Global Grid- Tied Inverters Market Growth Overview For 2024-2033
Grid- Tied Inverters Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Grid- Tied Inverters Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, June 21, 2024 /EINPresswire.com/ -- The grid-tied inverters market size1 has grown strongly in recent years, reaching $5.16 billion in 2023 and projected to grow to $5.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. This growth can be attributed to government incentives, technological advancements in solar energy, and the increasing adoption of renewable energy sources. Grid modernization initiatives and declining costs of solar photovoltaic systems have also contributed to market expansion.
Government Support and Technological Advancements Driving Growth
The market is expected to see robust growth, reaching $7.47 billion by 2028, with a CAGR of 7.4%. Factors fueling this growth include the growing demand for clean energy solutions, expansion of solar power capacity, and regulatory support for renewable energy integration. Advancements in grid-tied inverter technology, coupled with a heightened focus on energy efficiency and sustainability, further bolster market prospects.
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Major Players and Innovations
Key players such as Mitsubishi Electric Corporation, Huawei Technologies Co Ltd., and Schneider Electric SE are focusing on developing innovative solutions in grid-tied inverters. For instance, Canadian Solar Inc. introduced the EP Cube Lite, a residential energy storage solution designed to optimize energy usage and reduce costs for U.S. households with integrated solar and battery storage capabilities.
In another strategic move, companies like SolarEdge Technologies Inc. and Enphase Energy Inc. are enhancing their market positions through technological advancements and seamless integration of energy storage systems with diverse grid environments.
Grid- Tied Inverters Market Segments2:
• Type: Low Frequency Inverter, High Frequency Inverter
• Application: DC Voltage Source, Grid Connection, Other Applications
• End-Use: Residential, Commercial, Industrial, Other End-Uses
Geographical Insights: North America Leading the Market
North America emerged as the largest region in the grid-tied inverters market in 2023. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
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Grid- Tied Inverters Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Grid- Tied Inverters Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on grid- tied inverters market size, grid- tied inverters market drivers and trends, grid- tied inverters market major players, competitors' revenues, market positioning, and market growth across geographies. The grid- tied inverters market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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