Grid-forming Inverter Market

Grid-forming Inverter Market Size & Share - Future Growth Expectations

The global grid-forming inverter market size is expected to reach USD 1,042 million by 2028 from an estimated USD 680 million in 2023, at a CAGR of 8.9% during the forecast period. The major factors driving the growth of this market include 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 has been observing rapid growth due to several key factors.

  • Transition to Renewable Energy
  • Grid Stability and Resilience
  • Microgrid and Islanded Systems
  • Hybrid Power Plants
  • Utility-Scale Energy Storage
  • Technological Innovations

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

Transition to Renewable Energy:

  • To ensure stability and dependability, the growing use of renewable energy sources like solar and wind power necessitates the development of improved grid technologies. Because they can function independently and maintain grid frequency and voltage, grid-forming inverters are essential to the integration of renewable energy sources. Grid-forming inverter demand is predicted to increase as nations quicken their shift from traditional power plants to renewable energy sources and phase them out.

Grid Stability and Resilience:

  • Compared to conventional grid-following inverters, grid-forming inverters provide greater grid stability and resilience. Grid-forming inverters contribute to grid stability by offering autonomous control and islanding capabilities in the event of disruptions, blackouts, or grid faults. This feature is especially crucial in distant or rural locations where grid reliability is an issue. Grid-forming inverter deployment is predicted to rise as grid operators prioritize stability and resilience.

Microgrid and Islanded Systems:

  • Applications requiring a dependable and independent power source are a good fit for grid-forming inverters, such as microgrids and islanded systems. Grid-forming inverters are used by microgrids, especially in isolated areas, factories, and military sites, to control local energy production, storage, and consumption. Grid-forming inverter sales are rising due to growing interest in microgrid solutions brought on by worries about sustainability, dependability, and energy security.

Hybrid Power Plants:

  • In order to maximize system performance and grid integration, hybrid power plants—which include renewable energy sources, energy storage systems, and conventional production technologies—need sophisticated control skills. Grid-forming inverters make it possible for various energy sources to be seamlessly integrated and coordinated, which enables flexible and effective operation of hybrid power plants. Grid-forming inverters are becoming more and more necessary due to the increasing number of hybrid power plants being installed, especially in isolated or off-grid places.

Utility-Scale Energy Storage:

  • Grid balancing, peak shaving, and renewable energy integration are three growing applications for energy storage technologies, such as battery storage and pumped hydro storage. Utility-scale energy storage systems require grid-forming inverters because they provide the grid-forming capabilities necessary to maintain grid voltage and frequency during cycles of charging and discharging. Grid-forming inverters are predicted to become more in demand for energy storage applications as utilities make investments in energy storage to increase grid flexibility and reliability.

Technological Innovations:

  • Grid-forming inverter innovation is being propelled by ongoing developments in power electronics, control algorithms, and communication technologies. As grid operators and developers of renewable energy demand more, manufacturers are creating grid-forming inverters with increased efficiency, dependability, and performance. The market for grid-forming inverters is expanding as a result of technological advancements such sophisticated voltage and frequency management, smooth grid transition, and grid-forming capabilities in multi-source inverters.

The demand for grid resilience, energy storage solutions, and the integration of renewable energy sources is likely to drive expansion in the grid-forming inverter market on a global scale. Grid-forming inverters are positioned to play a significant role in determining the future of the energy landscape because of the policies, technology developments, and financial incentives that are driving investment in grid modernization and the deployment of renewable energy.

Grid-forming Inverter Market Share - Global Industry Landscape

The grid-forming inverter market is characterized by the presence of several key players competing for market share. Some of the leading companies in the grid-forming inverter industry include:

  • General Electric (US)
  • SMA Solar Technology (Germany)
  • Gamesa Electric (Spain)
  • FIMER Group (Italy)
  • Huawei Technologies Co. Ltd. (China)

These companies are actively working to enhance grid-forming inverter technology and deliver cutting-edge solutions to market, in collaboration with other technology providers and research organizations. Market share within the grid-forming inverter business may change as regulations change, technology advances, and grid operators place a greater emphasis on grid stability and reliability when integrating renewable energy sources.

General Electric (US)

  • 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)

  • 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)

  • 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.

FIMER Group (Italy)

  • 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.

Huawei Technologies Co. Ltd. (China)

  • 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.

Related Reports:

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

Grid-forming Inverter Market Size,  Share & Growth Report
Report Code
EP 8741
RI Published ON
5/7/2024
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