Renewable Energy Integration Systems Global Market Report 2024

The renewable energy integration systems market size has grown rapidly in recent years. It will grow from $ 118.91 billion in 2023 to $132.84 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth observed in the historic period can be attributed to several factors, including the implementation of renewable portfolio standards (RPS), net metering policies, feed-in tariffs (FITs), public support and advocacy, and reforms in electricity markets.

The renewable energy integration systems market size is expected to see rapid growth in the next few years. It will grow to $194.73 billion in 2028 at a compound annual growth rate (CAGR) of 10%. The anticipated growth in the forecast period can be attributed to advancements in energy storage, smart grid solutions, digitalization, and IoT technologies, along with the development of decentralized energy systems and the electrification of transportation. Major trends expected in the forecast period include grid flexibility solutions, hybrid renewable energy systems, the integration of electric vehicles (EVs), the utilization of artificial intelligence (AI) and machine learning (ML), and the adoption of blockchain technology.

The growth of the renewable energy integration systems market is expected to be propelled by increasing investments in the energy sector. These investments involve allocating financial resources towards activities, projects, or assets related to energy production, distribution, and utilization. In renewable energy integration systems (REIS), investments are utilized to maximize the benefits of renewable energy deployment, enhance grid reliability and resilience, and accelerate the transition to sustainable energy. For example, a report from GOV.UK in July 2023 highlighted a 1.4% increase in energy sector investments in 2022, totaling $22.45 billion (£16.7 billion), while the Institute for Energy Economics & Financial Analysis reported approximately $500 billion investments in solar power generation in 2022, marking an $80 billion increase from the previous year. These investments are driving the growth of the renewable energy integration systems market.

Renewable energy integration systems major companies are adopting a strategic partnership approach to deliver customized solutions for their large energy consumer clients. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and success. For example, in April 2021, Atlas Renewable Energy LLC, a US-based renewable energy generation company, partnered with Hitachi ABB Power Grids, a Switzerland-based company known for its pioneering breakthroughs in the energy sector. This collaboration aims to integrate battery energy storage systems (BESS) into the design of new renewable energy projects, focusing on developing the best technical solutions for BESS and their interconnection. The goal is to provide more flexible, reliable, and efficient battery implementations for Atlas' projects.

In October 2023, Hitachi Energy Ltd., a Switzerland-based technology company, acquired eks Energy for an undisclosed amount. This acquisition enhances Hitachi Energy's capabilities in power electronics and energy management software to meet the increasing global demand for battery energy storage solutions. Eks Energy, based in the UK, is a provider of renewable energy integration systems.

Major companies operating in the renewable energy integration systems market are Hitachi Ltd., Huawei Technologies Co. Ltd., Siemens Aktiengesellschaft, General Electric Renewable Energy LLC, Schneider Electric SE, ASEA Brown Boveri Ltd., Toshiba Corporation, Exelon Generation Company LLC, Vestas Wind Systems AS, Emerson Electric Co., Delta Electronics Inc., Sungrow Power Supply Co. Ltd., Enercon GmbH, SolarEdge Technologies Inc., Enphase Energy, Advanced Energy Industries Inc., SMA Solar Technology AG, Fronius International GmbH, Cyber Power Systems Inc., Nidec Industrial Solutions, Kaco New Energy GmbH, FlexGen Power Systems, Doosan GridTech, Voltus Inc., Ideal Power Inc.

Asia-Pacific was the largest region in the renewable energy integration systems market in 2023. The regions covered in the renewable energy integration systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the renewable energy integration systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Renewable energy integration systems encompass the technologies and strategies employed to integrate renewable energy sources into existing energy systems. These systems are engineered to manage the intermittency and variability inherent in renewable energy generation, ensuring a stable and dependable electricity supply.

The primary components of renewable energy integration systems include hardware, software, and services. Hardware comprises the physical components, devices, and equipment utilized to facilitate the integration of renewable energy sources. It encompasses various power sources such as wind power, solar power, and hydropower, and serves various end-users including residential, commercial, industrial consumers, and government agencies.

The renewable energy integration systems market research report is one of a series of new reports that provides renewable energy integration systems market statistics, including renewable energy integration systems industry global market size, regional shares, competitors with a renewable energy integration systems market share, detailed renewable energy integration systems market segments, market trends and opportunities, and any further data you may need to thrive in the renewable energy integration systems industry. This renewable energy integration systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The renewable energy integration system market consists of revenues earned by entities by providing services such as grid integration services, smart grid solutions, grid management and stability, regulatory compliance and reporting, system optimization and efficiency, and energy storage solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. The renewable energy integration system market also includes sales of products such as smart inverters, energy storage systems, energy forecasting tools, and grid-tied solar PV systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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