USD 11.37 Billion
Report ID:
SQMIG20D2171 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
65
|Figures:
75
Energy Storage Inverters Market size was valued at USD 11.37 Billion in 2023 and is poised to grow from USD 12.34 Billion in 2024 to USD 23.7 Billion by 2032, growing at a CAGR of 8.50% during the forecast period (2025-2032).
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.
Global Market Size
USD 11.37 Billion
Largest Segment
Residential
Fastest Growth
Residential
Growth Rate
8.50% CAGR
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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.
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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.
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Energy Storage Inverters Market Drivers
Government Support and Policies to Bolster Sales of Energy Storage Inverters
Energy Storage Inverters Market Restraints
Competition from Other Energy Storage Technology players to Pose as a Threat
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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
Energy Storage Inverters Market Recent Developments
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 11.37 Billion |
Market size value in 2032 | USD 23.7 Billion |
Growth Rate | 8.50% |
Base year | 2024 |
Forecast period | 2025-2032 |
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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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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Report ID: SQMIG20D2171
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