Grid-forming Inverter Market

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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

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Report Code: EP 8741 Jul, 2023, by marketsandmarkets.com

[233 Pages Report] The global Grid-forming inverter market is expected to grow from an estimated USD 680 million in 2023 to USD 1,042 million by 2028, at a CAGR of 8.9% from 2023 to 2028. As the world shifts towards greater adoption of renewable energy sources like solar and wind, the need for grid-forming inverters becomes more pronounced. These inverters play a crucial role in stabilizing the grid and facilitating the smooth integration of intermittent renewable energy into the existing power infrastructure. In regions with underdeveloped or weak grids, grid-forming inverters can provide an effective solution to maintain grid stability and improve power quality.

Grid-forming Inverter Market

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Grid-forming Inverter Market

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Grid-forming Inverter Market Dynamics

Driver: Rising Investment in Renewable Energy Sector

Rising investments in the renewable power sector is a key driver of the grid-forming inverter market. As the world transitions toward a more sustainable energy future, there has been a significant increase in investments in renewable power generation technologies such as solar, wind, and hydropower. These investments are driven by various factors, including the need to reduce greenhouse gas emissions, combat climate change, and enhance energy security.

Grid-forming inverters are crucial in integrating renewable power sources into the electrical grid. Unlike traditional grid-tied inverters that rely on stable grid conditions, grid-forming inverters can autonomously control the electrical grid's frequency and voltage. This enables renewable energy sources to contribute to grid stability and operate in islanded or microgrid configurations

Restraint: More espensive then traditional grid-following inverters

Grid-forming inverters are more complex than grid-following inverters because they need to be able to actively control the grid voltage and frequency. This requires more complex control algorithms and hardware. On the other hand, grid-following inverters only need to be able to track the grid voltage and frequency, which can be done with less complex control algorithms and hardware. Thus, grid-forming inverters are typically more expensive than grid-following inverters because of the extra complexity. The additional cost of grid-forming inverters is justified by the benefits they offer, such as improved stability and reliability of the grid and reduced cost of renewable energy integration.

Opportunity: Rising demand for Elctric Vehicles

The rising demand for electric vehicles (EVs) presents a significant opportunity for the grid-forming inverter market. As EV adoption continues to rise, there is a growing need for efficient charging infrastructure and seamless integration of clean power with the electrical grid. Grid-forming inverters play a crucial role in enabling this integration by enabling bi-directional power flow, allowing EVs to not only consume power from the grid but also inject power back into the grid when necessary. This vehicle-to-grid (V2G) capability enhances the flexibility and resilience of the energy system by utilizing the energy storage capacity of EV batteries. Grid-forming inverters enable EVs to act as distributed energy resources, providing grid support services such as load balancing, frequency regulation, and demand response.

Challenge: Grid codes and regulations to pose challenge for grid-forming inverter deployment

Grid codes are a set of regulations that govern the operation of the grid. They typically specify the requirements for the quality of power being generated, as well as the communication protocols used by inverters. Grid codes can vary from country to country and can be complex and difficult to comply with. In some countries, there are economic incentives for the deployment of grid-forming inverters. These incentives can help offset the cost of deploying grid-forming inverters, and they can also help encourage the development of new grid-forming inverter technologies. However, in other countries, there may be no such economic incentives.

Grid-forming inverter Market Ecosystem

Prominent companies in this market include well-established, financially stable manufacturers of market and components. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include Huawei Technologies Co. Ltd. (China), General Electric (US), SMA Solar Technology (Germany), Games Electric (Spain) and FIMER Group (Italy).

Grid-forming Inverter Market

The 50-100 KW segment by  power rating holds the second fastest growing segment in 2022

By power rating, grid-forming inverter market is segmented into below 50 KW, 50-100 KW, Above 100 KW. The increasing adoption of solar PV systems and small to medium-sized wind turbines in commercial and industrial applications has created a demand for grid-forming inverters in the 50-100 kW range. These inverters are essential for efficiently integrating renewable energy into the grid and ensuring grid stability.  Grid-forming inverters in the 50-100 kW range strike a balance between capacity and cost-effectiveness, making them suitable for a wide range of commercial and industrial applications.

Above 500 V segment by Voltage is estimated to be the second fastest segment for grid-forming inverter market

Above 500 V grid-forming inverters are commonly used in utility-scale renewable energy projects, such as large solar farms and wind farms. These inverters are capable of handling high power capacities and efficiently integrating the generated electricity into the grid. The market for above 500 V grid-forming inverters was witnessing significant growth due to the increasing adoption of large-scale renewable energy projects and the need for high-capacity inverters to accommodate them.

Solar PV Plants segment by application is estimated to be the largest segment for Grid-forming Inverter market

Solar PV grid-forming inverters are specialized inverters designed to facilitate the integration of solar photovoltaic (PV) systems into the electrical grid while providing grid-forming capabilities. Solar PV grid-forming inverters play a critical role in modern energy systems, particularly in areas with high renewable energy penetration and the development of microgrids and distributed energy resources. They enable the efficient and reliable integration of solar PV power into the grid while contributing to the overall stability and sustainability of the electricity network.

Europe is expected to account for second largest market during the forecast period.

Europe accounted for a 26.1% share of the Grid-forming Inverter market in 2022. The region has been segmented into the Germany, Spain, UK, Netherlands, Italy and rest of europe. The  grid-forming inverters have been gaining traction in Europe, driven by the region's increasing focus on renewable energy integration and grid modernization. Grid-forming inverters are becoming essential components of Europe's evolving energy landscape, supporting the integration of renewable energy sources and enabling grid stability and resilience.

Grid-forming Inverter Market Size, and Share

Key Market Players

The market is dominated by a few major players that have a wide regional presence. The major players in the Grid-forming Inverter market are Huawei Technologies Co. Ltd. (China), General Electric (US), SMA Solar Technology (Germany), Games Electric (Spain) and FIMER Group (Italy). Between 2018 and 2022, Strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions are followed by these companies to capture a larger share of the market.

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Scope of the Report

Report Metric

Details

Market Size available for years
  • 2021–2028

Base year considered
  • 2022

Forecast period
  • 2023–2028

Forecast units
  • Value (USD Million)

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 

Companies covered
  • Huawei Technologies Co. Ltd. (China), General Electric (US)Power Electronics (Spain), SMA Solar Technology (Germany), Games Electric (Germany), and FIMER (Italy),  Growatt New Energy (China), TBEA Xingjiang Sunoasis (China), Fronius International (Austria), Goodwe (China), Schneider Electric (France), SolarEdge Technologies (Israel), Sungrow Power Supply (China), Delta Electronics (UK) and Enphase Energy (US), Altenergy Power System (US), Sensata Technologies (US), Delphi Technologies (UK), TMEIC (Japan), and KACO New Energy (Germany)

This research report categorizes the grid forming inverter market based on type, application,  voltage,  power rating, and  region.

