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

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.