USD 2.95 billion
Battery Storage Inverter Market Size, Share, Growth Analysis, By Types(Single-phase Electric Power, and Three-phase Electric Power), By End-use(Residential, Commercial, Utility-scale, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15F2165 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|Tables:
63
|Figures:
74
Battery Storage Inverter Market Insights
Global Battery Storage Inverter Market size was valued at USD 2.95 billion in 2022 and is poised to grow from USD 3.22 billion in 2023 to USD 6.60 billion by 2031, growing at a CAGR of 9.3% in the forecast period (2024-2031).
The global battery storage inverter market is expected to register significant growth during the forecast period owing to the increasing global focus on clean energy and shift towards renewable energy sources such as solar and wind power for battery storage for inverter requirements. These inverters also play an important role in managing intermittent power generation from renewable sources, ensuring a stable and reliable power supply and, moreover, battery storage inverters can provide greater energy independence for individuals, businesses and communities alike. By storing surplus electricity during periods of low demand or high renewable energy production, users can rely on stored energy when high power or time demands occur with power outages unavailable or unreliable.
This increases resiliency and provides backup power during power outages or emergency situations. Despite the increasing adoption of renewable energy sources such as solar and wind making battery storage systems necessary for storing excess energy generated by solar or wind time, battery storage systems connected to inverters, the power grid can be used. It can provide backup power during an outage or changeover. This feature has become especially important for communities with frequent power outages due to severe weather or antiquated communication infrastructure. These factors will fuel the growth of the market during the forecast period.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Residential
Fastest Growth
Growth Rate
9.3% CAGR
Global Battery Storage Inverter Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Battery Storage Inverter Market Segmental Analysis
The global battery storage inverter market is segmented on the basis of types, end-use industry and regions. On the basis of types, the market is segmented into single-phase electric power and three-phase electric power. On the basis of end-use industry, it is segmented into residential, commercial, utility-scale and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Analysis by End-Use
The utility-scale segment dominates the battery storage inverter market. The energy consumption segment includes large-scale energy storage projects operated by utility companies or independent power producers. Battery storage inverters in this segment are designed for high power capacity and high voltage applications. They play a key role in stabilizing the grid, integrating renewable energy, frequency regulation for utility-scale installations, peak demand management and other grid services.
Battery storage inverters in the residential segment consume individual homes and small-scale energy meeting storage needs. These inverters are designed to complement residential solar PV systems or other renewable energy sources, allowing homeowners to store and transmit excess energy generated during periods of low usage use when needed. Commercially, battery storage inverters are used in industries, factories and large storage facilities. These inverters are designed to manage high power loads and provide energy efficiency solutions for commercial buildings or industrial applications. They provide peak haircuts, manage tax claims, and provide back-up power, helping to save on energy costs and ensure grid stability for large and large commercial enterprises.
Analysis by Type
The three-phase electric power segment dominated the global battery storage converter market by 2022 and is expected to remain dominant over the forecast period, as three-phase battery storage converters help manage the volatility of this source this is achieved by storing excess energy during maximization and release it is when demand is high, or production is low. This provides grid stability and reduces dependency on fossil fuels.
Single-phase electrical power refers to a system in which electricity is delivered using an alternating current (AC) waveform. This system typically consists of two thermal neutrals and is commonly used in residential situations and small commercial applications. Battery storage inverters designed for single-phase systems are designed to handle low voltage and are suitable for small energy storage needs such as homes or small businesses.
Global Battery Storage Inverter Market By End-Use
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Battery Storage Inverter Market Regional Insights
Global Asia-Pacific emerged as the dominating region, capturing the largest market share by 2022. Asia-Pacific countries including China, Japan, India, South Korea and Australia have experienced rapid industrialization and urbanization, driving energy consumption has increased and there is a need for reliable and effective energy storage solutions. Asia-Pacific is likely to hold the largest share of the global battery storage inverter market and is expected to be the fastest growing region during the forecast period The fastest growing population in the country is driving demand for electricity in China. To meet the growing needs of this population, China’s state-owned State Grid Corporation, the world’s largest utility, has deployed battery storage inverters to provide auxiliary services throughout its network thus boosting the battery storage inverter market during the forecast period.
North America is expected to grow rapidly. The rise in battery storage inverters in the residential segment is expected to drive growth in the region. U.S. and dominates the battery storage inverter market in North America, owing to the increasing demand for inverter storage batteries to back up the power grid in extreme conditions and avoid blackouts.