By Type
  • Micro Inverter
  • String Inverter
  • Central Inverter
By Application
  • Solar PV Plants
  • Wind Power Plants
  • Energy Storage Systems
  • Electric Vehicles
By Voltage
  • 100–300 V
  • 300–500 V
  • Above 500 V 
By Power Rating
  • Below 50 KW 
  • 50–100 KW
  • Above 100 KW
By Region
  • North America
  • Asia Pacific
  • South America
  • Europe
  • Middle East & Africa

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.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 34)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
    1.3 INCLUSIONS AND EXCLUSIONS 
           TABLE 1 GRID-FORMING INVERTER MARKET, BY POWER RATING: INCLUSIONS AND EXCLUSIONS
           TABLE 2 MARKET, BY VOLTAGE: INCLUSIONS AND EXCLUSIONS
           TABLE 3 MARKET, BY TYPE: INCLUSIONS AND EXCLUSIONS
           TABLE 4 MARKET, BY APPLICATION: INCLUSIONS AND EXCLUSIONS
    1.4 MARKET SCOPE 
                    FIGURE 1 GRID FORMING INVERTER MARKET SEGMENTATION
           1.4.1 REGIONAL SCOPE
           1.4.2 YEARS CONSIDERED
    1.5 CURRENCY CONSIDERED 
    1.6 LIMITATIONS 
    1.7 STAKEHOLDERS 
    1.8 RECESSION IMPACT 
 
2 RESEARCH METHODOLOGY (Page No. - 39)
    2.1 RESEARCH DATA 
           FIGURE 2 GRID-FORMING INVERTER MARKET: RESEARCH DESIGN
    2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 
           FIGURE 3 DATA TRIANGULATION METHODOLOGY
           2.2.1 SECONDARY DATA
                    2.2.1.1 Key data from secondary sources
           2.2.2 PRIMARY DATA
                    2.2.2.1 Key data from primary sources
                    2.2.2.2 Breakdown of primaries
    2.3 GRID-FORMING INVERTER: RECESSION IMPACT 
    2.4 REPORT SCOPE 
           FIGURE 4 MAIN METRICS CONSIDERED TO ANALYZE AND ASSESS DEMAND FOR  GRID-FORMING INVERTERS
    2.5 MARKET SIZE ESTIMATION 
           2.5.1 BOTTOM-UP APPROACH
                    FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.5.2 TOP-DOWN APPROACH
                    FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
           2.5.3 DEMAND-SIDE ANALYSIS
                    2.5.3.1 Regional analysis
                    2.5.3.2 Country-level analysis
                    2.5.3.3 Assumptions for demand-side analysis
                    2.5.3.4 Calculations for demand-side analysis
           2.5.4 SUPPLY-SIDE ANALYSIS
                    FIGURE 7 KEY STEPS CONSIDERED TO ASSESS SUPPLY OF GRID-FORMING INVERTERS
                    FIGURE 8 GRID-FORMING INVERTER MARKET: SUPPLY-SIDE ANALYSIS
                    2.5.4.1 Assumptions for supply-side analysis
                    2.5.4.2 Calculations for supply-side analysis
                               FIGURE 9 COMPANY REVENUE ANALYSIS, 2022
           2.5.5 GROWTH FORECAST
 
3 EXECUTIVE SUMMARY (Page No. - 52)
    TABLE 5 GRID-FORMING INVERTER MARKET SNAPSHOT 
    FIGURE 10 BELOW 50 KW SEGMENT TO DOMINATE MARKET,  BY POWER RATING, IN 2028 
    FIGURE 11 300–500 V TO BE FASTEST-GROWING SEGMENT IN MARKET, BY VOLTAGE, DURING 2023–2028 
    FIGURE 12 CENTRAL INVERTERS TO EXHIBIT HIGHEST CAGR IN MARKET, BY TYPE, DURING FORECAST PERIOD 
    FIGURE 13 SOLAR PV PLANTS TO HOLD LARGEST SHARE OF MARKET, BY APPLICATION, IN 2028 
    FIGURE 14 ASIA PACIFIC ACCOUNTED FOR LARGEST SHARE OF MARKET IN 2022 
 
4 PREMIUM INSIGHTS (Page No. - 57)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN GRID-FORMING INVERTER MARKET 
           FIGURE 15 INCREASING INSTALLATION OF RENEWABLE ENERGY PROJECTS AND INTEGRATION OF CLEAN POWER INTO GRIDS TO CREATE OPPORTUNITIES FOR PLAYERS IN MARKET
    4.2 GRID-FORMING INVERTER MARKET IN ASIA PACIFIC,  BY APPLICATION AND COUNTRY 
           FIGURE 16 SOLAR PV PLANTS AND CHINA TO HOLD LARGEST SHARES OF MARKET IN ASIA PACIFIC IN 2033
    4.3 MARKET, BY POWER RATING 
           FIGURE 17 BELOW 50 KW SEGMENT TO DOMINATE MARKET  IN 2033
    4.4 MARKET, BY VOLTAGE 
           FIGURE 18 ABOVE 500 V SEGMENT TO HOLD LARGEST SHARE OF MARKET IN 2033
    4.5 MARKET, BY TYPE 
           FIGURE 19 CENTRAL INVERTERS TO LEAD MARKET IN 2033
    4.6 MARKET, BY APPLICATION 
           FIGURE 20 SOLAR PV PLANTS TO LEAD MARKET IN 2033
 
