The North America Grid-Forming Inverter Market would witness market growth of 8.7% CAGR during the forecast period (2023-2030).
As the penetration of inverter-based renewable energy (IBRE) resources continues to increase, grids' dynamics and control strategies have undergone significant advancements. Among these advancements, grid-forming inverters (GFI) have emerged as groundbreaking technology with the potential to revolutionize electricity generation, distribution, and consumption.
GFI technology finds widespread application in battery energy storage systems (BESS), wind power plants, solar PV plants, and hybrid plants, showcasing its versatility and effectiveness in optimizing energy systems and enhancing grid stability. While the understanding of grid-forming inverter controls is still evolving, they hold tremendous promise for enhancing the performance of bulk power systems. With the rise of renewable energy sources and the growing complexity of power grids, traditional approaches to system operation face new challenges. The market is paving the way for the seamless integration of renewable energy, energy storage, and grid stability.
The need for grid-forming inverters becomes more pronounced as the region shifts towards greater adoption of renewable energy sources like solar and wind. These inverters are crucial in stabilizing the grid and facilitating the smooth integration of intermittent renewable energy into the existing power infrastructure.
Canada is one of the leaders in using clean globally. In 2019, hydro, wind, solar, and other sources like biomass, geothermal, and marine/tidal wave energy comprised about 65% of the total electricity generated. Historically, Canada's primary energy source has been hydropower, which produces around 60% of the nation's electricity. By 2035, the Canada Energy Regulator (CER) predicts that renewable sources will account for 12% of all power generation. Additionally, approximately 135 GW of installed electrical generation capacity across all sources was present in Canada in 2017, and by 2035, that capacity is expected to increase to 170 GW. As a result of this surging demand for EVs and hybrid vehicles and the growing renewable energy sector in the North America region, the market is predicted to witness significant growth.
The US market dominated the North America Grid-forming Inverter Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $237.1 million by 2030. The Canada market would exhibit a CAGR of 11.1% during (2023 - 2030). Additionally, The Mexico market is experiencing 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 U.S., Mexico, Canada, and Rest of North America.
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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