Grid-Forming Inverter Market
Growth Factors of Grid-Forming Inverter Market
The global grid-forming inverter market size was valued at USD 724.66 million in 2023 and is projected to grow from USD 788.50 million in 2024 to USD 1579.10 million by 2032, exhibiting a CAGR of 9.07% during the forecast period of 2024-2032.
The COVID-19 pandemic disrupted the Grid-Forming Inverter Market by causing delivery chain delays and slowing demand. However, it also underscored the need for resilient electricity systems, boosting interest in grid balance and renewable electricity. This may pressure the market increase to be up-pandemic, impeding the grid-forming inverter market growth.
The Grid-Forming Inverter Market is pushed with the aid of the growing integration of renewable electricity resources, the need for grid balance, and the rising use of energy garage systems, all of which might be important for keeping grid reliability and supporting the transition to sustainable strength.
Grid-forming inverters play a critical function in the growth of renewable energy resources. They are essential for microgrids, enabling localized energy generation and distribution, making groups more energy unbiased, and expanding grid-forming inverter market share globally. Additionally, these inverters work seamlessly with strength storage systems, optimizing grid operations and decreasing reliance on fossil fuels. This combination is prime to a sustainable and resilient energy future.
Comprehensive Analysis of Grid-Forming Inverter Market
The Grid-Forming Inverter Market is segmented by kind, strength score, and alertness. Among sorts, string inverters dominate because of their superior generation, high performance, scalability, and simplicity of installation, making them appropriate for numerous grid-forming programs, together with residential, business, and application-scale sun installations. Regarding strength rating, inverters under 10 kW lead the marketplace and push through their growing demand in residential and commercial sectors. Sun PV vegetation preserves a dominant percentage by application, fueled by excessive renewable energy penetration and ongoing advancements in the solar era, making them a preferred desire for smooth power technology.
The Asia Pacific region led the grid-forming inverter market by benefitting a size of USD 411.17 million in 2023 due to fast industrialization and urbanization; the area is witnessing a substantial upward thrust in electricity demand.
The leading players in the Grid-Forming Inverter Market significantly shape its growth trajectory and establish industry standards. These key players, including SMA Solar Technology (Germany), General Electric (U.S.), Huawei Technologies Co., Ltd. (China), Gamesa Electric (Spain), SunGarner (India), Toshiba Corporation (Japan), AGL Energy (Australia), KACO new energy GmbH (Germany), Sungrow (China), and Portland General Electric (U.S.), contribute to a competitive landscape, driving innovation and advancing the market.
In December 2023, AGL started the development of a 50 MW/one hundred MWh big-scale Battery Energy Storage System (BESS) facility presenting a complicated grid-forming inverter at 74-76 Pinnacles Place, Broken Hill. This assignment aims to ensure a reliable energy delivery for Broken Hill in case of line failures while presenting vital grid aid to the location. Additionally, the ability will contribute to the storage and compression capacity of the National Energy Market (NEM) and deliver supplementary offerings to beautify grid stability.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 9.07% from 2024 to 2032
