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Top Market Shifts Transforming the Grid- Tied Inverters Market Landscape: Key Insights
Grid- Tied Inverters Market
What Is the Expected CAGR for the Grid- Tied Inverters Market Through 2025?
In recent times, the market size for grid-tied inverters has experienced solid expansion. It is projected to surge from $5.6 billion in 2024 to $6.01 billion in 2025, registering a compound annual growth rate (CAGR) of 7.3%. The past growth in this market can be accredited to factors like government incentives and subsidies, advancements in solar energy technology, rising adoption of renewable energy sources, initiatives to modernize the grid, and falling prices of solar photovoltaic systems.
What's the Projected Size of the Global Grid- Tied Inverters Market by 2029?
The market for grid-tied inverters is forecasted to experience significant expansion in the coming years, reaching a total worth of $7.78 billion by 2029, at an annual compound growth rate of about 6.7%. The projected rise during the prediction period can be credited to the expanding demand for environmentally friendly energy systems, the growth of solar power capabilities, governmental support towards the convergence of renewable energy, advancements in the technology of grid-tied inverters, and a heightened focus on energy proficiency and sustainability. The upcoming period will witness key trends such as the utilization of hybrid grid-tied inverters with energy storing capacities, emergence of intelligent grid technologies for better grid supervising, the incorporation of the Internet of Things (IoT) for remote supervision and regulation, the initiation of microgrid systems for localized energy production, and stress on grid dependability and resilience as a response to the effects of climate change.
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Top Growth Drivers in the Grid- Tied Inverters Industry: What's Accelerating the Market?
The grid-tied inverter market is poised for growth, following an expected rise in solar power system installations. Essentially, a solar power system is a gadget that harnesses solar radiation and converts it into serviceable electric or thermal energy. These solar panels connect to a grid-tied inverter (GTI), which then changes the direct current (DC) it generates into alternating current (AC). For example, in a report by the International Energy Agency, a France-based intergovernmental body, it was revealed in July 2023 that solar photovoltaic (PV) generation saw an impressive boost of 270 terawatt-hours (26%), taking the total to approximately 1,300 terawatt-hours in 2022. Predictions suggest that the installed capacity of solar PV is set to exceed coal by 2027, hence, cementing its position as the planet's largest power capacity source.
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Which Fast-Growing Trends Are Poised to Disrupt the Grid- Tied Inverters Market?
In an effort to secure their standing in the grid-tied inverter market, significant corporations are pioneering innovative solutions, including grid-tied residential energy storage solutions. The introduction of cutting-edge grid-tied residential energy storage accelerates the growth of the grid-tied inverter market, through driving demand, fostering technological advancement, and permitting efficient integration of energy storage systems within a range of grid spaces. For instance, in September 2023, Canadian Solar Inc., a renewable energy corporation based in Canada, unrolled the EP Cube Lite at RE+ in Las Vegas; a cost-effective residential energy storage solution. This solution is a scaled-down variant of the EP Cube, and it boosts financial advantages for American homes that adopt integrated solar and battery storage. The small, grid-tied system is designed to facilitate the optimization of energy usage and decrease evening costs. It offers a scalable capacity that ranges from 6.6 kWh to 19.9 kWh, and is suited to existing PV systems to encourage customization. It is built with an integrated hybrid inverter and stackable storage modules, with lightweight elements that simplify the installation process, thereby making energy storage more attainable, and advocating for sustainable practices.
What Are the Main Segments in the Grid- Tied Inverters Market?
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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Which Top Companies are Driving Growth in the Grid- Tied Inverters Market?
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.
Which Regions Will Dominate the Grid- Tied Inverters Market Through 2029?
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.
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