The demand for renewable energy is growing at a very high rate owing to the global environmental awareness which is driving the demand for clean and green energy. Because of this trend, grid-forming inverters are enjoying a tremendous popularity worldwide due to their capacity to quickly convert DC power into AC power while staying connected on the grid system as well as operating independently, in an environment friendly manner. The ever-increasing number of solar power plants connected with the grid through an on-grid solar inverter is enforcing the growth in the grid forming inverters market size globally. The inverter is used for commercial, industrial, and residential purpose which drives the market growth and creates a substantial demand for reliable and safe power source inverters. Developed countries in Europe and North America, are already using this inverter on a daily basis for wide-scale applications and the same pattern is expected in the Asia-Pacific regions as well.
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Market trends
- Development of infrastructure and growing need for reliable energy source is driving the market.
Continuous infrastructure development in the developing and developed economy and the rising demand for uninterrupted electricity supply are the major factors which are driving the growth of the inverter. Various countries are focused upon development of the smart cities like in the UAE, which is currently focusing on smart Dubai project aimed to transform the city of Dubai into leading global smart city. Such an expansion in the construction activity will drastically boost the inverter market value in the region and hence the demand will be expected to increase.
- Growing awareness regarding environmental degradation and eco-friendly practices.
The increased awareness regarding greenhouse effect and the rising cognizance of environmental issues has further bolstered the global market for the inverter. This growing focus on renewable energy sources is having a positive impact on the inverter market revenue globally.
- Better control and reliability compared to its competitors.
Because of its standalone operating function and instantly balancing load without any coordination controls, the grid- forming inverter has a very high efficiency percentage and can achieve almost 100% penetration. This decreases the complexity of the complete system and thus, the chances of frequent faults.
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Covid-19 Impact Analysis
- The coronavirus’s unfavorable global effects are already evident, and they will have a big impact on the grid forming inverters in 2020.
- The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy’s already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the grid forming inverters market to a great extent as the consumers’ consumption and demand patterns are changing amidst pandemic. Issues such as labor shortages, raw material unavailability, stagnation of the global trade and subsequent delays in installation are estimated to drive the prices of the inverters upwards which will prove to be a significant obstacle that the industry will have to adapt to. Increase in prices will cause project delays which, in turn, would again cause a spike in prices.
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