Unit Value (USD Million)
Segmentation By Type
- Micro-Inverter
- String-Inverter
- Central-Inverter
By Power Rating
- Below 10 KW
- 10 - 50 KW
- 50 - 100 KW
- Above 100 KW
By Application
- Solar PV Plant
- Wind Power Plant
- Energy Storage System
By Region
- North America (By Type, By Power Rating, By Application, and By Country)
- U.S. (By Type)
- Canada (By Type)
- Germany (By Type)
- UK (By Type)
- France (By Type)
- Italy (By Type)
- Spain (By Type)
- Russia (By Type)
- Rest of Europe (By Type)
- China (By Type)
- Japan (By Type)
- India (By Type)
- Australia (By Type)
- Southeast Asia (By Type)
- Rest of Asia Pacific (By Type)
- Brazil (By Type)
- Mexico (By Type)
- Rest of Latin America (By Type)
- GCC (By Type)
- South Africa (By Type)
- Rest of the Middle East & Africa (By Type)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions & Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Insight on Regulatory Landscape
- 4.4. Porter Five Forces Analysis
- 4.5. Impact of COVID-19 on the Grid-forming Inverter Market
- 5. Global Grid-forming Inverter Market (USD Million) Analysis, Insights, and Forecast, 2019-2032
- 5.1. Key Findings
- 5.2. Market Analysis, Insights, and Forecast – By Type
- 5.2.1. Micro-Inverter
- 5.2.2. String-Inverter
- 5.2.3. Central-Inverter
- 5.3. Market Analysis, Insights, and Forecast – By Power Rating
- 5.3.1. Below 10 KW
- 5.3.2. 10 - 50 KW
- 5.3.3. 50 - 100 KW
- 5.3.4. Above 100 KW
- 5.4. Market Analysis, Insights, and Forecast – By Application
- 5.4.1. Solar PV Plant
- 5.4.2. Wind Power Plant
- 5.4.3. Energy Storage System
- 5.5. Market Analysis, Insights, and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Latin America
- 5.5.5. Middle East and Africa
- 6. North America Grid-forming Inverter Market (USD Million) Analysis, Insights, and Forecast, 2019-2032
- 6.1. Key Findings
- 6.2. Market Analysis, Insights, and Forecast – By Type
- 6.2.1. Micro-Inverter
- 6.2.2. String-Inverter
- 6.2.3. Central-Inverter
- 6.3. Market Analysis, Insights, and Forecast – By Power Rating
- 6.3.1. Below 10 KW
- 6.3.2. 10 - 50 KW
- 6.3.3. 50 - 100 KW
- 6.3.4. Above 100 KW
- 6.4. Market Analysis, Insights, and Forecast – By Application
- 6.4.1. Solar PV Plant
- 6.4.2. Wind Power Plant
- 6.4.3. Energy Storage System
- 6.5. Market Analysis, Insights, and Forecast – By Country
- 6.5.1. U.S. Market Analysis, Insights, and Forecast – By Type
- 6.5.1.1. Micro-Inverter
- 6.5.1.2. String-Inverter
- 6.5.1.3. Central-Inverter
- 6.5.2. Canada Market Analysis, Insights, and Forecast – By Type
- 6.5.2.1. Micro-Inverter
- 6.5.2.2. String-Inverter
- 6.5.2.3. Central-Inverter
- 7. Europe Grid-forming Inverter Market (USD Million) Analysis, Insights, and Forecast, 2019-2032
- 7.1. Key Findings
- 7.2. Market Analysis, Insights, and Forecast – By Type
- 7.2.1. Micro-Inverter
- 7.2.2. String-Inverter
- 7.2.3. Central-Inverter
- 7.3. Market Analysis, Insights, and Forecast – By Power Rating
- 7.3.1. Below 10 KW
- 7.3.2. 10 - 50 KW
- 7.3.3. 50 - 100 KW
- 7.3.4. Above 100 KW
- 7.4. Market Analysis, Insights, and Forecast – By Application
- 7.4.1. Solar PV Plant
