Battery Storage Inverter Market To Grow At A CAGR Of 11.5% By 2030, Due To Growing Focus On Rural Electrification Worldwide
Research Reports
May 11, 2023
Battery Storage Inverter Industry Insights:
The global Battery Storage Inverter Market is estimated to be worth USD 56,230 Million by 2030, registering an 11.5% CAGR during the forecast period (2022- 2030).
The battery storage inverter industry plays a crucial role in the field of renewable energy and energy storage. Battery storage inverters are devices that convert the direct current (DC) power produced by batteries into alternating current (AC) power that can be used to power electrical appliances and feed it back into the grid.
The industry has witnessed significant growth in recent years due to the increasing demand for energy storage solutions, the integration of renewable energy sources into the grid, and the need for backup power systems.
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Key Players:
The global Battery Storage Inverter Market’s prominent key players are Dynapower (US), Robert Bosch GmbH (Germany), SMA (Germany), KACO (Germany), Parker-Hannifin Corporation (US), ABB (Switzerland), Princeton (US), Eaton (Ireland), SUNGROW (China), CLOU (China), TRIED (US) and Zhicheng Champion (China).
Industry Drivers:
The proliferation of industrial, commercial, and utility-scale sectors is the substantial driver of the battery storage inverter market. The perpetual power supply is vital for machinery in the industrial process, which fuels the demand for storage power systems, thereby accelerating global market growth. Battery storage inverters can deliver high-density energy, which helps in the smooth functioning of the manufacturing process in others sectors. Rapid urbanization and a boost in residential activities drive the demand for battery storage inverters. Also, battery storage inverters are safe and brace government regulations to operate in residential and industrial areas. Though, battery storage inverter has a short life span and requires a higher cost to either replace or recharge batteries, which act as tidy restraints of the worldwide battery storage inverter market.
The battery storage inverter market revenue will be amplifying in the forecast period as the market is all set to witness a revelatory transition in the period. There are numerous factors like the growth in demand for sustainable power supply followed by the compounded demand for DC/ AC inverters that are clustered around substations or storage batteries that substantiate the worldwide Battery Storage Inverter Market growth during the period.
COVID-19 Impact on Battery Storage Inverter Market:
The COVID-19 pandemic has had a significant impact on the battery storage inverter market. On the one hand, the pandemic has caused disruptions in the global supply chain, leading to delays in manufacturing and shipping of components and finished products. On the other hand, the pandemic has also created new opportunities for the battery storage inverter market.
One of the main impacts of the pandemic on the battery storage inverter market has been the disruption of the supply chain. Many manufacturers of battery storage inverters and their components are located in Asia, which was hit hard by the pandemic. As a result, factories were forced to shut down or operate at reduced capacity, causing delays in production and shipping. This led to shortages of certain components and increased prices for others.
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Regional Analysis:
- North America
- Asia-Pacific
- Europe
- Middle East
- Africa
- South America
The global Battery Storage Inverter Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific region dominates the worldwide battery storage inverter market. Factors like as accelerating government initiatives to foster renewable energy and the presence of various battery manufacturers in this region are major battery storage inverter market trends. Also, the rearing focus on tackling the rising pollution levels by elevating eco-friendly power generation solutions in these nations increases the battery storage inverter market size in the region. The APAC region is coming up as the hub for battery storage inverter manufacturers as the demand for inverters in regional nations like India, Japan, and China is cultivating at a good scale.
Market Segmentation:
The global Battery Storage Inverter Market is segmented into the following types;
By Type
- Single-phase electric power
- Three-phase electric power
By Application
- Commercial use
- Residential use
By Region
- North America
- Asia-Pacific
- Europe
- Middle East
- Africa
- South America
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The Report Answers Following Questions:
- What are the key drivers of this market growth?
- What are the emerging trends that could impact the demand for this industry in the future?
- How will market evolve over the next 5-10 years?
- What strategies do you think companies should adopt to meet the demand and capitalize on market growth opportunities?
- What will be the future growth rate of the market?
- What is the current demand for this market?
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