The Grid- Tied Inverters Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Grid- Tied Inverters Global Market Report 2024, The grid- tied inverters market size has grown strongly in recent years. It will grow from $5.16 billion in 2023 to $5.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to government incentives and subsidies, technological advancements in solar energy, increasing adoption of renewable energy sources, grid modernization initiatives, declining costs of solar photovoltaic systems.
The grid- tied inverters market size is expected to see strong growth in the next few years. It will grow to $7.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to growing demand for clean energy solutions, expansion of solar power capacity, regulatory support for renewable energy integration, advancements in grid-tied inverter technology, increasing focus on energy efficiency and sustainability. Major trends in the forecast period include adoption of hybrid grid-tied inverters with energy storage capabilities, emergence of smart grid technologies for improved grid management, integration of internet of things (iot) for remote monitoring and control, development of microgrid systems for decentralized energy generation, emphasis on grid resilience and reliability in response to climate change impacts.
An increase in the number of solar power system installations is expected to propel the growth of the grid-tied inverter market going forward. A solar power system refers to a device that captures solar radiation and transforms it into usable electrical energy or thermal energy. Solar panels are connected to a grid-tied inverter (GTI), which transforms the direct current (DC) they produce into alternating current (AC). For instance, in February 2023, according to the Solar Energy UK, a UK-based the Solar Trade Association, 61,320 UK properties had solar panels installed in 2021, a 71% increase from the 35,841 properties that had solar panels installed the year before. Therefore, an increase in the number of solar power installations is driving the growth of the grid-tied inverter market.
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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
Major companies operating in the grid-tied inverter market are developing innovative solutions in grid-tied inverter such as grid-tied residential energy storage solutions to strengthen their position in the market. Integration of new grid-tied residential energy storage boosts grid-tied inverter market growth by, driving demand, technological advancements, and seamless integration of energy storage systems with diverse grid environments. For instance, in September 2023, Canadian Solar Inc., a Canada-based Renewable energy company, has unveiled the EP Cube Lite, a cost-effective residential energy storage solution introduced at RE+ in Las Vegas. It’s a scaled-down version of the EP Cube, enhancing financial benefits for U.S. households adopting integrated solar and battery storage. The compact, grid-tied system allows users to optimize energy usage, reducing evening costs. With scalable capacities from 6.6 kWh to 19.9 kWh, it’s compatible with existing PV systems, promoting customization. Featuring an integrated hybrid inverter and stackable storage modules, the lightweight components facilitate quick installation, aiming to make energy storage more accessible and promote sustainable practices.
The grid- tied inverters market report table of contents includes:
- Executive Summary
- Grid- Tied Inverters Market Characteristics
- Grid- Tied Inverters Market Trends And Strategies
- Grid- Tied Inverters Market – Macro Economic Scenario
- Global Grid- Tied Inverters Market Size and Growth
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- Global Grid- Tied Inverters Market Competitive Benchmarking
- Global Grid- Tied Inverters Market Competitive Dashboard
- Key Mergers And Acquisitions In Grid- Tied Inverters Market
- Grid- Tied Inverters Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Mitsubishi Electric Corporation,
- Huawei Technologies Co Ltd.
- Hitachi Ltd.
- Schneider Electric SE
- ABB Ltd
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