USD 5.08 billion
Global Grid-Tied Inverters Market Size, Share, Growth Analysis, By Type(Low frequency transformer coupling, and High frequency transformer coupling), By Application(Residential, Commercial) - Industry Forecast 2024-2031
Report ID:
SQMIG20D2158 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
63 |
Figures:
75
Global Grid-Tied Inverters Market Insights
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Low frequency transformer coupling
Fastest Growth
Low frequency transformer coupling
Growth Rate
7.40% CAGR
Global Grid-Tied Inverters Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global Grid-Tied Inverters Market Size By Type 2022-2030 ($ Bn)
Global Grid-Tied Inverters Market Size By Type 2022-2030 (%)
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Global Grid-Tied Inverters Market Segmental Analysis
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.
Global Grid-Tied Inverters Market Size By Type 2022 (%), 2023 (%)
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Global Grid-Tied Inverters Market Regional Insights
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.
Global Grid-Tied Inverters Market Size By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
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Global Grid-Tied Inverters Market Dynamics
Global Grid-Tied Inverters Market Drivers
Increasing Demand for Renewable Energy
- The growing demand for renewable energy sources, such as solar and wind power, is driving the growth of the grid-tied inverters market. Grid-tied inverters are essential components of solar power systems, enabling the conversion of DC power generated by solar panels into AC power that can be used to power homes, businesses, and other applications.
Government Initiatives and Incentives
- Governments worldwide are offering initiatives and incentives to promote the adoption of renewable energy sources, including solar power systems. This has led to an increase in the installation of solar power systems, driving the demand for grid-tied inverters.
Global Grid-Tied Inverters Market Restraints
High Initial Investment
- The high initial investment required to install a solar power system, including grid-tied inverters, is a significant restraint for the growth of the grid-tied inverters market. The high upfront costs can make it difficult for some consumers and businesses to justify the investment, particularly in regions with low energy costs.
Intermittent Nature of Solar Power
- Solar power is an intermittent power source, meaning that it is only available when the sun is shining. This can make it challenging to rely on solar power as the primary source of electricity in some regions, particularly in areas with low levels of solar irradiance.
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Global Grid-Tied Inverters Market Competitive Landscape
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
- ABB (Switzerland)
- SMA Solar Technology (Germany)
- Huawei Technologies (China)
- TMEIC (Japan)
- SolarEdge Technologies (Israel)
- Fronius International GmbH (Austria)
- Sungrow Power Supply Co., Ltd. (China)
- Enphase Energy, Inc. (US)
- KACO new energy GmbH (Germany)
- Delta Electronics, Inc. (Taiwan)
- Ginlong Technologies (China)
- Schneider Electric SE (France)
- Chint Power Systems Co., Ltd. (China)
- Growatt New Energy Technology Co., Ltd. (China)
- GoodWe Power Supply Technology Co., Ltd. (China)
- Omron Corporation (Japan)
- CyberPower Systems, Inc. (US)
- Darfon Electronics Corp. (Taiwan)
- SatCon Technology Corporation (US)
- Power Electronics España S.L. (Spain)
Global Grid-Tied Inverters Market Recent Developments
- In September 2022, SolarEdge Technologies announced the launch of its new Energy Hub Inverter, which combines a grid-tied inverter with a battery storage system and energy management software. The new inverter is designed to help homeowners and businesses maximize their use of solar power and reduce their reliance on the grid.
- In January 2022, SMA Solar Technology AG announced the launch of its new Sunny High Power PEAK3 inverter, which offers up to 75 kW output power for large-scale solar power systems.
- In December 2021, Enphase Energy Inc. announced the acquisition of Flex Energy Solutions, a provider of grid-tied microinverter systems and energy storage solutions.
- In March 2021, Huawei Technologies launched its new SUN2000-185KTL-H1 smart photovoltaic (PV) string inverter, which is designed for large-scale commercial and industrial solar power systems. The new inverter features high efficiency, easy installation, and advanced monitoring and control capabilities.
Global Grid-Tied Inverters Key Market Trends
- Technological Advancements: The grid-tied inverters market is experiencing significant technological advancements, including the development of higher efficiency inverters and new types of inverters such as microinverters and power optimizers. These advancements are enabling the integration of solar power systems into a wider range of applications and reducing the overall cost of solar power systems.
- Growth in the Industrial Sector: The industrial sector is experiencing significant growth in the adoption of renewable energy sources, including solar power systems. This trend is driving the growth of the grid-tied inverters market in the industrial sector, particularly in regions with high energy costs and sustainability goals.
Global Grid-Tied Inverters Market SkyQuest Analysis
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 |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Grid-Tied Inverters Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Grid-Tied Inverters Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global 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 Global 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Grid-Tied Inverters Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Grid-Tied Inverters Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Grid-Tied Inverters Market Report Snapshots
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