5 MARKET OVERVIEW (Page No. - 60)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 21 GRID-FORMING INVERTER MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,  AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Rising investments in renewable energy sector
                               FIGURE 22 GLOBAL INVESTMENTS IN RENEWABLE ENERGY SECTOR
                    5.2.1.2 Growing demand for distributed solar energy resources supported by government-LED incentives
                               FIGURE 23 GLOBAL SOLAR PV ELECTRICITY GENERATION
           5.2.2 RESTRAINTS
                    5.2.2.1 More expensive than traditional grid-following inverters
                    5.2.2.2 Grid-forming inverters are not compatible with all existing grid infrastructure
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Rising demand for electric vehicles
                               FIGURE 24 ANNUAL CLEAN ENERGY INVESTMENTS IN ELECTRIC VEHICLES
                    5.2.3.2 Growing investments in smart grid development
                    5.2.3.3 Growing adoption of high-power density inverters
           5.2.4 CHALLENGES
                    5.2.4.1 Incompatibility of control algorithms used by grid-forming inverters with grid operating systems
                    5.2.4.2 Grid codes and regulations to pose challenge for grid-forming inverter deployment
    5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
           5.3.1 REVENUE SHIFT AND NEW REVENUE POCKETS FOR GRID-FORMING INVERTER MANUFACTURERS
                    FIGURE 25 REVENUE SHIFT AND NEW REVENUE POCKETS FOR PLAYERS IN MARKET
    5.4 TECHNOLOGY ANALYSIS 
           5.4.1 ADVANCED CONTROL ALGORITHMS
           5.4.2 IMPROVED COMMUNICATION PROTOCOLS
           5.4.3 NEW HARDWARE ARCHITECTURES
           5.4.4 MACHINE LEARNING
    5.5 KEY CONFERENCES AND EVENTS, 2022–2023 
           TABLE 6 MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
    5.6 MARKET MAP 
           FIGURE 26 GRID-FORMING INVERTER MARKET MAP
    5.7 VALUE CHAIN ANALYSIS 
           FIGURE 27 MARKET VALUE CHAIN
           5.7.1 RESEARCH AND DEVELOPMENT
           5.7.2 COMPONENT PROVIDERS
           5.7.3 MANUFACTURERS/ASSEMBLERS
           5.7.4 SYSTEM INTEGRATORS AND DISTRIBUTORS
           5.7.5 END USERS
           5.7.6 POST-SALES SERVICES
    5.8 INNOVATIONS AND PATENT REGISTRATIONS 
           TABLE 7 MARKET: PATENTS AND INNOVATIONS
    5.9 AVERAGE SELLING PRICE TREND 
           FIGURE 28 AVERAGE SELLING PRICE OF GRID-FORMING INVERTERS OF DIFFERENT OUTPUT POWER RATINGS
    5.10 TRADE DATA STATISTICS 
           TABLE 8 ELECTRICAL STATIC CONVERTER MARKET: IMPORT STATISTICS,  2019–2021 (USD MILLION)
           TABLE 9 ELECTRICAL STATIC CONVERTER MARKET: EXPORT STATISTICS,  2019–2021 (USD MILLION)
    5.11 CASE STUDY ANALYSIS 
           5.11.1 ACHIEVE RELIABLE AND STABLE GRID OPERATION
                    5.11.1.1 Problem Statement
           5.11.2 ENHANCE STABILITY AND FLEXIBILITY OF LOCAL GRID
           5.11.3 CHALLENGES ASSOCIATED WITH GRID STABILITY
           5.11.4 MAINTAINING GRID STABILITY
           5.11.5 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 10 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 11 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
                    TABLE 12 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
                    TABLE 13 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
                    TABLE 14 GLOBAL: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
           5.11.6 CODES AND REGULATIONS RELATED TO GRID-FORMING INVERTERS
                    TABLE 15 GLOBAL: CODES AND REGULATIONS
    5.12 PORTER’S FIVE FORCES ANALYSIS 
                    FIGURE 29 GRID-FORMING INVERTER MARKET: PORTER’S FIVE FORCES ANALYSIS
                    TABLE 16 MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.12.1 THREAT OF NEW ENTRANTS
           5.12.2 BARGAINING POWER OF SUPPLIERS
           5.12.3 BARGAINING POWER OF BUYERS
           5.12.4 THREAT OF SUBSTITUTES
           5.12.5 INTENSITY OF COMPETITIVE RIVALRY
    5.13 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 30 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END USER
                    TABLE 17 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END USER (%)
           5.13.2 BUYING CRITERIA
                    FIGURE 31 KEY BUYING CRITERIA FOR END USERS
                    TABLE 18 KEY BUYING CRITERIA, BY END USER
 
6 GRID-FORMING INVERTER MARKET, BY VOLTAGE (Page No. - 85)
    6.1 INTRODUCTION 
           FIGURE 32 MARKET SHARE, BY VOLTAGE, 2022
           TABLE 19 GRID-FORMING INVERTER MARKET, BY VOLTAGE, 2021–2028 (USD MILLION)
           TABLE 20 MARKET, BY VOLTAGE, 2029–2033 (USD MILLION)
    6.2 100–300 V 
           6.2.1 RISING ELECTRICITY DEMAND FROM RESIDENTIAL SECTOR TO DRIVE MARKET
                    TABLE 21 100–300 V: MARKET, BY REGION, 2021–2028 (USD MILLION)
                    TABLE 22 100–300 V: MARKET, BY REGION, 2029–2033 (USD MILLION)
    6.3 300–500 V 
           6.3.1 NEED FOR EFFICIENT POWER SUPPLY IN COMMERCIAL SECTOR TO PROPEL MARKET
                    TABLE 23 300–500 V: MARKET, BY REGION, 2021–2028 (USD MILLION)
                    TABLE 24 300–500 V: MARKET, BY REGION, 2029–2033 (USD MILLION)
    6.4 ABOVE 500 V 
           6.4.1 RISING INVESTMENTS IN DEVELOPMENT OF UTILITY-SCALE RENEWABLE POWER PROJECTS TO SUPPORT MARKET GROWTH
                    TABLE 25 ABOVE 500 V: MARKET, BY REGION,  2021–2028 (USD MILLION)
                    TABLE 26 ABOVE 500 V: MARKET, BY REGION,  2029–2033 (USD MILLION)
 
7 GRID-FORMING INVERTER MARKET, BY POWER RATING (Page No. - 90)
    7.1 INTRODUCTION 
           FIGURE 33 MARKET SHARE, BY POWER RATING, 2022
           TABLE 27 GRID-FORMING INVERTER MARKET, BY POWER RATING, 2021–2028 (USD MILLION)
           TABLE 28 MARKET, BY POWER RATING, 2029–2033 (USD MILLION)
    7.2 BELOW 50 KW 
           7.2.1 RISING DEMAND FOR BELOW 50 KW INVERTERS FROM RESIDENTIAL APPLICATIONS TO DRIVE MARKET
                    TABLE 29 BELOW 50 KW: MARKET, BY REGION,  2021–2028 (USD MILLION)
                    TABLE 30 BELOW 50 KW: MARKET, BY REGION,  2029–2033 (USD MILLION)
    7.3 50–100 KW 
           7.3.1 GROWING DEMAND FOR GRID-FORMING INVERTERS IN EV CHARGING INFRASTRUCTURE TO BOOST MARKET GROWTH
                    TABLE 31 50–100 KW: MARKET, BY REGION,  2021–2028 (USD MILLION)
                    TABLE 32 50–100 KW: MARKET, BY REGION, 2029–2033 (USD MILLION)
    7.4 ABOVE 100 KW 
           7.4.1 RISING NUMBER OF PV PLANTS AND EXPANDING AUTOMOTIVE INDUSTRY TO FUEL MARKET GROWTH
                    TABLE 33 ABOVE 100 KW: MARKET, BY REGION,  2021–2028 (USD MILLION)
                    TABLE 34 ABOVE 100 KW: MARKET, BY REGION,  2029–2033 (USD MILLION)
 
