Grid Tie Inverter Market Forecast and CAGR
According to the latest research by Fact.MR, the grid tie inverter market is set to witness steady growth during 2021-2031. In short term, the demand is expected to increase at a steady pace. However, in the long run sales of these mixers is anticipated to grow with an impressive growth rate of more than 6.5% CAGR during the forecast period.
What is Driving Demand for Grid Tie Inverter?
Grid tie inverters are used for converting direct current to alternating current. These inverters are used for the residential, commercial, industrial purpose along with others. These inverters are highly energy-efficient and this is driving the sales of grid tie inverters around the world.
A grid tie inverter coordinate frequency to that of grid with the help of an oscillator and it limit the voltage to maintain it less or equal to the voltage of the grid. A grid tie inverter allows a consumer to use the generation of power from solar power or wind power with the requirement of extensive wiring or batteries. If energy source from solar and wind power is insufficient they can be powered from the electrical grid as well.
New grid tie inverters which are being introduced in the market, have an LCD to show the status of the inverter, it provides input about real-time energy generation and energy yield. This helps in improving the overall user experience and it can also let the user know about power status or if something is wrong with the inverter. Owing to this demand for these inverters are expected to witness an upsurge.
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What Factors Influencing Sales of Grid Tie Inverter?
Pandemics such as COVID-19 are unforeseen and have affected all the economies around the world, COVID-19 has impacted the demand for these inverters. The imposition of lockdowns around the world and stoppage in production has affected the market of grid tie inverters.
These types of inverter have an efficiency of more than 95% and depending on power capacity, they are capable of providing electricity to a house for a day or more than a week.
By generating power from wind and solar power these inverters are providing clean and renewable energy. Rising demand for inverters which generate power from natural energy source will influence sales of grid tie inverters across the globe.
These types of inverters are available in various forms, consumer can get a low frequency or a high-frequency transformer coupling depending on the use. Depending on the power capacity these inverters can be used for small houses to power big buildings. Some manufacturers are also customizing these inverters as per the requirement of the consumers. Leading to these factors it is expected to see a rise in sales of grid tie inverter.
Asian Countries Grid Tie Inverter Market Outlook
Asia dominates the market share of grid tie inverter in the world and it is projected that the sales of these inverters will also grow fast in the region compared to the rest of the world.
China is one of the major reason why Asia dominates the sales of grid tie inverters, it holds the largest share in the region. Most of the big manufacturers are from the country. The booming construction industry will influence the sales of these inverters positively.
India is also a huge contributor to the demand for these inverters. The construction industry is rising rapidly and demand for better energy efficient inverters is rising. Owing to this sales of grid tie inverters will see a massive surge in forthcoming years.
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The United States of America Grid Tie Market Outlook
Compared to China & India, the market is slow for these type of inverter in the country. But as consumers are looking for more energy-efficient and inverters which generates power from the renewable energy source, due to that grid tie inverter sales is expected to increase in the country.
Who are the Key Manufacturers and Suppliers of Grid Tie Inverter?
Some of the leading manufacturers and suppliers of the grid tie inverter include Mitsubishi Electric Corporation, Emerson Electric, CyberPower, RS Components India, Huawei Technologies, Power Electronics, SMA Solar Technology, Luminous Power Technology, Sungrow Power Supply and other prominent players.
The market for grid tie inverter is fairly fragmented. Manufacturers are investing to make more energy-efficient inverter, they are investing to make inverters which are more than 99% efficient. They also investing to make products more user friendly.
An Adaptive Approach to Modern-day Research Needs
Grid Tie Inverter Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
- Low frequency transformer coupling
- High frequency transformer coupling
By Voltage Output
- Less than 500 v
- 500 – 1000 v
- Above 1000 v
By Distribution Channel
- Online Channel
- E-commerce website
- Company Owned Website
- Offline Channel
- Department Store
- Specialty Store
- Retail Store
- Online Channel
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Oceania
- New Zealand
- Rest of South Asia & Oceania
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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