Grid-forming Inverter Market to grow USD 1,042 million by 2028

"The grid-forming inverter market is projected to grow at a CAGR of 8.9% from 2023 to 2028"

The global grid-forming inverter market is estimated to grow from USD 1,042 million by 2028 from an estimated of USD 680 million in 2023; it is expected to record a CAGR of 8.9% during the forecast period. The grid-forming inverters play a vital role in effectively managing the large influx of renewable energy and ensuring grid stability.

"Above 100 KW: The second largest- growing segment of the grid-forming inverter market"

Download Free Sample PDF @ https://www.reportsnreports.com/contacts/requestsample.aspx?name=7422119

Based on by power rating of grid-forming inverter , the above 100 KW segment is estimated to be the second largest-growing market from 2023 to 2028. Above 100 kW grid-forming inverters provide grid stability and resilience by offering grid support services, such as frequency regulation, voltage control, and reactive power compensation. These services are especially critical in regions with high renewable energy integration.

"String Inverters: The second largest segment by standard in grid-forming inverter market"

The string inverters segment, by type, is projected to hold the second largest market size during the forecast period. String inverters are generally more cost-effective than central inverters for smaller-scale solar PV installations. They offer a good balance between performance and affordability, making them an attractive choice for residential and small commercial projects. The installation and maintenance of string grid-forming inverters are relatively straightforward, and they typically have lower maintenance requirements compared to more complex central grid-forming inverters.

"Wind Power Plants: The second largest segment by application in grid-forming inverter market"

The wind power plants segment, by application is projected to hold the second largest market size during the forecast period. Grid-forming inverters are increasingly being utilized in wind power plants to support grid stability and enhance the integration of wind energy into the electricity grid. These specialized inverters play a crucial role in creating and maintaining a stable grid environment, allowing wind power plants to operate in grid-forming mode rather than relying solely on the stability of the existing grid.

Download Complete Report @ https://www.reportsnreports.com/purchase.aspx?name=7422119

"North America: The second fastest-growing region in grid-forming inverter market"

North America is estimated to hold the second fastest market share in the grid-forming inverter market. The increasing focus on grid resilience and preparedness for natural disasters is leading to a greater interest in microgrid solutions that incorporate grid-forming inverters. The interest in microgrids is rising in North America, particularly for critical facilities, military bases, and remote communities. Grid-forming inverters are vital components of microgrids, allowing them to operate autonomously or in coordination with the main grid.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 35%, Tier 2- 45%, and Tier 3- 20%
By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
By Region: North America- 40%, Asia Pacific- 30%, Europe- 20%, the Middle East & Africa- 5%, and South America- 5%

ReportsnReports - Your Market Research Librarian
Corporate Headquarters
Tower B5, office 101, Magarpatta SEZ,
Hadapsar, Pune-411013, India.
+ 1 347 333 3771
sales@reportsandreports.com

ReportsnReports.com is your single source for all market research needs. Our database includes 500,000+ market research reports from over 95 leading global publishers & in-depth market research studies of over 5000 micro markets. With comprehensive information about the publishers and the industries for which they publish market research reports, we help you in your purchase decision by mapping your information needs with our huge collection of reports.

This release was published on openPR.