8 GRID-FORMING INVERTER MARKET, BY TYPE (Page No. - 96)
    8.1 INTRODUCTION 
           FIGURE 34 MARKET SHARE, BY TYPE, 2022
           TABLE 35 GRID-FORMING INVERTER MARKET, BY TYPE, 2021–2028 (USD MILLION)
           TABLE 36 MARKET, BY TYPE, 2029–2033 (USD MILLION)
    8.2 MICRO INVERTERS 
           8.2.1 ADVANCED MONITORING CAPABILITIES OF MICROGRID INVERTERS TO DRIVE MARKET
                    TABLE 37 MICRO INVERTERS: MARKET, BY REGION,  2021–2028 (USD MILLION)
                    TABLE 38 MICRO INVERTERS: MARKET, BY REGION,  2029–2033 (USD MILLION)
           8.2.2 CENTRAL INVERTERS
                    8.2.2.1 Rising demand for central inverters in PV plants to fuel market growth
                               TABLE 39 CENTRAL INVERTERS: MARKET, BY REGION,  2021–2028 (USD MILLION)
                               TABLE 40 CENTRAL INVERTERS: MARKET, BY REGION,  2029–2033 (USD MILLION)
           8.2.3 STRING INVERTERS
                    8.2.3.1 Low installation costs for solar projects in residential and commercial sectors to boost market
                               TABLE 41 STRING INVERTERS: MARKET, BY REGION,  2021–2028 (USD MILLION)
                               TABLE 42 STRING INVERTERS: MARKET, BY REGION,  2029–2033 (USD MILLION)
 
9 GRID-FORMING INVERTER MARKET, BY APPLICATION (Page No. - 101)
    9.1 INTRODUCTION 
           FIGURE 35 MARKET SHARE, BY APPLICATION, 2022
           TABLE 43 GRID-FORMING INVERTER MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
           TABLE 44 MARKET, BY APPLICATION, 2029–2033 (USD MILLION)
    9.2 SOLAR PV PLANTS 
           9.2.1 GOVERNMENT-LED INITIATIVES TO PROMOTE INSTALLATION OF SOLAR POWER PLANTS TO FOSTER MARKET GROWTH
                    TABLE 45 SOLAR PV PLANTS: GRID-FORMING INVERTER MARKET, BY REGION,  2021–2028 (USD MILLION)
                    TABLE 46 SOLAR PV PLANTS: MARKET, BY REGION,  2029–2033 (USD MILLION)
    9.3 WIND POWER PLANTS 
           9.3.1 NEED TO INTEGRATE OFFSHORE WIND POWER WITH POWER SUPPLY GRID TO PROPEL MARKET GROWTH
                    TABLE 47 WIND POWER PLANTS: GRID-FORMING INVERTER MARKET, BY REGION,  2021–2028 (USD MILLION)
                    TABLE 48 WIND POWER PLANTS: MARKET, BY REGION,  2029–2033 (USD MILLION)
    9.4 ELECTRIC VEHICLES 
           9.4.1 RISING ADOPTION OF ELECTRIC VEHICLES AS NEW MODE OF TRANSPORT TO FUEL DEMAND
                    TABLE 49 ELECTRIC VEHICLES: GRID-FORMING INVERTER MARKET, BY REGION,  2021–2028 (USD MILLION)
                    TABLE 50 ELECTRIC VEHICLES: MARKET, BY REGION,  2029–2033 (USD MILLION)
    9.5 ENERGY STORAGE SYSTEMS 
           9.5.1 INCREASING NEED FOR ENERGY STORAGE SYSTEMS TO SUPPORT POWER GRID TO DRIVE MARKET
                    TABLE 51 ENERGY STORAGE SYSTEMS: GRID-FORMING INVERTER MARKET, BY REGION,  2021–2028 (USD MILLION)
                    TABLE 52 ENERGY STORAGE SYSTEMS: MARKET, BY REGION,  2029–2033 (USD MILLION)
 
