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 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.