USD 10.48 Billion
Energy Storage Inverters Market Size, Share, Growth Analysis, By Applications(Residential, Commercial, Utility-Scale), By Type(Central, String, Micro, Hybrid), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2171 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
65
|Figures:
75
Energy Storage Inverters Market Insights
Global Energy Storage Inverters Market size was valued at USD 10.48 Billion in 2022 and is poised to grow from USD 11.37 Billion in 2023 to USD 21.84 Billion by 2031, at a CAGR of 8.50% during the forecast period (2024-2031).
The purpose of the global energy storage inverter market is to provide efficient and sustainable energy storage solutions that can help reduce the dependence on fossil fuels and lower carbon emissions. As renewable energy sources continue to gain traction, the demand for energy storage solutions, such as inverters, is expected to increase, creating opportunities for companies like SMA Solar Technology AG to innovate and develop new technologies to meet the market demand. In 2021, SMA Solar Technology AG introduced its Sunny Boy Storage inverter, which is designed for residential and small commercial energy storage systems. The inverter can be integrated with different battery technologies, including lithium-ion and lead-acid batteries, to provide a reliable and efficient energy storage solution for homes and businesses. Significant market potential is created by the steadily growing need for trustworthy and secure power source converters. The market is anticipated to increase significantly over the coming years as a result of the rising demand for battery storage and grid-forming inverters' capacity to replace the range of crucial system services previously provided by thermal plants.
US Energy Storage Inverters Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Residential
Fastest Growth
Residential
Growth Rate
8.50% CAGR
Global Energy Storage Inverters Market ($ Bn)
Country Share for North america Region (%)
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Energy Storage Inverters Market Segmental Analysis
Global Energy Storage Inverters Market is segmented on the basis of type, applications and region. By type, the market is segmented into central, string, micro, hybrid, others. By applications, the market is segmented into residential, commercial, utility-scale. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Energy Storage Inverters Market Analysis by Types
In 2021, Central inverters are designed for large-scale energy storage systems, and they are the most dominant segment in the market. Hybrid inverters are expected to grow at a faster rate due to their versatility in working with both on-grid and off-grid systems.
The string inverter market is the three-phase string inverter segment, which is used in larger commercial energy storage systems. A string inverter is designed to convert the DC power generated by multiple solar panels connected in series into AC power that can be used by the grid or stored in a battery.
Energy Storage Inverters Market Analysis by Applications
The residential segment is expected to be the dominant segment in the market, driven by the increasing adoption of rooftop solar panels and energy storage systems in households. Energy storage inverters used in residential applications are usually micro inverters or string inverters.
The commercial segment is also expected to grow at a faster rate due to the increasing demand for energy storage systems in commercial applications, such as peak shaving and demand response. Energy storage inverters used in commercial applications are usually central inverters or hybrid inverters.
Global Energy Storage Inverters Market By Application
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Energy Storage Inverters Market Regional Insights
North America is one of the largest markets for energy storage inverters, with the United States being the dominant market in the region. The increasing deployment of renewable energy sources, such as solar and wind power, coupled with the growing demand for energy storage systems, is driving the growth of the energy storage inverters market in North America.
Asia-Pacific is expected to be the fastest-growing market for energy storage inverters, driven by the increasing deployment of renewable energy sources and the growing demand for energy storage systems in countries.
Global Energy Storage Inverters Market By Region
- Largest
- Fastest
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Energy Storage Inverters Market Dynamics
Energy Storage Inverters Market Drivers
Government Support and Policies to Bolster Sales of Energy Storage Inverters
- Governments around the world have been promoting the use of renewable energy sources through policies, subsidies, and incentives. This has created a favorable regulatory environment for the growth of the energy storage inverter market, as it encourages the adoption of renewable energy technologies.
- The cost of batteries, which are a key component of energy storage systems, has been declining rapidly in recent years, making energy storage systems more affordable and accessible. This has increased the demand for energy storage inverters, as they enable efficient use and management of these batteries.
Energy Storage Inverters Market Restraints
Competition from Other Energy Storage Technology players to Pose as a Threat
- Energy storage inverters face competition from other energy storage technologies, such as pumped hydro and compressed air energy storage. This can limit the growth of the market, particularly in areas where these technologies are more established.
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Energy Storage Inverters Market Competitive Landscape
Manufacturers work to boost production capabilities while reducing weight and increasing cost-efficiency. After mastering their research and development, manufacturers are considering the prospect of extending their global reach and inverter portfolio.
Energy Storage Inverters Market Top Player’s Company Profiles
- SMA Solar Technology AG (Germany)
- ABB Ltd. (Switzerland)
- Delta Electronics Inc. (Taiwan)
- Sungrow Power Supply Co., Ltd. (China)
- Tesla, Inc. (USA)
- Enphase Energy, Inc. (USA)
- Huawei Technologies Co., Ltd. (China)
- Fronius International GmbH (Austria)
- Schneider Electric SE (France)
- KSTAR New Energy Co., Ltd. (China)
- Advanced Energy Industries, Inc. (USA)
- Ginlong Technologies (China)
- SolarEdge Technologies Inc. (Israel)
- Tabuchi Electric Co., Ltd. (Japan)
- Delta Energy Systems (Germany)
- Samil Power Co., Ltd. (China)
- TBEA SunOasis Co., Ltd. (China)
- Chint Group (China)
- KACO new energy GmbH (Germany)
- Power Electronics España, S.L. (Spain)
Energy Storage Inverters Market Recent Developments
- In April 2023, SMA Solar started construction on a 20 GW inverter facility in Germany.
- In January 2022, SAMSUNG SDI Co., Ltd. unveiled PRiMX, a brand-new battery that provides customers with quality, performance, and a competitive edge that translates to user convenience thanks to the company's exclusive technology. The brand is already registered in Europe and Korea, and it will soon be done so in the US as well.
Energy Storage Inverters Key Market Trends
- Microgrids are becoming increasingly popular, particularly in remote and off-grid areas, as they provide a reliable and cost-effective source of power. Energy storage inverters are a critical component of microgrids, providing backup power and smoothing out fluctuations in energy supply.
Energy Storage Inverters Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global energy storage inverter market is experiencing significant growth, driven by the increasing adoption of renewable energy sources and the need for energy storage solutions to manage fluctuations in energy supply. The energy storage inverter market is the increasing demand for renewable energy, which is driving the adoption of energy storage solutions to manage fluctuations in energy supply. The growth of residential energy storage systems, emergence of virtual power plants, and increasing deployment of microgrids are all contributing to the growth of the energy storage inverter market. Despite these challenges, the future of the global energy storage inverter market looks promising, with continued growth expected in the coming years. Technological advancements, such as the development of advanced battery management systems and increased efficiency of energy storage inverters, will continue to drive innovation in the market. Moreover, the increasing demand for energy storage solutions in developing countries presents significant opportunities for market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 10.48 Billion |
| Market size value in 2031 | USD 21.84 Billion |
| Growth Rate | 8.50% |
| 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 Energy Storage Inverters 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 Energy Storage Inverters 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 Energy Storage Inverters 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 Energy Storage Inverters 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 Energy Storage Inverters Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Energy Storage Inverters 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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