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Major Market Shift in Grid- Tied Inverters Industry: Innovations Propel Growth In Industrial Evaporators Market

02-05-2025 11:42 AM CET | IT, New Media & Software

Press release from: The Business Research Company

Grid Tied Inverters Market Size

Grid Tied Inverters Market Size

What Is the Forecasted Market Size and Growth Rate for the Grid- Tied Inverters Market?
The grid-tied inverters market is set to grow from $5.6 billion in 2024 to $6.08 billion in 2025, reflecting a CAGR of 8.6%. This growth is attributed to government incentives, technological advancements in solar energy, and the increasing adoption of renewable energy.

The grid-tied inverters market is set for strong growth, reaching $7.98 billion by 2029 at a CAGR of 7.0%. This growth is driven by increasing demand for clean energy solutions, the expansion of solar power, regulatory support for renewable energy integration, advancements in grid-tied inverter technology, and a focus on energy efficiency. Key trends include hybrid inverters with energy storage, smart grid technology for improved management, IoT integration for remote monitoring, the development of microgrids for decentralized energy, and emphasis on grid resilience in response to climate change impacts.

What Factors Are Propelling the Expansion of the Grid- Tied Inverters Market?
The growth of the grid-tied inverter market is expected to be fueled by an increase in the number of solar power system installations. A solar power system captures solar radiation and converts it into usable electrical or thermal energy, with solar panels connected to a grid-tied inverter (GTI) that converts the direct current (DC) produced into alternating current (AC). For instance, in July 2023, the International Energy Agency, a France-based intergovernmental organization, reported a 26% increase in solar photovoltaic (PV) generation, reaching nearly 1,300 terawatt-hours in 2022. Projections indicate that solar PV's installed power capacity will surpass coal by 2027, becoming the world's largest power capacity source. This surge in solar power installations is expected to drive the growth of the grid-tied inverter market.

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Which Businesses Are at the Forefront of Grid- Tied Inverters Market Development?
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.

What Are the Latest Innovations in the Grid- Tied Inverters Market?
Leading companies in the grid-tied inverter market are focusing on innovative solutions such as grid-tied residential energy storage systems to strengthen their market position. Integrating new residential energy storage systems into grid-tied inverters accelerates market growth by increasing demand, advancing technology, and enabling seamless integration with various grid environments. For example, in September 2023, Canadian Solar Inc., a renewable energy company based in Canada, introduced the EP Cube Lite at RE+ in Las Vegas. This cost-effective residential energy storage solution is a scaled-down version of the EP Cube, designed to provide financial benefits for U.S. households using solar and battery storage systems. The compact, grid-tied setup optimizes energy use and reduces evening costs. With scalable capacities from 6.6 kWh to 19.9 kWh, it is compatible with existing photovoltaic systems, enabling customization. Featuring an integrated hybrid inverter and stackable storage modules, the lightweight components facilitate quick installation, promoting sustainable energy practices.

How Is the Grid- Tied Inverters Market Segmented?
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 Application
3) By End-Use: Residential, Commercial, Industrial, Other End-Uses

Subsegments:
1) By Low Frequency Inverter: Transformer-Based Inverters, Applications In Large-Scale Systems
2) By High Frequency Inverter: Transformerless Inverters, Applications In Residential And Commercial Systems

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Where Is the Grid- Tied Inverters Market Growth Most Prominent?
North America was the largest region in the grid tied inverters market in 2024. The regions covered in the grid- tied inverters market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Grid- Tied Inverters Global Market Report?

- Market Size Analysis: Analyze the Grid- Tied Inverters Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Grid- Tied Inverters Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Grid- Tied Inverters Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Grid- Tied Inverters Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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