Grid-Forming Inverter Market 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 North America (United States, Canada, Mexico), by South America (Brazil, Argentina, Rest of South America), by Europe (United Kingdom, Germany, France, Italy, Spain, Russia, Benelux, Nordics, Rest of Europe), by Middle East & Africa (Turkey, Israel, GCC, North Africa, South Africa, Rest of Middle East & Africa), by Asia Pacific (China, India, Japan, South Korea, ASEAN, Oceania, Rest of Asia Pacific) Forecast 2024-2032
The size of the Grid-Forming Inverter Market was valued at USD 724.66 USD Million in 2023 and is projected to reach USD 1330.67 USD Million by 2032, with an expected CAGR of 9.07% during the forecast period. A Grid-Forming Inverter (GFI) is a type of power electronic device that plays a crucial role in stabilizing and regulating the operation of electrical grids, particularly in renewable energy systems. Unlike traditional grid-following inverters, which rely on the grid to control their output, grid-forming inverters have the capability to independently create a stable voltage and frequency, essentially "forming" the grid. This makes them essential for integrating distributed energy resources, such as solar panels and wind turbines, into power grids, especially in off-grid and microgrid applications. They enable the grid to operate autonomously and can support power distribution, ensuring reliable and resilient energy systems in both isolated and interconnected grid setups. This growth is attributed to the rising demand for renewable energy sources, increasing grid stability concerns, and technological advancements. Grid-forming inverters play a crucial role in maintaining grid stability by providing voltage and frequency support, making them essential for integrating renewable energy into the grid.
The Grid-Forming Inverter Market is witnessing several notable trends that shape its future growth.
The Grid-Forming Inverter Market is driven by several key factors.
Despite its growth potential, the Grid-Forming Inverter Market faces a few challenges and restraints.
Key Regions:
Key Segments:
The Grid-Forming Inverter Industry benefits from several growth catalysts that support its expansion.
The Grid-Forming Inverter Sector has witnessed several significant developments that shape its future direction.
Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 9.07% from 2018-2032 |
Segmentation |
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Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 9.07% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
Primary Research
Secondary Research
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