USD 5.08 billion
Report ID:
SQMIG20D2158 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
63
|Figures:
75
Global Grid-Tied Inverters Market size was valued at USD 5.08 billion in 2022 and is poised to grow from USD 5.46 billion in 2023 to USD 9.66 billion by 2031, growing at a CAGR of 7.40% during the forecast period (2024-2031).
The global grid-tied inverters market has been growing steadily in the past few years, driven by the increasing demand for renewable energy sources, such as solar energy. Grid-tied inverters are essential components of solar energy systems, as they convert the DC power generated by solar panels into AC power that can be fed into the grid. The market for grid-tied inverters is expected to continue growing in the coming years, as more countries and companies invest in solar energy and other renewable sources. Grid-tied inverters are devices that convert the DC power generated by solar panels into AC power that can be fed into the electric grid. They are a critical component of solar energy systems, as they ensure that the electricity generated by the solar panels is compatible with the grid and can be used by consumers.
The purpose of the grid-tied inverters market is to provide the infrastructure necessary to connect solar energy systems to the electric grid. Grid-tied inverters ensure that the electricity generated by solar panels is compatible with the grid and can be used by consumers. The market for grid-tied inverters is driven by the increasing demand for renewable energy sources, such as solar energy, as well as government incentives and regulations that promote the use of renewable energy. Expanding the use of grid-tied inverters to other applications, such as energy storage systems and electric vehicle charging stations. The global grid-tied inverters market is a critical component of the solar energy industry, and is expected to continue growing in the coming years. While the market faces several challenges, it also presents several opportunities for innovation and growth, as the world moves towards a more sustainable and renewable energy future.
US Grid-Tied Inverters Market is poised to grow at a sustainable CAGR for the next forecast period.
Global Market Size
USD 5.08 billion
Largest Segment
Low frequency transformer coupling
Fastest Growth
Low frequency transformer coupling
Growth Rate
7.40% CAGR
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The global Grid-Tied Inverters Market is segmented on the product, application and region. By Type, the market is segmented into Low frequency transformer coupling, High frequency transformer coupling. By application, the market is segmented into Residential, Commercial, Industrial, Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Grid-Tied Inverters Market Analysis by Type
Low frequency transformer coupling inverters are typically used in larger solar energy systems because they are capable of handling higher power loads. These inverters use a transformer to increase the voltage of the DC power generated by solar panels before converting it to AC power. This enables the power to be transmitted over longer distances with minimal loss. High frequency transformer coupling inverters are commonly used in smaller solar energy systems. These inverters use a smaller transformer, which increases the voltage in a more compact and efficient manner. This makes them suitable for use in residential and small commercial solar energy systems. Low frequency transformer coupling inverters have a higher efficiency rate than high frequency transformer coupling inverters. They are also more expensive and heavier than high frequency transformer coupling inverters. This means that they are more commonly used in larger solar energy systems where their higher efficiency offsets the additional cost.
Global Grid-Tied Inverters Market Analysis by Application
The residential segment includes individual homes and apartments, where homeowners install solar panels to generate electricity for their personal use. The commercial segment includes offices, retail spaces, and other commercial buildings, where solar power systems can help businesses reduce their energy costs and carbon footprint. The industrial segment includes factories, warehouses, and other large industrial facilities, where grid-tied inverters can help improve energy efficiency and reduce operating costs. The "Others" segment includes public utilities, hospitals, and other specialized applications, where grid-tied inverters can be used to supplement existing power sources or provide backup power in case of outages. Low frequency transformer coupling inverters are expected to dominate the market, as they offer higher efficiency and are more compatible with larger solar energy systems. The industrial segment is also expected to grow at a significant rate, as more industrial facilities adopt renewable energy sources to meet sustainability goals and reduce costs.
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North America is expected to experience steady growth in the grid-tied inverters market and emerge dominant. The growth of this regional market is driven by increasing demand for renewable energy and government incentives and initiatives to promote the adoption of solar power systems. The United States is the largest market in the region, with a significant share of the market, followed by Canada and Mexico. The residential and commercial sectors are the primary drivers of growth in the North American grid-tied inverters market, with a high demand for solar power systems in these segments.
Europe is also a significant market for grid-tied inverters, with a large number of solar power installations and a high level of renewable energy adoption. The European Union's goal of achieving carbon neutrality has led to a significant push for renewable energy sources, driving the growth of the grid-tied inverters market in the region. Germany is the largest market in Europe, followed by the United Kingdom, Italy, and Spain. The residential and commercial sectors are the primary drivers of growth in the European grid-tied inverters market.
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Global Grid-Tied Inverters Market Drivers
Increasing Demand for Renewable Energy
Government Initiatives and Incentives
Global Grid-Tied Inverters Market Restraints
High Initial Investment
Intermittent Nature of Solar Power
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The global grid-tied inverters market is highly competitive, with several major players operating in the industry. These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to expand their market share and remain competitive. The competitive landscape of the grid-tied inverters market is dynamic and rapidly evolving, with companies across the industry working to develop innovative technologies and solutions to meet the growing demand for renewable energy sources. The market is expected to continue to grow and evolve in the coming years, as more companies enter the market and new technologies and solutions emerge.
Top Player’s Company Profiles in Global Grid-Tied Inverters Market
Global Grid-Tied Inverters Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global grid-tied inverters market analysis, the increasing demand for renewable energy sources and government initiatives to promote clean energy are the key growth drivers. Grid-tied inverters are a critical component of solar power systems, allowing solar energy to be fed into the electrical grid and distributed to homes, businesses, and other consumers. As the demand for solar power continues to grow, the market for grid-tied inverters is expected to expand accordingly. The market for grid-tied inverters is primarily being driven by the rise in popularity of renewable energy sources, particularly solar power. Governments and consumers are increasingly turning to renewable energy sources as a way to reduce their carbon footprint and support sustainable development as concerns about climate change and environmental sustainability spread throughout the world.
Solar power is a particularly attractive option, as it is abundant, widely available, and does not produce greenhouse gas emissions. The market for grid-tied inverters is anticipated to grow along with the demand for solar energy. Governments all over the world are putting more and more policies and initiatives into place to promote the creation and use of renewable energy sources, including solar energy. These initiatives can take many forms, including tax incentives, feed-in tariffs, and renewable energy targets. As these policies become more widespread, the market for grid-tied inverters is expected to grow as well. There are also some challenges and restraints to the growth of the grid-tied inverters market. One of the main challenges is the high cost of solar power systems, which can make them less accessible to some consumers, particularly in developing countries.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 5.08 billion |
Market size value in 2031 | USD 9.66 billion |
Growth Rate | 7.40% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Grid-Tied Inverters Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Grid-Tied Inverters Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG20D2158