Wilmington, Delaware, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Grid Forming Inverters Market by Type (Micro Inverters, Central Inverters and String Inverters), Power Rating (Below 50 KW, 50-100 KW and Above 100 KW), Application (Wind Power Plants, Solar PV Plants, Electric Vehicles and Energy Storage System): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the grid forming inverters market was valued at $0.7 billion in 2023, and is estimated to reach $1.5 billion by 2033, growing at a CAGR of 8.2% from 2024 to 2033.
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Prime determinants of growth
The global grid forming inverters market is experiencing growth due to increase in demand for renewable energy integration However, the high cost of grid-forming inverters and related infrastructure is expected to restrain the growth of the grid forming inverters market during the forecast period. Moreover, the increase in deployment of microgrids, especially in remote and off-grid areas, presents a significant opportunity for grid-forming inverters market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $0.7 billion |
| Market Size in 2033 | $1.5 billion |
| CAGR | 8.2% |
| No. of Pages in Report | 300 |
| Segments Covered | Type, Power Rating, Application, and Region |
| Drivers |
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| Opportunities |
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| Restraint |
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The central inverters segment is expected to exhibit fastest growth throughout the forecast period
Central inverters have been crucial for converting direct current (DC) electricity generated by solar panels or wind turbines into alternating current (AC) that can be fed into the grid. However, the integration of grid-forming capabilities enhances their functionality significantly. Grid-forming inverters facilitate the integration of renewable energy sources into existing grid infrastructure more seamlessly. Their ability to provide stable voltage and frequency profiles ensures reliable and consistent power supply, which is critical for maintaining grid stability under varying conditions.
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The 50-100 KW segment is expected to lead throughout the forecast period
Grid-forming inverters in the range of 50-100 kW play a crucial role in various applications where stable and reliable power supply is essential. These inverters are commonly used in commercial and industrial settings, as well as in small to medium-scale renewable energy installations. One of their primary functions is to ensure grid stability by mimicking the behavior of traditional synchronous generators, which are crucial for maintaining grid frequency and voltage levels.
Energy storage systems lead the grid forming inverters market
Grid-forming inverters play a crucial role in energy storage systems (ESS), particularly in enhancing their stability, flexibility, and reliability. In energy storage systems applications, grid-forming inverters help manage the flow of electricity by regulating voltage and frequency. They enable seamless integration of renewable energy sources such as solar and wind power into the grid, smoothing out fluctuations in generation and consumption. This capability is essential for maintaining grid stability, especially as more intermittent renewable sources come online.
Asia-Pacific to maintain its dominance by 2031
Grid-forming inverters are increasingly gaining attention and adoption across Asia-Pacific countries as they play a crucial role in stabilizing and enhancing the resilience of electrical grids. In China, the world's largest market for renewable energy installations, grid-forming inverters are crucial for managing the rapid expansion of wind and solar power. These inverters play a critical role in ensuring the stability of China's interconnected grids, which are increasingly reliant on renewable energy sources to reduce carbon emissions and enhance energy security.
The deployment of grid-forming inverters aligns with China's ambitious targets for renewable energy capacity expansion, underscoring their pivotal role in supporting the country's energy transition efforts. Across Southeast Asia, grid-forming inverters are gaining traction as countries seek to integrate more renewable energy into their grids while maintaining stability. Countries like Thailand, Malaysia, and Vietnam are increasingly investing in grid modernization efforts that include the deployment of advanced inverters capable of supporting higher shares of renewable energy. These inverters are essential for mitigating the challenges posed by the intermittent nature of solar and wind power, thereby enhancing grid reliability and facilitating a more sustainable energy future for the region.
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Players: -
- ABB
- Schneider Electric
- Siemens
- GENERAL ELECTRIC
- SMA Solar Technology AG
- Huawei Technologies Co., Ltd.
- Delta Electronics, Inc.
- Enphase Energy
- Hitachi Energy Ltd.
- Eaton
The report provides a detailed analysis of these key players in the global grid forming inverters market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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