- 7.4.2. Wind Power Plant
- 7.4.3. Energy Storage System
- 7.5. Market Analysis, Insights, and Forecast – By Country
- 7.5.1. Germany Market Analysis, Insights, and Forecast – By Type
- 7.5.1.1. Micro-Inverter
- 7.5.1.2. String-Inverter
- 7.5.1.3. Central-Inverter
- 7.5.2. UK Market Analysis, Insights, and Forecast – By Type
- 7.5.2.1. Micro-Inverter
- 7.5.2.2. String-Inverter
- 7.5.2.3. Central-Inverter
- 7.5.3. France Market Analysis, Insights, and Forecast – By Type
- 7.5.3.1. Micro-Inverter
- 7.5.3.2. String-Inverter
- 7.5.3.3. Central-Inverter
- 7.5.4. Italy Market Analysis, Insights, and Forecast – By Type
- 7.5.4.1. Micro-Inverter
- 7.5.4.2. String-Inverter
- 7.5.4.3. Central-Inverter
- 7.5.5. Spain Market Analysis, Insights, and Forecast – By Type
- 7.5.5.1. Micro-Inverter
- 7.5.5.2. String-Inverter
- 7.5.5.3. Central-Inverter
- 7.5.6. Russia Market Analysis, Insights, and Forecast – By Type
- 7.5.6.1. Micro-Inverter
- 7.5.6.2. String-Inverter
- 7.5.6.3. Central-Inverter
- 7.5.7. Rest of Europe Market Analysis, Insights, and Forecast – By Type
- 7.5.7.1. Micro-Inverter
- 7.5.7.2. String-Inverter
- 7.5.7.3. Central-Inverter
- 8. Asia Pacific Grid-forming Inverter Market (USD Million) Analysis, Insights, and Forecast, 2019-2032
- 8.1. Key Findings
- 8.2. Market Analysis, Insights, and Forecast – By Type
- 8.2.1. Micro-Inverter
- 8.2.2. String-Inverter
- 8.2.3. Central-Inverter
- 8.3. Market Analysis, Insights, and Forecast – By Power Rating
- 8.3.1. Below 10 KW
- 8.3.2. 10 - 50 KW
- 8.3.3. 50 - 100 KW
- 8.3.4. Above 100 KW
- 8.4. Market Analysis, Insights, and Forecast – By Application
- 8.4.1. Solar PV Plant
- 8.4.2. Wind Power Plant
- 8.4.3. Energy Storage System
- 8.5. Market Analysis, Insights, and Forecast – By Country
- 8.5.1. China Market Analysis, Insights, and Forecast – By Type
- 8.5.1.1. Micro-Inverter
- 8.5.1.2. String-Inverter
- 8.5.1.3. Central-Inverter
- 8.5.2. India Market Analysis, Insights, and Forecast – By Type
- 8.5.2.1. Micro-Inverter
- 8.5.2.2. String-Inverter
- 8.5.2.3. Central-Inverter
- 8.5.3. Japan Market Analysis, Insights, and Forecast – By Type
- 8.5.3.1. Micro-Inverter
- 8.5.3.2. String-Inverter
- 8.5.3.3. Central-Inverter
- 8.5.4. Australia Market Analysis, Insights, and Forecast – By Type
- 8.5.4.1. Micro-Inverter
- 8.5.4.2. String-Inverter
- 8.5.4.3. Central-Inverter
- 8.5.5. Southeast Asia Market Analysis, Insights, and Forecast – By Type
- 8.5.5.1. Micro-Inverter
- 8.5.5.2. String-Inverter
- 8.5.5.3. Central-Inverter
- 8.5.6. Rest of Asia Pacific Market Analysis, Insights, and Forecast – By Type
- 8.5.6.1. Micro-Inverter
- 8.5.6.2. String-Inverter
- 8.5.6.3. Central-Inverter
- 9. Latin America Grid-forming Inverter Market (USD Million) Analysis, Insights, and Forecast, 2019-2032
- 9.1. Key Findings
- 9.2. Market Analysis, Insights, and Forecast – By Type
- 9.2.1. Micro-Inverter
- 9.2.2. String-Inverter
- 9.2.3. Central-Inverter
- 9.3. Market Analysis, Insights, and Forecast – By Power Rating
- 9.3.1. Below 10 KW
- 9.3.2. 10 - 50 KW
- 9.3.3. 50 - 100 KW
- 9.3.4. Above 100 KW
- 9.4. Market Analysis, Insights, and Forecast – By Application
- 9.4.1. Solar PV Plant
- 9.4.2. Wind Power Plant
- 9.4.3. Energy Storage System
- 9.5. Market Analysis, Insights, and Forecast – By Country
- 9.5.1. Brazil Market Analysis, Insights, and Forecast – By Type
- 9.5.1.1. Micro-Inverter
- 9.5.1.2. String-Inverter