10 GRID-FORMING INVERTER MARKET, BY REGION (Page No. - 108)
     10.1 INTRODUCTION 
               FIGURE 36 MARKET, BY REGION, 2022
               FIGURE 37 MARKET IN ASIA PACIFIC TO REGISTER HIGHEST CAGR FROM 2023 TO 2028
               TABLE 53 MARKET, BY REGION, 2021–2028 (USD MILLION)
               TABLE 54 MARKET, BY REGION, 2029–2033 (USD MILLION)
     10.2 ASIA PACIFIC 
               FIGURE 38 ASIA PACIFIC: MARKET SNAPSHOT
             10.2.1 BY POWER RATING
                       TABLE 55 ASIA PACIFIC: GRID-FORMING INVERTER MARKET, BY POWER RATING,  2021–2028 (USD MILLION)
                       TABLE 56 ASIA PACIFIC: MARKET, BY POWER RATING,  2029–2033 (USD MILLION)
             10.2.2 BY VOLTAGE
                       TABLE 57 ASIA PACIFIC: MARKET, BY VOLTAGE,  2021–2028 (USD MILLION)
                       TABLE 58 ASIA PACIFIC: MARKET, BY VOLTAGE,  2029–2033 (USD MILLION)
             10.2.3 BY TYPE
                       TABLE 59 ASIA PACIFIC: MARKET, BY TYPE, 2021–2028 (USD MILLION)
                       TABLE 60 ASIA PACIFIC: MARKET, BY TYPE, 2029–2033 (USD MILLION)
             10.2.4 BY APPLICATION
                       TABLE 61 ASIA PACIFIC: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                       TABLE 62 ASIA PACIFIC: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
             10.2.5 BY COUNTRY
                       TABLE 63 ASIA PACIFIC: MARKET, BY COUNTRY,  2021–2028 (USD MILLION)
                       TABLE 64 ASIA PACIFIC: MARKET, BY COUNTRY,  2029–2033 (USD MILLION)
                       10.2.5.1 China
                                   10.2.5.1.1 Favorable government policies supporting renewable energy projects to drive demand
                                   TABLE 65 CHINA: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                   TABLE 66 CHINA: MARKET, BY APPLICATION, 2029–2033 (USD MILLION)
                       10.2.5.2 India
                                   10.2.5.2.1 Rising number of solar rooftop installations and increasing power shortage to fuel market growth
                                   TABLE 67 INDIA: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                   TABLE 68 INDIA: MARKET, BY APPLICATION, 2029–2033 (USD MILLION)
                       10.2.5.3 Japan
                                   10.2.5.3.1 Increasing investments in residential and PV utility-scale sectors to drive market
                                   TABLE 69 JAPAN: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                   TABLE 70 JAPAN: MARKET, BY APPLICATION, 2029–2033 (USD MILLION)
                       10.2.5.4 Australia
                                   10.2.5.4.1 Presence of favorable government policies for solar energy generation to boost solar inverter market
                                   TABLE 71 AUSTRALIA: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                                   TABLE 72 AUSTRALIA: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
                       10.2.5.5 South Korea
                                   10.2.5.5.1 Reduced dependency on fossil fuels and increased clean energy use to propel market growth
                                   TABLE 73 SOUTH KOREA: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                                   TABLE 74 SOUTH KOREA: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
                       10.2.5.6 Rest of Asia Pacific
                                   TABLE 75 REST OF ASIA PACIFIC: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                                   TABLE 76 REST OF ASIA PACIFIC: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
             10.2.6 RECESSION IMPACT ON GRID-FORMING MARKET IN ASIA PACIFIC
     10.3 EUROPE 
               FIGURE 39 EUROPE: MARKET SNAPSHOT
             10.3.1 BY POWER RATING
                       TABLE 77 EUROPE: GRID-FORMING INVERTER MARKET, BY POWER RATING,  2021–2028 (USD MILLION)
                       TABLE 78 EUROPE: MARKET, BY POWER RATING,  2029–2033 (USD MILLION)
             10.3.2 BY VOLTAGE
                       TABLE 79 EUROPE: MARKET, BY VOLTAGE, 2021–2028 (USD MILLION)
                       TABLE 80 EUROPE: MARKET, BY VOLTAGE, 2029–2033 (USD MILLION)
             10.3.3 BY TYPE
                       TABLE 81 EUROPE: MARKET, BY TYPE, 2021–2028 (USD MILLION)
                       TABLE 82 EUROPE: MARKET, BY TYPE, 2029–2033 (USD MILLION)
             10.3.4 BY APPLICATION
                       TABLE 83 EUROPE: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                       TABLE 84 EUROPE: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
             10.3.5 BY COUNTRY
                       TABLE 85 EUROPE: MARKET, BY COUNTRY, 2021–2028 (USD MILLION)
                       TABLE 86 EUROPE: MARKET, BY COUNTRY, 2029–2033 (USD MILLION)
                       10.3.5.1 Spain
                                   10.3.5.1.1 Favorable investments in renewable energy to fuel market growth
                                   TABLE 87 SPAIN: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                   TABLE 88 SPAIN: MARKET, BY APPLICATION, 2029–2033 (USD MILLION)
                       10.3.5.2 Germany
                                   10.3.5.2.1 Rise in number of solar power projects to support market growth
                                   TABLE 89 GERMANY: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                                   TABLE 90 GERMANY: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
                       10.3.5.3 France
                                   10.3.5.3.1 Government support for utilizing renewable energy for power generation to drive market
                                   TABLE 91 FRANCE: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                                   TABLE 92 FRANCE: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
                       10.3.5.4 Netherlands
                                   10.3.5.4.1 Favorable government policies for offshore wind energy projects to boost market growth
                                   TABLE 93 NETHERLANDS: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                                   TABLE 94 NETHERLANDS: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
                       10.3.5.5 Italy
                                   10.3.5.5.1 Transition to more sustainable and low-carbon energy system to fuel market growth
                                   TABLE 95 ITALY: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                   TABLE 96 ITALY: MARKET, BY APPLICATION, 2029–2033 (USD MILLION)
                       10.3.5.6 UK
                                   10.3.5.6.1 Modernization of electricity grid to accommodate new technologies to foster market growth
                                   TABLE 97 UK: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                   TABLE 98 UK: MARKET, BY APPLICATION, 2029–2033 (USD MILLION)
                       10.3.5.7 Rest of Europe
                                   TABLE 99 REST OF EUROPE: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                                   TABLE 100 REST OF EUROPE: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
             10.3.6 RECESSION IMPACT ON GRID-FORMING INVERTER  MARKET IN EUROPE
     10.4 NORTH AMERICA 
             10.4.1 BY POWER RATING
                       TABLE 101 NORTH AMERICA: GRID-FORMING INVERTER MARKET, BY POWER RATING,  2021–2028 (USD MILLION)
                       TABLE 102 NORTH AMERICA: MARKET, BY POWER RATING,  2029–2033 (USD MILLION)
             10.4.2 BY VOLTAGE
                       TABLE 103 NORTH AMERICA: MARKET, BY VOLTAGE,  2021–2028 (USD MILLION)
                       TABLE 104 NORTH AMERICA: MARKET, BY VOLTAGE,  2029–2033 (USD MILLION)
             10.4.3 BY TYPE
                       TABLE 105 NORTH AMERICA: MARKET, BY TYPE,  2021–2028 (USD MILLION)
                       TABLE 106 NORTH AMERICA: MARKET, BY TYPE,  2029–2033 (USD MILLION)
             10.4.4 BY APPLICATION
                       TABLE 107 NORTH AMERICA: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                       TABLE 108 NORTH AMERICA: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
             10.4.5 BY COUNTRY
                       TABLE 109 NORTH AMERICA: MARKET, BY COUNTRY,  2021–2028 (USD MILLION)
                       TABLE 110 NORTH AMERICA: MARKET, BY COUNTRY,  2029–2033 (USD MILLION)
                       10.4.5.1 US
                                   10.4.5.1.1 Expanding power sector to support market growth
                                   TABLE 111 US: GRID-FORMING INVERTER MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                   TABLE 112 US: MARKET, BY APPLICATION, 2029–2033 (USD MILLION)
                       10.4.5.2 Canada
                                   10.4.5.2.1 Accelerating renewable energy transition to boost market growth
                                   TABLE 113 CANADA: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                                   TABLE 114 CANADA: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
                       10.4.5.3 Mexico
                                   10.4.5.3.1 Grid modernization with clean power to drive demand for grid-forming generators
                                   TABLE 115 MEXICO: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                                   TABLE 116 MEXICO: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
             10.4.6 RECESSION IMPACT ON MARKET IN NORTH AMERICA
     10.5 SOUTH AMERICA 
             10.5.1 BY POWER RATING
                       TABLE 117 SOUTH AMERICA: GRID-FORMING INVERTER MARKET, BY POWER RATING,  2021–2028 (USD MILLION)
                       TABLE 118 SOUTH AMERICA: MARKET, BY POWER RATING,  2029–2033 (USD MILLION)
             10.5.2 BY VOLTAGE
                       TABLE 119 SOUTH AMERICA: MARKET, BY VOLTAGE,  2021–2028 (USD MILLION)
                       TABLE 120 SOUTH AMERICA: MARKET, BY VOLTAGE,  2029–2033 (USD MILLION)
             10.5.3 BY TYPE
                       TABLE 121 SOUTH AMERICA: MARKET, BY TYPE,  2021–2028 (USD MILLION)
                       TABLE 122 SOUTH AMERICA: MARKET, BY TYPE,  2029–2033 (USD MILLION)
             10.5.4 BY APPLICATION
                       TABLE 123 SOUTH AMERICA: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                       TABLE 124 SOUTH AMERICA: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
             10.5.5 BY COUNTRY
                       TABLE 125 SOUTH AMERICA: MARKET, BY COUNTRY,  2021–2028 (USD MILLION)
                       TABLE 126 SOUTH AMERICA: MARKET, BY COUNTRY,  2029–2033 (USD MILLION)
                       10.5.5.1 Brazil
                                   10.5.5.1.1 Increasing investments in solar energy technology to propel demand for grid-forming inverters
                                   TABLE 127 BRAZIL: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                                   TABLE 128 BRAZIL: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
                       10.5.5.2 Argentina
                                   10.5.5.2.1 Transition to renewable energy to meet energy demand to drive market
                                   TABLE 129 ARGENTINA: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                                   TABLE 130 ARGENTINA: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
                       10.5.5.3 Chile
                                   10.5.5.3.1 Need to integrate clean energy into the power grid to support market growth
                                   TABLE 131 CHILE: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                   TABLE 132 CHILE: MARKET, BY APPLICATION, 2029–2033 (USD MILLION)
                       10.5.5.4 Rest of South America
                                   TABLE 133 REST OF SOUTH AMERICA: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                                   TABLE 134 REST OF SOUTH AMERICA: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
             10.5.6 RECESSION IMPACT ON MARKET IN SOUTH AMERICA
     10.6 MIDDLE EAST & AFRICA 
             10.6.1 BY POWER RATING
                       TABLE 135 MIDDLE EAST & AFRICA: GRID-FORMING INVERTER MARKET, BY POWER RATING,  2021–2028 (USD MILLION)
                       TABLE 136 MIDDLE EAST & AFRICA: MARKET, BY POWER RATING,  2029–2033 (USD MILLION)
             10.6.2 BY VOLTAGE
                       TABLE 137 MIDDLE EAST & AFRICA: MARKET, BY VOLTAGE,  2021–2028 (USD MILLION)
                       TABLE 138 MIDDLE EAST & AFRICA: MARKET, BY VOLTAGE,  2029–2033 (USD MILLION)
             10.6.3 BY TYPE
                       TABLE 139 MIDDLE EAST & AFRICA: MARKET, BY TYPE,  2021–2028 (USD MILLION)
                       TABLE 140 MIDDLE EAST & AFRICA: MARKET, BY TYPE,  2029–2033 (USD MILLION)
             10.6.4 BY APPLICATION
                       TABLE 141 MIDDLE EAST & AFRICA: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                       TABLE 142 MIDDLE EAST & AFRICA: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
             10.6.5 BY COUNTRY
                       TABLE 143 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY,  2021–2028 (USD MILLION)
                       TABLE 144 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY,  2029–2033 (USD MILLION)
                       10.6.5.1 Saudi Arabia
                                   10.6.5.1.1 Increasing investments in EV sector and favorable government initiatives to drive market
                       TABLE 145 SAUDI ARABIA: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                       TABLE 146 SAUDI ARABIA: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
                       10.6.5.2 Turkey
                                   10.6.5.2.1 Prioritizing renewable energy sources for power generation to fuel demand for grid-forming inverters
                       TABLE 147 TURKEY: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                       TABLE 148 TURKEY: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
                       10.6.5.3 Egypt
                                   10.6.5.3.1 Transition to sustainable electricity sector to drive demand for grid-forming inverters
                       TABLE 149 EGYPT: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                       TABLE 150 EGYPT: MARKET, BY APPLICATION, 2029–2033 (USD MILLION)
                       10.6.5.4 South Africa
                                   10.6.5.4.1 Active investments in large-scale solar power projects to fuel market growth
                       TABLE 151 SOUTH AFRICA: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
                       TABLE 152 SOUTH AFRICA: MARKET, BY APPLICATION,  2029–2033 (USD MILLION)
                       10.6.5.5 Rest of Middle East & Africa
                       TABLE 153 REST OF MIDDLE EAST & AFRICA: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                       TABLE 154 REST OF MIDDLE EAST & AFRICA: MARKET, BY APPLICATION, 2029–2033 (USD MILLION)
             10.6.6 RECESSION IMPACT ON MARKET IN MIDDLE EAST & AFRICA
 
