About Grid-forming Inverter
Grid-forming Inverter are electronic devices that can direct currents from wind and solar generation into tightly controlled waves of alternating current to deliver energy to the grid during a blackout. Essentially, they are put in place to restart the grid in the wake of an energy blackout. Grid forming help with renewable energy integration by enabling inverter-based resources, such as solar, wind, or battery to provide voltage and frequency support to the grid, especially during disturbances or outages. Grid forming inverters can also help restore the grid after a blackout, by creating a stable voltage and frequency reference for other sources to synchronize.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 8.95% |
Grid-forming Inverter is a fragmented market due to the presence of several players. The players are focusing on strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Grid-forming Inverter market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
General Electric (United States), SMA Solar Technology (Germany), Huawei Technologies Co. (China), Sungrow (China), Power Electronics S.L (United States), Canadian Solar Inc. (Canada), ABB Ltd. (Switzerland), SunPower Corporation (United States), SolarEdge Technologies (Israel), Enphase Energy (United States), Games Electric (Spain) and FIMER Group (Italy) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are TMEIC (United States), Delphi Technologies (United Kingdom) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Grid-forming Inverter market by Type (Micro Inverter, Hybrid Inverter, Central Inverter, String Inverters and Others) and Region.
On the basis of geography, the market of Grid-forming Inverter has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Power Rating, the sub-segment i.e. Below 50KW will boost the Grid-forming Inverter market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Industrial will boost the Grid-forming Inverter market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Integration of advance energy storage solutions.
Market Growth Drivers:
Increasing integration of renewable energy sources like solar and wind into the power grid. and The global transition towards clean and sustainable energy solutions.
Challenges:
The need for grid stabilization to ensure a reliable and stable power supply.
Restraints:
More expensive than traditional grid forming inverters.
Opportunities:
Technological advancement in solar inverters.
Market Leaders and their expansionary development strategies
In September 2022, SMA Solar Technology, a leading global provider of photovoltaic and storage systems, announced its participation in renewable energy India, showcase a number of recent innovations, including the sunny central Storage 3950 UP battery inverter, SMA DC-DC Converter, and the SMA Power Plant Manager, which enable companies to realize attractive battery storage business models while meeting grid stability requirements.
In May 2023, Huawei launched Fusion solar strategy and new products. These offerings demonstrate Huawei’s commitment to driving global transformation towards carbon neutrality. Huawei Digital Power integrates digital and power electronics technologies, as well as data and energy flows, to deliver all-scenario low-carbon products and solutions for customers worldwide. The company aims to develop smart grid-forming converters that integrate PV+ESS+Grid+Management System to make PV a major energy source.
Key Target Audience
Manufacturer & Distributors, Entrants/Investor, Research and Development, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.