DUBLIN, Nov. 1, 2023 /PRNewswire/ — The “Grid-forming Inverter Market by Power Rating (Below 50 KW, 50-100 KW, Above 100 KW), Voltage ( 100-300 V, 300-500 V, Above 500 V), Type (Micro Inverters, String Inverters, Central Inverters), Application & Region – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global grid-forming inverter market is estimated to grow from USD 1,042 million by 2028 from an estimated of USD 680 million in 2023; it is expected to record a CAGR of 8.9% during the forecast period. The grid-forming inverters play a vital role in effectively managing the large influx of renewable energy and ensuring grid stability.
Above 100 KW: The second largest- growing segment of the grid-forming inverter market
Based on by power rating of grid-forming inverter , the above 100 KW segment is estimated to be the second largest-growing market from 2023 to 2028. Above 100 kW grid-forming inverters provide grid stability and resilience by offering grid support services, such as frequency regulation, voltage control, and reactive power compensation. These services are especially critical in regions with high renewable energy integration.
String Inverters: The second largest segment by standard in grid-forming inverter market
The string inverters segment, by type, is projected to hold the second largest market size during the forecast period. String inverters are generally more cost-effective than central inverters for smaller-scale solar PV installations. They offer a good balance between performance and affordability, making them an attractive choice for residential and small commercial projects. The installation and maintenance of string grid-forming inverters are relatively straightforward, and they typically have lower maintenance requirements compared to more complex central grid-forming inverters.
Wind Power Plants: The second largest segment by application in grid-forming inverter market
The wind power plants segment, by application is projected to hold the second largest market size during the forecast period. Grid-forming inverters are increasingly being utilized in wind power plants to support grid stability and enhance the integration of wind energy into the electricity grid. These specialized inverters play a crucial role in creating and maintaining a stable grid environment, allowing wind power plants to operate in grid-forming mode rather than relying solely on the stability of the existing grid.
North America: The second fastest-growing region in grid-forming inverter market
North America is estimated to hold the second fastest market share in the grid-forming inverter market. The increasing focus on grid resilience and preparedness for natural disasters is leading to a greater interest in microgrid solutions that incorporate grid-forming inverters. The interest in microgrids is rising in North America, particularly for critical facilities, military bases, and remote communities. Grid-forming inverters are vital components of microgrids, allowing them to operate autonomously or in coordination with the main grid.
Premium Insights
- Increasing Installation of Renewable Energy Projects and Integration of Clean Power into Grids to Create Opportunities for Players in Market
- Solar PV Plants and China to Hold Largest Shares of Market in Asia-Pacific in 2033
- Below 50 kW Segment to Dominate Market in 2033
- Above 500 V Segment to Hold Largest Share of Market in 2033
- Central Inverters to Lead Market in 2033
- Solar PV Plants to Lead Market in 2033
Market Dynamics
Drivers
- Rising Investments in Renewable Energy Sector
- Growing Demand for Distributed Solar Energy Resources Supported by Government-Led Incentives
Restraints
- More Expensive Than Traditional Grid-Following Inverters
- Grid-Forming Inverters are Not Compatible with All Existing Grid Infrastructure
Opportunities
- Rising Demand for Electric Vehicles
- Growing Investments in Smart Grid Development
- Growing Adoption of High-Power Density Inverters
Challenges
- Incompatibility of Control Algorithms Used by Grid-Forming Inverters with Grid Operating Systems
- Grid Codes and Regulations to Pose Challenge for Grid-Forming Inverter Deployment
Case Study Analysis
- Achieve Reliable and Stable Grid Operation
- Enhance Stability and Flexibility of Local Grid
- Challenges Associated with Grid Stability
- Maintaining Grid Stability
- Regulatory Bodies, Government Agencies, and Other Organizations
Companies Mentioned
- Altenergy Power System Inc.
- Delta Electronics, Inc.
- Delphi Technologies
- Enphase Energy
- Fimer Group
- Fronius International GmbH
- Goodwe
- General Electric
- Gamesa Electric
- Growatt New Energy
- Huawei Technologies Co., Ltd.
- Kaco New Energy
- Power Electronics S.L.
- Sungrow
- Sma Solar Technology Ag
- Solaredge Technologies
- Schneider Electric
- Sensata Technologies, Inc.
- Tmeic
- Tbea Xinjiang Sunoasis
For more information about this report visit https://www.researchandmarkets.com/r/vwylg7
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