11 COMPETITIVE LANDSCAPE (Page No. - 160)
     11.1 STRATEGIES ADOPTED BY KEY PLAYERS/RIGHT TO WIN 
               TABLE 155 OVERVIEW OF STRATEGIES ADOPTED BY TOP PLAYERS, JANUARY 2019–MARCH 2023
     11.2 MARKET SHARE ANALYSIS OF TOP FIVE PLAYERS 
               FIGURE 40 GRID-FORMING INVERTER MARKET SHARE ANALYSIS, 2022
     11.3 REVENUE ANALYSIS OF TOP FIVE MARKET PLAYERS 
               FIGURE 41 TOP PLAYERS IN MARKET FROM 2018 TO 2022
     11.4 KEY COMPANY EVALUATION MATRIX, 2022 
             11.4.1 STARS
             11.4.2 PERVASIVE PLAYERS
             11.4.3 EMERGING LEADERS
             11.4.4 PARTICIPANTS
                       FIGURE 42 MARKET (GLOBAL): KEY COMPANY EVALUATION MATRIX, 2022
     11.5 STARTUPS/SMES EVALUATION MATRIX, 2022 
             11.5.1 PROGRESSIVE COMPANIES
             11.5.2 RESPONSIVE COMPANIES
             11.5.3 DYNAMIC COMPANIES
             11.5.4 STARTING BLOCKS
                       FIGURE 43 MARKET: STARTUPS/SMES EVALUATION  MATRIX, 2022
             11.5.5 COMPETITIVE BENCHMARKING
                       TABLE 156 MARKET: DETAILED LIST OF KEY STARTUPS/SMES
                       TABLE 157 GRID FORMING INVERTER MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES
     11.6 MARKET: COMPANY FOOTPRINT 
               TABLE 158 COMPANY FOOTPRINT, BY TYPE
               TABLE 159 COMPANY FOOTPRINT, BY POWER RATING
               TABLE 160 COMPANY FOOTPRINT, BY REGION
               TABLE 161 COMPANY FOOTPRINT
     11.7 COMPETITIVE SCENARIO 
               TABLE 162 GRID-FORMING INVERTER MARKET: PRODUCT LAUNCHES, SEPTEMBER  2019–JULY 2023
               TABLE 163 MARKET: DEALS, NOVEMBER 2019–JULY 2023
               TABLE 164 MARKET: OTHERS, NOVEMBER 2021–JULY 2023
 
