The Asia Pacific Grid-Forming Inverter Market should 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, India's 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.
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.
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, India's 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.
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.
Scope of the Study
By Application
- Solar PV Plants
- Wind Power Plants
- Energy Storage Systems
- Electric Vehicles
By Type
- Central Inverter
- Micro Inverter
- String Inverter
By Voltage
- Above 500 V
- 300 - 500 V
- 100 - 300 V
By Power Rating
- Below 50 KW
- 50 - 100 KW
- Above 100 KW
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- 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
- GoodWe
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market At a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Asia Pacific Grid-forming Inverter Market by Application
Chapter 6. Asia Pacific Grid-forming Inverter Market by Type
Chapter 7. Asia Pacific Grid-forming Inverter Market by Voltage
Chapter 8. Asia Pacific Grid-forming Inverter Market by Power Rating
Chapter 9. Asia Pacific Grid-forming Inverter Market by Country
Chapter 10. Company Profiles
Companies Mentioned
- 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
- GoodWe
Methodology
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