Overview and Scope
A grid-tied inverter refers to a device for power electronics that transforms direct current (DC) into alternating current (AC) to enable the transfer of electricity from an external power source, such as a solar plant, into a power grid. Grid-tied inverters function without batteries and are widely employed for solar panels, wind turbines, and hydroelectric plants.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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 Applications3) By End-Use: Residential, Commercial, Industrial, Other End-Uses
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The grid- tied inverters market report table of contents includes:
1. Executive Summary
2. Grid- Tied Inverters Market Characteristics
3. Grid- Tied Inverters Market Trends And Strategies
4. Grid- Tied Inverters Market – Macro Economic Scenario
5. Global Grid- Tied Inverters Market Size and Growth
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32. Global Grid- Tied Inverters Market Competitive Benchmarking
33. Global Grid- Tied Inverters Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Grid- Tied Inverters Market
35. Grid- Tied Inverters Market Future Outlook and Potential Analysis
36. Appendix
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