12 COMPANY PROFILE (Page No. - 177)
(Business Overview, Products Offered, Recent Developments, MnM View Right to win, Strategic choices made, Weaknesses and competitive threats) *
     12.1 KEY PLAYERS 
             12.1.1 HUAWEI TECHNOLOGIES CO., LTD.
                       TABLE 165 HUAWEI TECHNOLOGIES CO., LTD.: BUSINESS OVERVIEW
                       FIGURE 44 HUAWEI TECHNOLOGIES CO., LTD.: COMPANY SNAPSHOT
                       TABLE 166 HUAWEI TECHNOLOGIES CO., LTD.: PRODUCT/SOLUTION/SERVICE OFFERED
                       TABLE 167 HUAWEI TECHNOLOGIES CO., LTD.: PRODUCT LAUNCH
                       TABLE 168 HUAWEI TECHNOLOGIES CO., LTD.: DEAL
             12.1.2 SUNGROW
                       TABLE 169 SUNGROW: BUSINESS OVERVIEW
                       FIGURE 45 SUNGROW: COMPANY SNAPSHOT
                       TABLE 170 SUNGROW: PRODUCT/SOLUTION/SERVICE OFFERED
                       TABLE 171 SUNGROW: PRODUCT LAUNCH
                       TABLE 172 SUNGROW: DEAL
                       TABLE 173 SUNGROW: OTHER
             12.1.3 SMA SOLAR TECHNOLOGY AG
                       TABLE 174 SMA SOLAR TECHNOLOGY AG: BUSINESS OVERVIEW
                       FIGURE 46 SMA SOLAR TECHNOLOGY AG: COMPANY SNAPSHOT
                       TABLE 175 SMA SOLAR TECHNOLOGY AG: PRODUCT/SOLUTION/SERVICE OFFERED
                       TABLE 176 SMA SOLAR TECHNOLOGY AG: PRODUCT LAUNCH
                       TABLE 177 SMA SOLAR TECHNOLOGY AG: DEAL
                       TABLE 178 SMA SOLAR TECHNOLOGY AG: OTHER
             12.1.4 POWER ELECTRONICS S.L.
                       TABLE 179 POWER ELECTRONICS S.L.: BUSINESS OVERVIEW
                       TABLE 180 POWER ELECTRONICS S.L.: PRODUCT/SOLUTION/SERVICE OFFERED
                       TABLE 181 POWER ELECTRONICS S.L.: PRODUCT LAUNCH
             12.1.5 FIMER GROUP
                       TABLE 182 FIMER GROUP: BUSINESS OVERVIEW
                       TABLE 183 FIMER GROUP: PRODUCT/SOLUTION/SERVICE OFFERED
                       TABLE 184 FIMER: DEAL
                       TABLE 185 FIMER: OTHER
             12.1.6 SOLAREDGE TECHNOLOGIES
                       TABLE 186 SOLAREDGE TECHNOLOGIES: BUSINESS OVERVIEW
                       FIGURE 47 SOLAREDGE TECHNOLOGIES: COMPANY SNAPSHOT
                       TABLE 187 SOLAREDGE TECHNOLOGIES: PRODUCT/SOLUTION/SERVICE OFFERED
                       TABLE 188 SOLAREDGE TECHNOLOGIES: PRODUCT LAUNCH
                       TABLE 189 SOLAREDGE TECHNOLOGIES: DEALS
             12.1.7 FRONIUS INTERNATIONAL GMBH
                       TABLE 190 FRONIUS INTERNATIONAL GMBH: BUSINESS OVERVIEW
                       TABLE 191 FRONIUS INTERNATIONAL GMBH: PRODUCT/SOLUTION/SERVICE OFFERED
                       TABLE 192 FRONIUS INTERNATIONAL GMBH: DEAL
             12.1.8 GOODWE
                       TABLE 193 GOODWE: BUSINESS OVERVIEW
                       TABLE 194 GOODWE: PRODUCT/SOLUTION/SERVICE OFFERED
                       TABLE 195 GOODWE: OTHERS
             12.1.9 ENPHASE ENERGY
                       TABLE 196 ENPHASE ENERGY: BUSINESS OVERVIEW
                       FIGURE 48 ENPHASE ENERGY: COMPANY SNAPSHOT
                       TABLE 197 ENPHASE ENERGY: PRODUCT/SOLUTION/SERVICE OFFERED
                       TABLE 198 ENPHASE ENERGY: PRODUCT LAUNCH
                       TABLE 199 ENPHASE ENERGY: DEAL
             12.1.10 SCHNEIDER ELECTRIC
                       TABLE 200 SCHNEIDER ELECTRIC: BUSINESS OVERVIEW
                       FIGURE 49 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT
                       TABLE 201 SCHNEIDER ELECTRIC: PRODUCT/SOLUTION/SERVICE OFFERED
                       TABLE 202 SCHNEIDER ELECTRIC: DEAL
                       TABLE 203 SCHNEIDER ELECTRIC: OTHER
             12.1.11 GENERAL ELECTRIC
                       TABLE 204 GENERAL ELECTRIC: BUSINESS OVERVIEW
                       FIGURE 50 GENERAL ELECTRIC: COMPANY SNAPSHOT
                       TABLE 205 GENERAL ELECTRIC: PRODUCT/SOLUTION/SERVICE OFFERED
                       TABLE 206 GENERAL ELECTRIC: OTHER
             12.1.12 DELTA ELECTRONICS, INC.
                       TABLE 207 DELTA ELECTRONICS, INC.: BUSINESS OVERVIEW
                       FIGURE 51 DELTA ELECTRONICS, INC.: COMPANY SNAPSHOT
                       TABLE 208 DELTA ELECTRONICS: PRODUCT/SOLUTION/SERVICE OFFERED
                       TABLE 209 DELTA ELECTRONICS: PRODUCT LAUNCH
                       TABLE 210 DELTA ELECTRONICS: DEAL
                       TABLE 211 DELTA ELECTRONICS: OTHER
             12.1.13 KACO NEW ENERGY
                       TABLE 212 KACO NEW ENERGY: BUSINESS OVERVIEW
                       TABLE 213 KACO NEW ENERGY: PRODUCT/SOLUTION/SERVICE OFFERED
                       TABLE 214 KACO NEW ENERGY: PRODUCT LAUNCH
                       TABLE 215 KACO NEW ENERGY: DEAL
             12.1.14 TMEIC
                       TABLE 216 TMEIC: BUSINESS OVERVIEW
                       TABLE 217 TMEIC: PRODUCT/SOLUTION/SERVICE OFFERED
                       TABLE 218 TMEIC: DEAL
             12.1.15 GAMESA ELECTRIC
                       TABLE 219 GAMESA ELECTRIC: BUSINESS OVERVIEW
                       TABLE 220 GAMESA ELECTRIC: PRODUCT/SOLUTION/SERVICE OFFERED
                       TABLE 221 GAMESA ELECTRIC: PRODUCT LAUNCH
     12.2 OTHER PLAYERS 
             12.2.1 DELPHI TECHNOLOGIES
             12.2.2 SENSATA TECHNOLOGIES, INC.
             12.2.3 ALTENERGY POWER SYSTEM INC.
             12.2.4 GROWATT NEW ENERGY
             12.2.5 TBEA XINJIANG SUNOASIS
*Details on Business Overview, Products Offered, Recent Developments, MnM View, Right to win, Strategic choices made, Weaknesses and competitive threats might not be captured in case of unlisted companies.
 