- 9.5.1.3. Central-Inverter
- 9.5.2. Mexico Market Analysis, Insights, and Forecast – By Type
- 9.5.2.1. Micro-Inverter
- 9.5.2.2. String-Inverter
- 9.5.2.3. Central-Inverter
- 9.5.3. Rest of Latin America Market Analysis, Insights, and Forecast – By Type
- 9.5.3.1. Micro-Inverter
- 9.5.3.2. String-Inverter
- 9.5.3.3. Central-Inverter
- 10. Middle East and Africa Grid-forming Inverter Market (USD Million) Analysis, Insights, and Forecast, 2019-2032
- 10.1. Key Findings
- 10.2. Market Analysis, Insights, and Forecast – By Type
- 10.2.1. Micro-Inverter
- 10.2.2. String-Inverter
- 10.2.3. Central-Inverter
- 10.3. Market Analysis, Insights, and Forecast – By Power Rating
- 10.3.1. Below 10 KW
- 10.3.2. 10 - 50 KW
- 10.3.3. 50 - 100 KW
- 10.3.4. Above 100 KW
- 10.4. Market Analysis, Insights, and Forecast – By Application
- 10.4.1. Solar PV Plant
- 10.4.2. Wind Power Plant
- 10.4.3. Energy Storage System
- 10.5. Market Analysis, Insights, and Forecast – By Country
- 10.5.1. GCC Market Analysis, Insights, and Forecast – By Type
- 10.5.1.1. Micro-Inverter
- 10.5.1.2. String-Inverter
- 10.5.1.3. Central-Inverter
- 10.5.2. South Africa Market Analysis, Insights, and Forecast – By Type
- 10.5.2.1. Micro-Inverter
- 10.5.2.2. String-Inverter
- 10.5.2.3. Central-Inverter
- 10.5.3. Rest of Middle East & Africa Market Analysis, Insights, and Forecast – By Type
- 10.5.3.1. Micro-Inverter
- 10.5.3.2. String-Inverter
- 10.5.3.3. Central-Inverter
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2023
- 11.2. Company Profile
- 11.2.1. SMA Solar Technology
- 11.2.1.1. Business Overview
- 11.2.1.2. Product and Service Offerings
- 11.2.1.3. Recent Developments
- 11.2.1.4. Financials (Based on Availability)
- 11.2.2. General Electric
- 11.2.2.1. Business Overview
- 11.2.2.2. Product and Service Offerings
- 11.2.2.3. Recent Developments
- 11.2.2.4. Financials (Based on Availability)
- 11.2.3. Huawei Technologies Co., Ltd.
- 11.2.3.1. Business Overview
- 11.2.3.2. Product and Service Offerings
- 11.2.3.3. Recent Developments
- 11.2.3.4. Financials (Based on Availability)
- 11.2.4. Gamesa Electric
- 11.2.4.1. Business Overview
- 11.2.4.2. Product and Service Offerings
- 11.2.4.3. Recent Developments
- 11.2.4.4. Financials (Based on Availability)
- 11.2.5. SunGarner
- 11.2.5.1. Business Overview
- 11.2.5.2. Product and Service Offerings
- 11.2.5.3. Recent Developments
- 11.2.5.4. Financials (Based on Availability)
- 11.2.6. Toshiba Corporation
- 11.2.6.1. Business Overview
- 11.2.6.2. Product and Service Offerings
- 11.2.6.3. Recent Developments
- 11.2.6.4. Financials (Based on Availability)
- 11.2.7. AGL Energy
- 11.2.7.1. Business Overview
- 11.2.7.2. Product and Service Offerings
- 11.2.7.3. Recent Developments
- 11.2.7.4. Financials (Based on Availability)
- 11.2.8. KACO new energy GmbH
- 11.2.8.1. Business Overview
- 11.2.8.2. Product and Service Offerings
- 11.2.8.3. Recent Developments
- 11.2.8.4. Financials (Based on Availability)
- 11.2.9. Sungrow
- 11.2.9.1. Business Overview
- 11.2.9.2. Product and Service Offerings
- 11.2.9.3. Recent Developments
- 11.2.9.4. Financials (Based on Availability)
- 11.2.10. Portland General Electric
- 11.2.10.1. Business Overview
- 11.2.10.2. Product and Service Offerings
- 11.2.10.3. Recent Developments
- 11.2.10.4. Financials (Based on Availability)
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