs), artificial intelligence (AI) and machine learning (ML), blockchain technology.
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Market Drivers and Trends:
The rising investments in the energy sector are expected to propel the growth of the renewable energy integration systems market going forward. Investments in the energy sector refer to the allocation of financial resources, capital, or funds towards activities, projects, or assets related to the production, distribution, and utilization of energy resources. Investments are used in renewable energy integration systems (REIS) to maximize the benefits of renewable energy deployment, enhance grid reliability and resilience, and accelerate the transition to a sustainable energy future. For instance, in July 2023, according to a report published by GOV.UK, a UK-based public sector information website, investment in the energy industries in 2022 totaled $22.45 billion (£16.7 billion), marking a 1.4% increase compared to the previous year. Furthermore, in December 2023, according to the Institute for Energy Economics & Financial Analysis, a US-based nonprofit organization, investments in solar power generation totaled approximately $500 billion in 2022, up $80 billion from the previous year. Therefore, rising investments in the energy sector are driving the growth of the renewable energy integration systems market.
Major companies operating in renewable energy integration systems are adopting a strategic partnership approach to provide an even more tailored solution for their large energy consumer clients. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in April 2021, Atlas Renewable Energy LLC, a US-based renewable energy generation company, partnered with Hitachi ABB Power Grids, a Switzerland-based company that provides pioneering breakthroughs in the energy sector. This collaboration aims to integrate battery energy storage systems (BESS) into the design of new renewable energy projects and develop the best technical solutions for BESS and their interconnection, providing more flexible, reliable, and efficient battery implementations for Atlas' projects.
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Major Key Players of the Market:
Hitachi Ltd., Huawei Technologies Co. Ltd., Siemens AG, General Electric Renewable Energy LLC, Schneider Electric SE, ASEA Brown Boveri Ltd., Toshiba Corporation, Exelon Generation Company LLC, Vestas Wind Systems AS, Emerson Electric Co., Delta Electronics Inc., Sungrow Power Supply Co. Ltd., Enercon GmbH, SolarEdge Technologies Inc., Enphase Energy, Advanced Energy Industries Inc., SMA Solar Technology AG, Fronius International GmbH, Cyber Power Systems Inc., Nidec Industrial Solutions, Kaco New Energy GmbH, FlexGen Power Systems, Doosan GridTech, Voltus Inc., Ideal Power Inc.
Renewable Energy Integration Systems Market 2024 Key Insights:
• The renewable energy integration systems market is expected to grow to $194.73 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Rising Investments Driving Growth In The Renewable Energy Integration Systems Market
• Strategic Partnerships Driving Tailored Solutions In Renewable Energy Integration Systems
• Asia-Pacific was the largest region in the renewable energy integration systems market in 2023.
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