The Europe Grid-Forming Inverter Market would witness market growth of 8.4% CAGR during the forecast period (2023-2030).
Microgrids are highly compatible with integrating renewable energy sources like solar panels and wind turbines into the EV charging infrastructure. The synergistic relationship that exists between electric vehicles (EVs) and microgrids helps to advance the goal of reducing carbon emissions by promoting environmentally friendly and sustainable modes of transportation. In addition, energy storage devices can be included into microgrids, which can supplement electric vehicle charging by storing extra energy and provide a reliable power supply in the event that the main grid experiences disruptions or an emergency.
Microgrids provide intelligent and dynamic charging alternatives through the integration of smart charging technology, which optimizes charging based on the conditions of the grid, the cost of energy, and the preferences of individual users. In the end, the proliferation of electric vehicle charging infrastructure is what drives the demand for microgrids. This is because microgrids are able to effectively manage increased electricity demand, make the incorporation of renewable energy sources easier, strengthen grid stability, and improve the reliability of charging operations.
A microgrid is a local electric system that can provide power from electric grids either in parallel or isolation. Shifting inclination from remote central station power plants to more localized and distributed generation for enhanced reliability, resiliency, and energy in cities, communities, and campuses is projected to impact the market growth substantially.
Some EU Framework Programs (FPs) support extensive R&D efforts that go hand in hand with microgrid development in the EU. Demonstration projects have been created since FP 5 with an emphasis on utility-scale multi-microgrid, control, and operation, as well as island and remote microgrid systems. In isolated and remote locations with unstable or nonexistent grid energy, off-grid power generation has long been necessary in Europe. Hence, the rising implementations of microgrids along with the increasing emphasis on using clean energy will propel the growth of the market in the coming years.
The Germany market dominated the Europe Grid-forming Inverter Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $76.5 million by 2030. The UK market is registering a CAGR of 7.5% during (2023 - 2030). Additionally, The France market would showcase a CAGR of 9.2% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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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