13 APPENDIX (Page No. - 225)
     FIGURE 52 INSIGHTS FROM INDUSTRY EXPERTS 
     13.1 DISCUSSION GUIDE 
     13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL 
     13.3 CUSTOMIZATION OPTIONS 
     13.4 RELATED REPORTS 
     13.5 AUTHOR DETAILS 

This study involved major activities in estimating the current size of the grid-forming inverter market. Comprehensive secondary research was done to collect information on the market, peer market, and parent market. The next step involved was the validation of these findings, assumptions, and market sizing with industry experts across the value chain through primary research. The total market size was estimated through country-wise analysis. Then, the market breakdown and data triangulation were performed to estimate the market size of the segments and sub-segments.

Secondary Research

The secondary research involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the global grid forming inverter market. The other secondary sources comprised press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturers, associations, trade directories, and databases. 

Primary Research

The grid-forming inverter market comprises several stakeholders, such as component providers, product manufacturers, distributors, and end-users in the supply chain. The demand side of this market is characterized by industrial end-users. Moreover, the demand is also fueled by the growing demand of the renewable energy sector. The supply side is characterized by rising demand for contracts from the industrial sector, and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:

Grid-forming Inverter Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

  • The bottom-up and top down approach has been used to estimate and validate the size of the grid forming inverter market.
  • In this approach, the grid-forming inverter installation statistics for each product type have been considered at a country and regional level.
  • Extensive secondary and primary research has been carried out to understand the global market scenario for various types of grid-forming inverters.
  • Several primary interviews have been conducted with key opinion leaders related to grid forming inverters development, including key OEMs and Tier I suppliers.
  • Qualitative aspects such as market drivers, restraints, opportunities, and challenges have been taken into consideration while calculating and forecasting the market size.

Grid Forming Inverter Market Size: Top-Down and Bottom-Up Approach

Grid-forming Inverter Market Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Grid-forming Inverter Market Size, and Share

Data Triangulation

The overall market size is estimated using the market size estimation processes as explained above, followed by splitting of the market into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the grid-forming inverters market ecosystem.

Market Defenition

A grid-forming inverter is a specialized power electronic device that can autonomously create and maintain a stable electrical grid without the need for a pre-existing grid connection. It is designed to control and synchronize voltage and frequency, enabling the integration of renewable energy sources and supporting grid stability in both grid-connected and off-grid operation.

The growth of the grid-forming inverters market during the forecast period can be attributed to the planned grid infrastructure programs across major countries in North America, South America, Europe, Asia Pacific, and the Middle East & Africa.

Key Stakeholders

  • Analytics Vendors
  • Communication Vendors
  • Consulting Companies In The Energy And Power Sector
  • DISCOMS
  • Electric Utilities
  • Energy & Power Sector Consulting Companies
  • Energy Regulators
  • Government & Research Organizations
  • Government Utility Providers
  • Independent Power Producers
  • Investment Banks
  • IT Vendors
  • Managed Service Vendors
  • Private Utility Providers
  • Renewable Energy Generators
  • Venture Capital Firms

Objectives of the Study

  • To define, describe, and forecast the size of the grid forming inverter market by type, application, voltage, power rating, and region, in terms of value
  • To estimate and forecast the global grid forming inverter market for various segments with respect to 5 main regions, namely, North America, Europe, Asia Pacific (APAC), South America, Middle East & Africa, in terms of value
  • To provide comprehensive information about the drivers, restraints, opportunities, and industry-specific challenges that affect the market growth
  • To provide a detailed overview of the grid forming inverter value chain, along with industry trends, use cases, security standards, and Porter’s five forces
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contribution to the total market
  • To analyze the opportunities in the market for stakeholders by identifying high-growth segments and detail the competitive landscape for market players
  • To strategically profile key players and comprehensively analyze their market rankings and core competencies
  • To analyze competitive developments, such as joint ventures, mergers and acquisitions, contracts, and agreements, and new product launches, in the grid forming inverter market
  • To benchmark players within the market using the proprietary competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of business strategy excellence and strength of product portfolio
  • This report covers the grid forming inverter market size in terms of value.

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

Product Analysis

  • Product Matrix, which provides a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analyses and profiling of additional market players
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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Report Code
EP 8741
Published ON
Jul, 2023
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