Global Battery Storage Inverter Market By Region
- Largest
- Fastest
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Battery Storage Inverter Market Dynamics
Drivers
- Growing Demand for Renewable Energy Integration
Due to the widespread use of these energy sources, it is important to efficiently connect the grid with intermittent energy sources such as solar and wind energy when demand is high, or renewables are low. Battery storage inverters store and release excess energy in intensive renewable generation Performance. The force is driven by the desire to slow climate change and the global move to greener energy sources. Grid stability is threatened by unpredictable and volatile renewable energy. Battery storage inverters provide consistent and reliable power supply by providing flexible control of power flow, thereby reducing these complications.
- Increasing Global Focus on Clean Energy
The global battery storage inverter market is expected to register significant growth during the forecast period owing to the increasing global focus on clean energy and shift towards renewable energy sources such as solar and wind power for battery storage for inverter requirements. These inverters also play an important role in managing intermittent power generation from renewable sources, ensuring a stable and reliable power supply and, moreover, battery storage inverters can provide greater energy independence for individuals, businesses and communities alike.
Restraints
- High Initial Investment Costs
Costs associated with purchasing storage inverter systems and installation, integration and maintenance are included in these upfront costs. High initial costs for battery storage inverters can be a barrier for residential, commercial and industrial organizations as they are looking to implement sustainable energy solutions is unacceptable, and its high price tag can be the cost.
- Increased Environmental Concerns
The cost of storage devices such as batteries and inverters has been falling steadily in recent years. These cost reductions, driven by advances in battery technology, improved economies of scale and improved manufacturing processes, have made energy storage solutions more affordable and attractive for a wide range of customers including residential and commercial applications scale but industrial effluents or solid waste from paints and coatings clog local sanitation drains water pollution into local waterways. This hampers the growth of the battery storage inverter industry, due to increased environmental concerns.
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Battery Storage Inverter Market Competitive Landscape
The competitive environment of the global Battery Storage Inverter market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. The global market competitive landscape provides detailed information from competitors. Detailed information includes company overview, company financials, earnings, market potential, investment in research and development, new market strategy, global presence, manufacturing regions and locations of production, manufacturing capacity, company strengths and weaknesses, product launches, product expansion and expansion, application authority.
Top Player’s Company Profiles
- SMA Solar Technology AG
- KACO New Energy
- Sensata Technologies Inc.
- Poweroneups
- GOODWE
- Ingeteam
- Guangdong Zhicheng Champion Group Co. Ltd.
- SUNGROW
- Eaton
- SolaX Power
- Dynapower
- Parker
- ABB
- GOODWE
- Eaton
- SUNGROW
- CLOU
- TRIED
- Zhicheng Champion
Recent Developments
- In May 2023, Savant Systems acquired the POMCube battery and inverter package. Sawant uses his newly acquired technology to modernize the current electricity system. The Savant Power System can deliver days of storage for a home of any size to its scalable inverter, which can operate from 7.5 to 125 kW, and its scalable battery storage, which can use between 10 and 200 LFP batteries kWh.
- In October 2023, X-Energy (EKS), a Spanish manufacturer of electrical electronics and energy management systems, purchased Hitachi Energy from integrated battery storage systems provider Povin.
- April 2021: In Europe and Australia, Sungro introduces residential high-capacity batteries and hybrid inverters. The objective of increasing fuel efficiency up to 98.4% and storage from 9.6 kWh to 102.4 kWh is also achieved with the new battery and inverter
Battery Storage Inverter Key Market Trends
Rising Focus on Renewable and Sustainable Energy
- With increasing focus on renewable and sustainable energy, more and more investments are being made in integrating solar power technologies with battery storage inverters as they can work together to deliver sustainable electricity independence and last longer in this solar inverter and battery storage. Work is underway to create a seamless integration between the inverters where the latter can store excess power generated by the former unit In June 2022, Natural Battery Technologies will launch an inverter battery based on lithium ion (2022) so it will be available for commercial and residential use. The announcement is that it did. The unit also acts as a solar energy storage system and can act as a large grid energy storage device or a small home inverter. These are characteristics of increased investment volumes and overall costs resulting in higher consumption.
Battery Storage Inverter Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The cost of storage devices such as batteries and inverters has been falling steadily in recent years. These cost reductions, driven by advances in battery technology, improved economies of scale and improved manufacturing processes, have made energy storage solutions more affordable and attractive for a wide range of customers including residential and commercial scale applications but industrial effluents or solid waste from paints and coatings clog the area sanitary sewers polluting local waterways. This hampers the growth of the battery storage inverter project, due to increased environmental concerns.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.95 billion |
| Market size value in 2031 | USD 6.60 billion |
| Growth Rate | 9.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Battery Storage Inverter Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Battery Storage Inverter Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Battery Storage Inverter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Battery Storage Inverter Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Battery Storage Inverter Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Battery Storage Inverter Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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