Press release
Global Market Trends in Grid-Tied Inverters: 2024 Insights
Grid- Tied Inverters Market Drivers
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Report Coverage & Details:
• Forecast Period: 2024-2033
• Base Year: 2023
• Market Size In 2024: $5.6 billion
• Revenue Forecast In 2033: $7.47 billion
• CAGR: 7.4%
Global Grid- Tied Inverters Market: Segmentation
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
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Grid- Tied Inverters Market Report: Growth Drivers
A rise in solar power system installations is projected to drive the growth of the grid-tied inverter market in the future. A solar power system captures solar energy and converts it into usable electrical or thermal energy. Solar panels are linked to a grid-tied inverter (GTI), which changes the direct current (DC) produced by the panels into alternating current (AC). For example, in February 2023, Solar Energy UK, a UK-based trade association, reported that 61,320 properties in the UK had solar panels installed in 2021, marking a 71% increase from the 35,841 properties installed the previous year. Consequently, the rise in solar power installations is boosting the grid-tied inverter market.
Key Developments:
Hitachi Energy Bolsters Smart Grid And Smart City Presence With Acquisition Of Eks Energy
In October 2023, Hitachi Energy, a Switzerland-based power technologies company, acquired Eks Energy, for an $1.2 billion. This acquisition is expected to strengthen Hitachi Energy's position in the smart grid and smart city market, as well as expand its capabilities in the industrial IoT segment. And it will enable Hitachi Energy to offer a more comprehensive suite of products and services, including advanced grid support, energy storage, and distributed energy resources management. Eks Energy, is a UK-based provider of advanced power electronics and energy management services.
Top Market Leader Included:
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.
Grid- Tied Inverters Industry: Regional Landscape
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 countries covered in the grid-tied inverters market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
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What Does The Global Grid- Tied Inverters Market Report Include?
1.Introduction
• Overview of the Grid- Tied Inverters Market
• Comprehensive Analysis of Grid- Tied Inverters Market
2. Grid- Tied Inverters Market Drivers and Restraints
• Drivers and Restraints For Historic And Forecast Period
3. Grid- Tied Inverters Market Segmentation
• By Drug Class
• By Indication
• By Distribution Channel
4. Competitive Landscape And Company Profiles In The Grid- Tied Inverters Market
• Overview
• Products and Services
• Strategy
5. Grid- Tied Inverters Market Regional And Country Analysis
• By Region
• By Country
6. Market Trends And Opportunities In Grid- Tied Inverters Market
• Technological Advancements
• Emerging Trends
7. Grid- Tied Inverters Market Future Outlook and Potential Analysis
• Growth Strategies
• New Opportunities
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