The Asia Pacific Grid-Forming Inverter Market would witness market growth of 9.6% CAGR during the forecast period (2023-2030).
Environmental awareness, fueling the demand for clean and green energy, is increasing the demand for renewable energy rapidly. As a result of this trend, grid-forming inverters are gaining popularity due to their ability to rapidly convert DC power to AC power while remaining connected to the grid system and operating independently in an eco-friendly manner. The market is expanding due to the rising number of solar power plants connected to the grid through an on-grid solar inverter. Commercial, industrial, and residential use of the inverter fuels the market's expansion and creates significant demand for reliable and secure power source inverters.
The exploitation of renewable resources for the generation of electricity is anticipated to bring an increase in the demands placed on microgrids in the coming future. The rising importance of the captive power generation system in the manufacturing sector to reduce the reliance on electricity from the regional electric grid is expected to remain a key driving factor.
In India, the electric vehicle (EVs) sector is expected to reach Rs. 50,000 crore (US$ 7.09 billion) by 2025. A Council on Energy, Environment and Water (CEEW) centre for energy finance study identified a US$ 206 billion market opportunity for electric vehicles in Indian by 2030. The infrastructure for vehicle manufacturing and charging will need to be invested at US$ 180 billion. The same source also stated that the Indian EV finance industry is anticipated to reach US$ 50 billion by 2030. These factors are expected to create lucrative opportunities for the providers of vehicle inverters, thereby aiding in the expansion of the regional market.
The China market dominated the Asia Pacific Grid-forming Inverter Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $130.4 million by 2030. The Japan market is anticipated to grow at a CAGR of 8.9% during (2023 - 2030). Additionally, The India market would display a CAGR of 10.2% during (2023 - 2030).
Based on Application, the market is segmented into Solar PV Plants, Wind Power Plants, Energy Storage Systems, and Electric Vehicles. Based on Type, the market is segmented into Central Inverter, Micro Inverter, and String Inverter. Based on Voltage, the market is segmented into Above 500 V, 300 - 500 V, and 100 - 300 V. Based on Power Rating, the market is segmented into Below 50 KW, 50 - 100 KW, and Above 100 KW. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Grid-forming Inverter Market is Projected to reach USD 1.2 Billion by 2030, at a CAGR of 9.2%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), SolarEdge Technologies, Inc., Enphase Energy, Inc., Schneider Electric SE, General Electric Company, Delta Electronics, Inc., Sungrow Power Supply Co., Ltd., Fimer Group, KACO new energy GmbH and GoodWe.
By Application
By Type
By Voltage
By Power Rating
By Country
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