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

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 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. '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)'

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.

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.

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.