Press release
Soaring Demand Set to Propel Renewable Energy Integration Systems Market to $209.38 Billion by 2029
Renewable Energy Integration Systems
What Is the Expected CAGR for the Renewable Energy Integration Systems Market Through 2025?
The market size for renewable energy integration systems has seen significant expansion in the previous years. Its projected progression will see it surge from $132.84 billion in 2024 to $146.78 billion in 2025, displaying a Compound Annual Growth Rate (CAGR) of 10.5%. Factors that have stimulated this growth during the historical phase include renewable portfolio standards (RPS), net metering laws, feed-in tariffs (FITs), public endorsement and promotion, and modifications in the electricity market.
What's the Projected Size of the Global Renewable Energy Integration Systems Market by 2029?
The market size for renewable energy integration systems is forecasted to experience robust expansion in the upcoming years. It's set to grow to $209.38 billion by 2029, with a compound annual growth rate (CAGR) of 9.3%. This growth can be linked to various advancements such as energy storage, smart grid solutions, digitalization, IoT, decentralised energy systems, and the electrification of transport. The forecast period will also see key trends like grid flexibility solutions, hybrid renewable energy systems, the integration of electric vehicles (EVs), artificial intelligence (AI), machine learning (ML), and blockchain technology.
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Top Growth Drivers in the Renewable Energy Integration Systems Industry: What's Accelerating the Market?
The anticipated growth of the renewable energy integration systems market can be attributed to increasing investments in the energy sector. These investments refer to the allocation of financial resources, capital, or funds toward activities, assets, and projects that involve energy production, distribution, and usage. Renewable energy integration systems (REIS) apply these investments to fully leverage the benefits of renewable energy deployment, strengthen the reliability and resilience of the grid, and expedite the shift toward a sustainable energy future. For example, a report by GOV.UK, a public sector information website in the UK, stated in July 2023 that investment in the energy industries hit $22.45 billion (£16.7 billion) in 2022, indicating a rise of 1.4% from the prior year. Furthermore, a report from the Institute for Energy Economics & Financial Analysis, a US-based nonprofit organization, indicated that solar power generation investments reached roughly $500 billion in 2022, an $80 billion increase from 2021. Consequently, the increasing investments in the energy sector are a key factor fueling the growth of the renewable energy integration systems market.
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What Trends Will Shape the Renewable Energy Integration Systems Market Through 2029 and Beyond?
Major enterprises in the renewable energy integration system industry are driving innovation by focusing on developing cutting-edge solutions such as next-gen solar inverters to augment energy efficiency. These advanced solar inverter solutions utilize latest technologies to upscale solar energy conversion effectiveness, dependability, and compatibility with energy storage systems and intelligent grids. They offer enhanced performance, live tracking, and compatibility with renewable energy sources. For example, EPC Power Corporation, an American manufacturing company, in September 2024 introduced their product known as M System. This is a modular solar inverter platform created to maximize both energy storage and solar plant design with configurations ranging from a single 5.3 MVA inverter block to ten separate 537 kVA inverters. This adaptable architecture boosts production efficacy and profitability while encouraging the manufacturing of renewable energy in the U.S.
What Are the Main Segments in the Renewable Energy Integration Systems Market?
The renewable energy integration systems market covered in this report is segmented -
1) By Components: Hardware, Software, Services
2) By Power Sources: Wind power, Solar power, Hydro power
3) By End-User: Residential Consumers, Commercial Consumers, Industrial Consumers, Government Agencies
Subsegments:
1) By Hardware: Inverters, Batteries and Storage Systems, Power Control Systems, Transformers, Switchgear and Protection Devices
2) By Software: Energy Management Software, Grid Management Software, Data Analytics and Monitoring Software
3) By Services: Consulting Services, Integration and Deployment Services, Maintenance and Support Services
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Which Top Companies are Driving Growth in the Renewable Energy Integration Systems Market?
Major companies operating in the renewable energy integration systems market are 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.
Which Regions Will Dominate the Renewable Energy Integration Systems Market Through 2029?
Asia-Pacific was the largest region in the renewable energy integration systems market in 2024. The regions covered in the renewable energy integration systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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