“Grid-Forming Inverter Market” in terms of revenue was estimated to be worth USD 676.01 Million in 2023 and is poised to reach USD 1,284.40 Million by 2031, growing at a CAGR of 8.48% from 2023 to 2031 according to a new report by InsightAce Analytic.
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Latest Drivers, Restraints, and Opportunities Market Snapshot:
- Increasing integration of renewable energy sources into the power grid
- Growing demand for grid stability and reliability midst rising instances of grid disturbances
- Government initiatives and policies promoting the adoption of grid-forming inverter technologies for enhanced energy efficiency and sustainability
The following are the primary obstacles to the Grid-Forming Inverter Market’s expansion:
- High initial investment costs associated with grid-forming inverter systems
- Lack of standardized regulations and technical standards for grid-forming inverter deployment
- Limited awareness and understanding among stakeholders regarding the benefits and capabilities of grid-forming inverters
Future expansion opportunities for the global Grid-Forming Inverter Market include:
- Technological advancements leading to improved efficiency and performance of grid-forming inverter systems
- Expansion of microgrid and off-grid electrification projects in remote and rural areas
- Collaborations and partnerships between industry players and utilities to develop innovative grid-forming inverter solutions tailored to specific market needs
Key Industry Insights & Findings from the Report:
- Grid-forming inverters play a crucial role in enabling the transition towards a more decentralized and resilient power grid architecture.
- The market is witnessing increasing investment in research and development activities aimed at overcoming technical challenges and optimizing grid-forming inverter performance.
- Regulatory frameworks and incentive programs are expected to play a key role in driving market adoption and deployment of grid-forming inverter technologies globally.
- North America is poised to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period in the grid-forming inverter market.
Market Analysis:
The rising uptake of electric vehicles (EVs) is driving the need for intelligent charging solutions and grid integration technologies, a domain where grid-forming inverters can contribute significantly. These inverters can be integrated with energy storage systems to facilitate effective energy management and bolster grid stability. Additionally, the proliferation of energy storage initiatives is amplifying the demand for such inverters. Moreover, the escalating emphasis on grid resilience and readiness for natural calamities is fostering a heightened interest in microgrid solutions that incorporate grid-forming inverters.
List of Prominent Players in the Grid-Forming Inverter Market:
- SunPower Corporation(U.S.)
- Solectria Renewables, LLC(U.S.)
- Hitachi Hi-Rel Power Electronics Pvt. Ltd(India)
- Sineng Electric Co., Ltd. (China)
- Canadian Solar Inc. (Canada)
- ABB Ltd (Switzerland)
- SolarEdge Technologies Inc. (Israel)
- SMA Solar Technology AG (Germany)
- Power Electronics (Spain)
- Delta Electronics, Inc. (Taiwan)
- Allergan Aesthetics
- Alma Lasers
- Biotechitalia
- Bison Medical
- Koru Pharma
Recent Developments:
- In May 2023, Huawei introduced its latest FusionSolar strategy and comprehensive Smart PV+Energy Storage System (ESS) solutions at Shanghai’s 16th SNEC PV Power Expo. These services exemplify Huawei’s dedication to advancing worldwide efforts towards achieving carbon neutrality.
- In November 2022, Schneider Electric unveiled an expanding portfolio for stakeholders in the energy and grid industries seeking clean and secure energy. Schneider Electric unveiled an expanding portfolio for grid and energy industry stakeholders seeking secure, environmentally friendly energy. Presenting their most recent projects and innovative energy technologies, the company’s new energy technologies offered sustainable and practical solutions to Europe’s immediate and long-term energy uncertainty.
Grid-Forming Inverter Market Dynamics:
Driver-Integration of Renewable Energy
The integration of renewable energy sources such as solar and wind power is a significant driver in the grid-forming inverter market. With the global shift towards sustainability and reducing carbon emissions, there is a growing demand for renewable energy generation. Grid-forming inverters play a crucial role in integrating these intermittent renewable energy sources into the power grid. Renewable energy sources like solar and wind power are inherently variable, depending on factors such as weather conditions and time of day. Grid-forming inverters help to stabilize and manage the fluctuations in renewable energy generation by converting the variable DC output from solar panels or wind turbines into stable AC power suitable for grid integration.
Challenges -Grid Integration
One significant challenge facing the grid-forming inverter market is the integration of these advanced inverters into existing power grid infrastructure. Grid modernization efforts require careful planning and coordination to ensure compatibility between grid-forming inverters and conventional grid equipment. Additionally, regulatory and technical challenges may arise during the integration process, hindering the widespread adoption of grid-forming inverters and posing a challenge to market growth.
Regional Trend:
North America Dominates Growth
North America is poised to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period in the grid-forming inverter market. This growth can be attributed to various factors, including favorable government policies supporting renewable energy deployment, increasing investments in grid modernization initiatives, and the presence of key market players driving innovation in grid-forming inverter technology. The region’s robust economic growth and focus on sustainability further contribute to its leading position in the grid-forming inverter market.
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Segmentation of Grid-Forming Inverter Market-
By Power Rating:
- Below 1 kW
- 1 kW – 10 kW
- 10 kW – 100 kW
- Above 100 kW
By Voltage
- 100v-300v
- 300v-500v
- Above 500v
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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