New York, United States , Aug. 05, 2024 (GLOBE NEWSWIRE) -- The Global Grid-Forming Inverter Market Size is to Grow from USD 724.26 Million in 2023 to USD 1680.35 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 8.78% during the projected period.
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Grid-forming applies to an inverter-based power source, such as wind, solar, or batteries, that might provide voltage and frequency support to the grid, particularly during disruptions or outages. Grid-forming inverters can operate independently or in concert with other sources to help restore the grid. This is a crucial technology for absorbing more renewable energy into the grid while keeping it stable and reliable. increased investments in renewable energy, rapid infrastructure development, and increased demand for reliable energy sources are expected to drive the Grid-forming Inverter market throughout the forecast period. Furthermore, the electric vehicle industry has a substantial market growth potential, making it a lucrative prospect for producers. However, transitioning to a grid that includes greater inverter-based sources offers major obstacles and could impede industry growth.
String inverters dominate the market over the forecast period.
Based on type, the global grid-forming inverter market is divided into micro inverters, string inverters, and central inverters. Among these, string inverters dominate the market over the forecast period. String inverters are popular since they are scalable, cost-effective, and simple to install. They are commonly used in photovoltaic (PV) solar systems, which connect multiple solar panels in series (or strings), allowing for greater flexibility in system design and installation. Furthermore, string inverters are very efficient and dependable, making them perfect for a variety of grid-forming applications such as residential, commercial, and utility-scale solar arrays. In addition, advances in string inverter technology have resulted in enhanced efficiency, grid integration capacity, and compatibility with new grid standards, further cementing their market dominance.
Browse key industry insights spread across 195 pages with 121 Market data tables and figures & charts from the report on the "Global Grid-Forming Inverter Market Size, Share, and COVID-19 Impact Analysis, By Type (Micro Inverters, String Inverters, and Central Inverters), By Power Rating (100-300 V, 300-500 V, and 500 V), By Application (Solar PV Plants, Wind Power Plants, and Energy Storage Systems), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The 300-500 V has a significant market share throughout the forecast period.
Based on power rating, the global grid-forming inverter market is divided into 100-300 V, 300-500 V, and above 500 V. Among these, the 300-500 V has a significant market share throughout the forecast period. The sudden move toward renewable energy integration and the development of resilient microgrids has resulted in a major increase in global demand for grid-forming inverters running at voltages ranging from 300 to 500 V. As governments throughout the world try to reduce their carbon footprints and increase energy security, the use of renewable energy sources like solar and wind is gaining popularity. These sources, however, generate power in diverse patterns depending on the surroundings. Grid-forming inverters are critical for unlocking their full potential and maintaining grid stability.
The solar PV plants have the greatest market share during the forecast period.
Based on application, the global grid-forming inverter market is classified into solar PV plants, wind power plants, and energy storage systems. Among these, the solar PV plants have the greatest market share during the forecast period. Since the high level of renewable energy penetration and development. The market is segmented into three end-user categories: solar PV plants, wind power plants, and energy storage systems. Solar PV plants dominate the market, owing to environmental concerns and the need to transition to greener energy sources. Solar PV technology has emerged as a leader in this transition due to its global availability, scalability, and low cost. Continuous advancements in solar PV technology, including increased efficiency and durability, have made solar PV plants more competitive with conventional electricity.
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Asia-Pacific is expected to hold the largest share of the grid-forming inverter market over the forecast period.
The use of technology to store energy, particularly battery storage, is gaining popularity throughout Asia. Such systems are critical to maximize the use of clean energy sources. Power conservation enhances grid stability and the easy incorporation of renewable energy into the electricity system by retaining extra solar electricity throughout periods of significant production. The government policy structures address an assortment of aspects of green energy integration, such as electrical grid connection procedures, grid access for projects utilizing renewable energy, and market-based solar energy trading systems.
Europe is predicted to grow at the fastest pace in the grid-forming inverter market during the projected timeframe. Grid-forming inverters are ahead of acceptance in Europe, the region's augmented importance on green energy engagement and grid transformation. system-forming inverters are flattering more significant components of Europe's shifting energy landscape, facilitating the assimilation of green energy sources and confirming system reliability and flexibility.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the grid-forming inverter market include Schneider Electric SE, General Electric Company, Delta Electronics, Inc., Sungrow Power Supply Co., Ltd., Fimer Group, KACO New Energy GmbH, GoodWe, Huawei Technologies Co., Ltd, SolarEdge Technologies, Inc., Enphase Energy, Inc., Mitsubishi Electric, Infineon Technologies, Vikram SolarGrowatt, and Others Key players.
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Recent Developments
- In July 2023, Gamesa launched a new central inverter with grid-forming capabilities. According to Gamesa, the most recent hybrid version of the Proteus inverter is compatible with large-scale battery systems and can work in both grid-following and grid-forming modes. This product is scalable and capable of producing up to 5.6 MVA of battery discharge power at 40°C and 1,300 V, with an impressive 99% efficiency.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global grid-forming inverter market based on the below-mentioned segments:
Global Grid-Forming Inverter Market, By Type
- Micro Inverters
- String Inverters
- Central Inverters
Global Grid-Forming Inverter Market, By Power Rating
- 100-300 V
- 300-500 V
- 500 V
Global Grid-Forming Inverter Market, By Application
- Solar PV Plants
- Wind Power Plants
- Energy Storage Systems
Global Grid-Forming Inverter Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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