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

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.