Dublin, Oct. 26, 2023 (GLOBE NEWSWIRE) — “Products by Power Rating (up to 50 kW, 50-100 kW, above 100 kW), Voltage (100-300 V, 300-500 V”, ResearchAndMarkets.com. 500 B), Type (Microinverter, String Inverter, Central Inverter), Application and Region – Global Forecast to 2028.”
The global grid-connected inverter market is expected to grow from US$680 million in 2023 to US$1.042 billion in 2028; is expected to grow at a compound annual growth rate of 8.9% during the forecast period. Grid-grid inverters play a vital role in effectively managing the influx of renewable energy and ensuring grid stability.
Based on the power ratings of grid-tied inverters, the 100kW and above segment is expected to be the second largest growth market between 2023 and 2028. Grid-grid inverters above 100 kW provide grid support services (e.g. frequency regulation, voltage control, reactive power compensation, etc.) These services are especially important for regions with a high degree of integration of renewable energy sources.
By type, the string inverter segment is expected to remain the second largest market during the forecast period. For small solar PV installations, string inverters are generally more economical than central inverters. They offer a good balance between performance and affordability, making them an attractive choice for residential and light commercial projects. Grid-tied inverters are relatively easy to install and maintain, and they generally require less maintenance than more complex central grid-tied inverters.
In terms of application volume, the wind power segment is expected to remain the second largest market during the forecast period. Grid-tied inverters are increasingly being used in wind farms to maintain grid stability and improve the integration of wind power into the grid. These specialized inverters play a vital role in creating and maintaining a stable grid environment, allowing wind farms to operate in grid-connected mode rather than relying solely on the stability of the existing grid.
North America is estimated to have the second largest market share in grid-tied inverters. Growing concerns about grid resiliency and disaster preparedness have led to increased interest in microgrids using grid-tied inverters. There is growing interest in microgrids in North America, especially in mission-critical facilities, military bases and remote communities. Grid-grid inverters are an essential component of microgrids, allowing them to operate autonomously or in coordination with the main grid.
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