The grid-forming inverter market is estimated to be USD 680 million in 2023 to USD 1,042 million by 2028, at a CAGR of 8.9% during the forecast period. The factors that drive the market growth is driven by the global transition towards clean and sustainable energy solutions, as well as the need for technologies that can enhance grid stability, reliability, and resilience in the face of evolving energy challenges.
The grid-forming inverter market is dominated by a few globally established players such as Huawei Technologies Co. Ltd. (China), General Electric (US), SMA Solar Technology (Germany), Games Electric (Spain) and FIMER Group (Italy) These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
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Huawei Technologies Co. Ltd. (China) a leading global technology company, has been actively involved in the development and deployment of grid-forming inverters for renewable energy integration and grid modernization. Huawei's grid-forming inverter business offers advanced solutions that enable the stable integration of renewable energy sources into electricity grids and provide grid support services
General Electric (US) has been actively involved in the development and deployment of grid-forming inverters and power conversion solutions. As a renowned multinational conglomerate, GE's Grid Solutions division provides advanced technologies and solutions for grid modernization, including grid-forming inverters.
SMA Solar Technology (Germany) is a well-established German company and a leading global manufacturer of solar inverters and energy management solutions. SMA has been actively involved in the development and deployment of grid-forming inverters, providing advanced solutions for renewable energy integration and grid stabilization.
Gamesa Electric (Spain) , also known as Siemens Gamesa Electric, is a subsidiary of Siemens Gamesa Renewable Energy, a global leader in the wind energy industry. Gamesa Electric offers grid-forming inverters suitable for various renewable energy applications, particularly in the wind energy sector. Their inverters are designed to efficiently convert the variable output from wind turbines into stable AC power suitable for grid integration.
Another important player in grid-forming inverter market is Fimer group. Fimer Group (Italy) is a global leader in the manufacture of power conversion solutions, including grid-forming inverters for renewable energy integration and grid stabilization. FIMER's grid-forming inverter business offers advanced solutions designed to support the integration of renewable energy sources into electricity grids and provide grid support services.
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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