The global battery storage inverter market growth is attributed to the rise in demand for sustainable power supply, and increasing demand for grid-connected solutions.
PORTLAND, Ore., Oct. 12, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Battery Storage Inverter Market by Type (Single-phase electric power and Three-phase electric power), By End-use Industry (Residential, Commercial, Utility-scale, and Others), By Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global battery storage inverter industry was valued at $2.8 billion in 2022 and is estimated to reach $6.5 billion by 2032, exhibiting a CAGR of 8.8% from 2023 to 2032.
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Battery storage inverters, also known as battery inverters or hybrid inverters, are devices used in energy storage systems to convert direct current (DC) electricity from batteries into alternating current (AC) electricity, which is the type of electricity used in most electrical systems. They are an essential component of battery energy storage systems, allowing for the efficient use and integration of stored energy. Battery storage inverters perform several key functions. First, they manage the charging and discharging of batteries, ensuring that energy flows in the appropriate direction and at the desired rate. When electricity from renewable energy sources such as solar panels or wind turbines is generated and stored in batteries, the inverter controls the charging process, converting the DC electricity produced by renewable sources into AC electricity for use in homes, buildings, or the power grid.
Prime Determinants of Growth:
The global battery storage inverter market growth is attributed to the rise in demand for sustainable power supply and increasing demand for grid-connected solutions. However, the high initial cost of battery storage inverters restricts the market growth. Moreover, the growing focus on rural electrification globally will create lucrative opportunities for the growth of the market.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $2.8 billion |
Market Size in 2032 | $6.5 billion |
CAGR | 8.8 % |
No. of Pages in Report | 221 |
Segments covered | Type, End Use Industry, and Region |
Drivers | Rise in demand for sustainable power supply |
Increasing demand for grid-connected solutions | |
Opportunities | Growing focus on rural electrification worldwide |
Restraints | The high initial cost of battery storage inverter |
The three-phase electric power segment to maintain its lead position during the forecast period-
Based on type, the three-phase electric power segment held the largest share in 2022, contributing to more than three-fifths of the global battery storage inverter market revenue, and is expected to maintain its lead position during the forecast period. The same segment would also display the highest CAGR of 8.9% during the forecast period. Owing to three-phase battery storage inverters help manage the variability of these sources by storing excess energy during peak production and releasing it when demand is high, or production is low. This enhances grid stability and reduces the reliance on fossil fuels.
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The utility scale segment to maintain its leadership status throughout the forecast period-
Based on end use industry, the utility scale segment accounted for the largest share in 2022, accounting for more than two-thirds of the global battery storage inverter market revenue, and is estimated to maintain its leadership status throughout the forecast period. The same segment would also cite the highest CAGR of 9.0% during the forecast period. Battery storage inverters play a crucial role in enhancing grid stability and reliability. They provide fast response times to changes in demand and supply, helping to balance the grid and mitigate fluctuations caused by the integration of renewable energy sources.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in 2022, holding nearly half of the global battery storage inverter market, and is likely to maintain its dominance by 2032. The same region would also portray the fastest CAGR of 9.3% from 2023 to 2032. This is because many countries in the Asia-Pacific region have ambitious renewable energy targets to reduce greenhouse gas emissions and enhance energy security. Battery storage inverters play a vital role in integrating intermittent renewable sources like solar and wind into the grid.
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Leading Market Players: -
- KACO new energy
- SMA Solar Technology AG
- Sensata Technologies, Inc.
- Ingeteam
- SolaX Power
- Poweroneups
- GOODWE
- Eaton
- SUNGROW
- Guangdong Zhicheng Champion Group Co., Ltd.
The report provides a detailed analysis of these key players in the global battery storage inverter market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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