Pune, 06, May, 2024: Maximize Market Research, a chemical business research firm has published a report on the “Grid-forming Inverter Market”. The total market opportunity for Grid-forming Inverter Market was USD 687 Bn in 2023 and is expected to grow at 8.54 percent CAGR through the forecast period by reaching nearly USD 1186.59 Bn.
Grid-forming Inverter Market Report Scope and Research Methodology
Market Size in 2023 USD 687 Bn.
Market Size in 2030 USD 1186.59 Bn.
CAGR 8.54% (2023-2030)
Forecast Period 2023-2030
Base Year 2023
Number of Pages 278
No. of Tables 119
No. of Charts and Figures 115
Segment Covered Type, Voltage and Application
Regional Scope North America, Europe, Asia Pacific, Middle East and Africa, South America
Report Coverage Market Share, Size & Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.
The report provides an in-depth analysis of the strategies of the top players in the Grid-forming Inverter industry with an in-depth analysis of the market segments and regions. A detailed analysis of market dynamics including drivers, restraints, opportunities and challenges is provided region-wise and segment-wise, in the Grid-forming Inverter market report. It also includes figures for supply and demand, price, cost, revenue, and gross margins which makes it an investor’s guide.
The data for the Grid-forming Inverter market report was collected using primary and secondary research methods, which were combined to make the report authentic. The primary research conducted includes the questionnaire distribution, surveys and phone interviews with Grid-forming Inverter industry experts, market leaders, marketing professionals and entrepreneurs. The bottom-up approach has been used to estimate the global and regional Grid-forming Inverter market size. SWOT analysis was used to provide the strengths and weaknesses of Grid-forming Inverter key players in the industry.
Grid-forming Inverter Market Overview
The Grid-forming Inverter market is expected to witness significant growth by 2030, with a compound annual growth rate (CAGR) of 8.54% during the forecast period (2023 – 2030). This growth is primarily driven by increasing adoption of renewable energy sources worldwide and ongoing technological advancements.
Grid-forming Inverter Market Dynamics
The global Grid-forming Inverter market is experiencing significant changes driven by key factors. The worldwide shift towards renewable energy sources is a major driver. Countries are committed to reducing carbon emissions and increasing clean energy usage, making grid-forming inverters essential for integrating sources like solar and wind into the power grid, ensuring stable connections and a reliable energy supply. Concerns about grid stability and resilience are rising due to the increasing penetration of variable renewable energy sources. Grid-forming inverters address this by actively controlling voltage and frequency, maintaining grid stability even amidst fluctuating energy inputs, crucial for regions vulnerable to natural disasters or seeking energy independence through microgrid solutions. The emergence of decentralized energy generation, including rooftop solar and community-based projects, is fuelling market growth. Grid-forming inverters enable these distributed sources to contribute to grid stability, operating even during grid outages, aligning with consumer demands for greater energy control and governmental support for distributed energy solutions. As a result, the market for grid-forming inverters is poised for further growth.
Grid-forming Inverter Market Regional Insights
The Asia-Pacific region emerged as a dominant region in the global Grid-forming Inverter market. This rise can be attributed to several factors, including the region’s rapid economic growth and urbanization, driving increased electricity demand. Seeking efficient power management solutions while integrating renewable energy sources, countries in the region turned to grid-forming inverters. Additionally, the Asia-Pacific became a hub for energy sector innovation and investment, with countries like China, Japan, South Korea, and Australia leading the charge in developing advanced energy technologies. The region not only solidified its position as a leader in energy sector innovation but also gained a competitive advantage in the global market for grid-forming inverters.
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Grid-forming Inverter Market Segmentation
By Type
- Micro Inverter
- String Inverter
- Central Inverter
The string inverters segment is expected to maintain the second-largest market share. String inverters are commonly preferred over central inverters for smaller-scale solar PV installations due to their cost-effectiveness. They strike a favourable balance between performance and affordability, rendering them an appealing option for residential and small commercial projects. Furthermore, the installation and maintenance of string grid-forming inverters are relatively straightforward, with lower maintenance requirements compared to more intricate central grid-forming inverters.Top of Form
By Application
- Solar PV Plants
- Wind Power Plants
- Energy Storage System
- Electric Vehicles
Based on Application, the Wind Power Plants segment held the second largest Grid-forming Inverter market share and is expected to grow at a high rate during the forecast period. Grid-forming inverters are progressively employed in wind power plants to bolster grid stability and facilitate the seamless integration of wind energy into the electricity grid. These specialized inverters play a pivotal role in establishing and sustaining a stable grid environment, empowering wind power plants to operate in grid-forming mode independently, thus reducing reliance on the stability of the existing grid.
Grid-forming Inverter Key Competitors include:
- Siemens AG – Germany
- ABB Ltd – Switzerland
- Schneider Electric SE – France
- General Electric Company – United States
- SMA Solar Technology AG – Germany
- Hitachi ABB Power Grids Ltd – Switzerland
- Mitsubishi Electric Corporation – Japan
- Eaton Corporation plc – Ireland
- Emerson Electric Co. – United States
- Toshiba Corporation – Japan
- Huawei Technologies Co., Ltd – China
- Enphase Energy, Inc. – United States
- Omron Corporation – Japan
- KACO new energy GmbH – Germany
- Power Electronics Espana, S.L.U. – Spain
- Sungrow Power Supply Co., Ltd – China
- Ingeteam Power Technology, S.A. – Spain
- Fronius International GmbH – Austria
- Delta Electronics, Inc. – Taiwan
- Solaredge Technologies, Inc. – Israel
- Riello S.p.A – Italy
- Schneider Electric India Pvt. Ltd – India
- GoodWe Power Supply Technology Co., Ltd – China
- KOSTAL Solar Electric GmbH – Germany
- Yaskawa Electric Corporation – Japan
Key questions answered in the Grid-forming Inverter Market report are:
- What is Grid-forming Inverter?
- Which market segment held the largest share of the global Grid-forming Inverter market in 2023?
- What are the global trends in the Grid-forming Inverter Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for Grid-forming Inverter Market?
- What growth strategies are the players considering to increase their presence in Grid-forming Inverter Market?
- Who are the leading companies and what are their portfolios in Grid-forming Inverter Market?
- What are the major challenges that the Grid-forming Inverter Market could face in the future?
- Which region held the largest Grid-forming Inverter Market Share in 2023?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by different segment | 2023−2030
- Grid-forming Inverter Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Grid-forming Inverter Market Segmentation – A detailed analysis by Product Type, Point, Application and Region
- Competitive Landscape – Profiles of selected key players by region in a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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