CHICAGO, July 28, 2023 /PRNewswire/ -- Grid-forming Inverter Market is projected to reach USD 1,042 million in 2028 from USD 680 million in 2023 at a CAGR of 8.9% according to a new report by MarketsandMarkets™. Grid-forming inverters actively regulate the grid's frequency and voltage to ensure that it remains within acceptable operating limits, even under varying renewable energy output or load conditions. Unlike traditional grid-tied inverters that synchronize with an existing stable grid, grid-forming inverters have the unique capability to independently create a stable grid environment when operating in islanded or standalone mode.
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Grid-forming Inverter Market Scope:
Report Coverage | Details |
Market Size | USD 1,042 million in 2028 |
Growth Rate | 8.9% of CAGR |
Largest Market | Asia Pacific |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, By Application, By Voltage, By Power Rating, And By Region |
Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Rising demand for Electric Vehicles |
Key Market Drivers | Rising Investment in Renewable Energy Sector |
Central Inverter segment by type is expected to result in the fastest growing segment in the Grid-forming Inverter Market
The Central inverters segment is projected to grow fastest at a CAGR of 9.6% during the forecast period. Central grid-forming inverters are typically more cost-effective on a per-watt basis compared to string inverters for large-scale renewable power projects. As the solar industry aims to reduce system costs, central inverters have become a preferred choice. Central inverters have undergone technological advancements that have improved their efficiency and performance, making them more attractive to project developers seeking maximum energy yield from their power generation sources.
Wind Power plants segment by application are estimated to be the third fastest growing market
Based on the application segment of grid-forming inverter, many countries are experiencing a significant increase in wind power capacity, driven by favorable policies, technological advancements, and the need to decarbonize the energy sector. As wind power penetration rises, the demand for grid-forming inverters to ensure grid stability and efficient energy integration also increases.
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Asia Pacific likely to emerge as the largest Grid-forming Inverter Industry
Asia Pacific accounted for a 36.7% share with a market size worth USD 231.3 million in 2022. The Asia Pacific Grid-forming Inverter Market, by country, has been segmented into the China, India, Japan, Australia, South Korea, and and Rest of Asia Pacific. The deployment of energy storage systems, such as battery storage, is gaining momentum in the Asia Pacific region. Energy storage helps store excess renewable energy and discharge it when demand is high, contributing to grid stability and enhancing renewable energy integration. Governments are revising and introducing policies and regulations that facilitate renewable energy grid integration. These frameworks often address grid connection procedures, grid access for renewable energy projects, and market mechanisms for renewable energy trading.
Key Market Players:
Major players operating in the Grid-forming Inverter Companies include Huawei Technologies Co. Ltd. (China), General Electric (US), SMA Solar Technology (Germany), Games Electric (Spain) and FIMER Group (Italy).
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Recent Developments
- In Mar 2022, Huawei Technology has signed a strategic cooperation agreement with Meienergy Technology Co., Ltd. for providing smart PV and energy storage system for the 1 GW utility PV plant and 500 MWh energy storage system in Ghana which is NA developed by Meienergy.
- In Feb 2022, FIMER made a partnership with Vega Solar to supply 14 PVS-100 inverters, three-phase string solution in Albania. The PVS-100 is FIMER's cloud connected three-phase string inverter solution for cost efficient decentralized photovoltaic systems for both ground mounted and rooftop applications
- In Oct 2021, SMA solar technology AG (SMA) has been chosen to supply central battery inverters to Australian integrated energy company AGL energy limited for world's largest grid-forming storage project.
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Power Grid Market - Global Forecast to 2028
Inverter Market - Global Forecast to 2027
Micro-inverter Market - Global Forecast to 2025
Advanced Energy Storage Systems Market - Global Forecast to 2022
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