The global grid-forming inverter market is expected to grow from USD 680 million in 2023 to USD 1042 million by 2028, at a CAGR of 8.9% during the forecast period.
The global Grid-forming Inverter Market is expected to grow from USD 680 million in 2023 to USD 1042 million by 2028, at a CAGR of 8.9% according to a new report by MarketsandMarkets™. Grid-forming inverters actively regulate the grid's frequency and voltage to ensure that it remains within acceptable operating limits, even under varying renewable energy output or load conditions.
Unlike traditional grid-tied inverters that synchronize with an existing stable grid, grid-forming inverters have the unique capability to independently create a stable grid environment when operating in islanded or standalone mode.
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Wind power plants are estimated to be the third fastest growing segment in the Grid-forming Inverter market.
Based on the application segment of grid-forming inverter, many countries are experiencing a significant increase in wind power capacity, driven by favorable policies, technological advancements, and the need to decarbonize the energy sector. As wind power penetration rises, the demand for grid-forming inverters to ensure grid stability and efficient energy integration also increases.
Central Inverter is expected to result in the fastest growing segment in the Grid-forming Inverter Market
The Central inverters segment is projected to grow fastest at a CAGR of 9.6% during the forecast period. Central grid-forming inverters are typically more cost-effective on a per-watt basis compared to string inverters for large-scale renewable power projects.
As the solar industry aims to reduce system costs, central inverters have become a preferred choice. Central inverters have undergone technological advancements that have improved their efficiency and performance, making them more attractive to project developers seeking maximum energy yield from their power generation sources.
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Asia Pacific likely to emerge as the largest Grid-forming Inverter Market
Asia Pacific accounted for a 36.7% share with a market size worth USD 231.3 million in 2022. The Asia Pacific Grid-forming Inverter Market, by country, has been segmented into the China, India, Japan, Australia, South Korea, and and Rest of Asia Pacific.
The deployment of energy storage systems, such as battery storage, is gaining momentum in the Asia Pacific region. Energy storage helps store excess renewable energy and discharge it when demand is high, contributing to grid stability and enhancing renewable energy integration.
Governments are revising and introducing policies and regulations that facilitate renewable energy grid integration. These frameworks often address grid connection procedures, grid access for renewable energy projects, and market mechanisms for renewable energy trading.
Key Market Players:
Major players operating in the Grid-forming Inverter Market include Huawei Technologies Co. Ltd. (China), General Electric (US), SMA Solar Technology (Germany), Games Electric (Spain) and FIMER Group (Italy).
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