The Global Battery Storage Inverter Market was valued at USD 24.5 Billion in 2023 and is estimated to reach USD 57.9 Billion by 2033, growing at a CAGR of 11.4% from 2023 to 2033.
Scope of the market:
Battery Storage Inverters are mainly used to store the energy which can be used later on. Inverters store the electricity in the form of a Direct Current, further supplying alternative current when needed. With the advanced technology, the power conversion system has come up as the primary enabling technology for optimal grid integration.
Rising demand for sustainable energy sources, grid-scale battery scale battery storage inverters including solar power connected to the grid are the drivers that drive this market. In recent years the use of renewable energies and solar panels has increased tremendously further expanding the use of battery inverter market. Long-lasting life cycle, less maintenance, and lithium-ion batteries are the primary batteries used in this system. Moreover, a government initiative to use more and more solar energy is also one of the factors that is boosting this market's growth. The increasing power supply issues in countries with low electrical infrastructure have generated the need for inverters.
Economic Impact of Covid-19:
The analysis of the COVID-19 recovery trajectory provides an overview of the main strategies that industries are implementing to respond to and recover from the economic crisis. It alsofocuses on the post-pandemic and pre-pandemic era of the Global Battery Storage Inverter Market through PEST analysis, SWOT, Quantitative and Qualitative analysis, Attractive analysis, and DROs.
Key Players:
- Dynapower
- SMA
- TRIED
- SUNGROW
- KACO
- Parker-Hannifin Corporation
- CLOU
- ABB
- Schneider Electric
- Huawei Technologies Co, Ltd
- Solar Edge Technologies Inc,
- Robert Bosch GmbH
- Zhicheng Champion
- Princeton
Recent Developments in GlobalBattery StorageInverter Market.
In 2023, LG Energy Solution launched its new home battery line enblock at EES Europe.
LG Energy Solution recently announced that they are entering into European market showing their 2 innovation which include 2 new residential energy products. Enblock is Energy + Block denotes the transformative space that encapsulates power. These 2 new enblock are offering LG Energy Solution enblock E and LG Energy Solution enblock S.
LG Energy Solution enblock E, where Estands for Enclosure a compact high residential battery system that is compatible with 1 and 3-phase inverters.
LG Energy Solution enblock S, where S stands for Stackable a modular residential storage system comes in 3 sizes from 10.6 kWh to 17.7 kWh.
In 2022, SUNGROW will introduce its modular inverter and liquid-cooled energy storage system at Solar Power Mexico.
Global Battery Storage InverterMarket Key Benefits:
- The report provides information regarding key drivers, restraints, and opportunities with impact analysis.
- Quantitative and Qualitative analysis of the current market.
- Estimations for the forecast period 2033.
- Historical data and forecast data.
- Recent developments and trends in the market.
- Market share of the market players, company profiles, SWOT analysis, and competitive landscape.
- Covid-19 Impact analysis
Global Battery Storage Inverter Market Segmentation:
By Type:
- Three-Phase Electric Power
- Single-Phase Electric Power
By Application:
- Commercial
- Residential
- Utility Scale
By Component:
- Small
- Medium
- Large
By Battery Type
- Lead-Acid
- Lithium-ion
- Flow Battery
- Others
By Region:
Asia-Pacific
- Japan
- China
- India
- Australia
- New Zealand
- Rest of Asia-Pacific
North America
- US
- Canada
- Mexico
Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
Rest of the World
Each of the market segments has been analysed in detail for market trends, recent trends and developments, drivers, restraints, opportunities, and competitive analysis.
Research Scope:
|
Report Scope |
Details |
|
Base Year |
2023 |
|
ForecastYears |
2023 to 2033 |
|
Historical Years |
2019 to 2023 |
|
Market Size 2023 |
24.5 BN |
|
Market Revenue 2033 |
57.9 BN |
|
Growth Rate 2023- 2033 |
11.4 % |
|
Report Coverage |
Trends, SWOT Analysis, Competitive Landscape, DROs, Revenue Forecast, PEST Analysis. |
|
Segments Covered |
Type, Application, Component, Battery Type, Region |
|
Companies Mentioned |
Dynapower, SMA, TRIED, SUNGROW, KACO. Parker-Hannifin Corporation, CLOU, ABB, Schneider Electric, Huawei technologies Co, Ltd, Solar Edge Technologies Inc, Robert Bosch GmbH, Zhicheng Champion, Princeton |
|
Customization |
Yes |
Regional Analysis:
North America Battery Storage Inverter has dominated other regions in 2022 by contributing almost 48%. The use of electric and hybrid vehicles in this region has increased the demand for inverter batteries. Further, the U.S. held the largest market share in this region and Canada was the fastest-growing market in North America.
Europe is witnessing to be on second place in terms of market share. Larger investments in automotive industries and government initiatives for pollution control policies and regulation for clean energy and storage solutions are driving this market in this region. Technological advancements are also lowering the cost of energy storage systems. Further, inverters play a vital role in offering grid services like voltage support, and frequency regulation.
Asia Pacific is expected to grow faster with the highest CAGR by 2023 to 2032 due to customer desire for electrification. Moreover, China market held the largest market share in Asia-Pacific.
NexBind Insight report further covers market dynamics, DROs, PESTEL Analysis, and Porter’s Five Forces Analysis. Also, the competitive landscape will give an depth analysis of the market.
Key questions answered by this report.
- Top market players contributing to the revenue?
- Trending strategies by the players?
- Which region will be the leading one in the forecast period?
- Factors that drive the Global Battery Storage Inverter Market?
- Which factors will affect the Global Battery Storage InverterMarket?
- How Covid-19 pandemic impact the growth of the Global Battery Storage Inverter Market?
- Which Segment accounted for the Global Battery Storage Inverter Market shares?
Frequently Asked Questions (FAQ) :
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The Global Battery Storage Inverter Market was valued at USD 24.5 Billion in 2023 and is estimated to reach USD 57.9 Billion by 2033, growing at a CAGR of 11.4% from 2023 to 2033.
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