PUBLISHER: SkyQuest | PRODUCT CODE: 1455053
PUBLISHER: SkyQuest | PRODUCT CODE: 1455053
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 market for grid-tied inverters, crucial components of solar energy systems converting DC power into AC power compatible with the grid, has seen steady growth propelled by increasing demand for renewable energy like solar power. Expected to persist in its expansion due to escalating investments in renewables by nations and corporations, the market ensures solar-generated electricity seamlessly integrates into the grid for consumer use. Driven by renewable energy demand, governmental incentives, and regulations, the market also explores new avenues like energy storage systems and electric vehicle charging stations. Despite facing challenges, it offers fertile ground for innovation and growth as the world progresses towards a sustainable energy future.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Grid-Tied Inverters Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
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.
Drivers of the Global Grid-Tied Inverters Market
The burgeoning interest in renewable energy, exemplified by solar and wind power, is fueling the expansion of the grid-tied inverters market. These inverters play a crucial role in solar power systems, facilitating the conversion of DC power from solar panels into usable AC power for various applications in homes, businesses, and beyond.
Restraints in the Global Grid-Tied Inverters Market
The substantial initial investment needed for setting up a solar power system, encompassing grid-tied inverters, poses a considerable obstacle to the expansion of the grid-tied inverters market. The elevated upfront expenses may present challenges for both consumers and businesses in rationalizing the investment, especially in areas where energy costs are relatively low.
Market Trends of the Global Grid-Tied Inverters Market
The grid-tied inverters market is undergoing notable technological progress, marked by the emergence of more efficient inverters and innovative variations like microinverters and power optimizers. These advancements are facilitating the incorporation of solar power systems into diverse applications while simultaneously driving down the overall expenses associated with solar power installations.