PUNE, India, July 30, 2024 /PRNewswire/ -- The Global Battery Storage Inverter market is expected to grow from USD 2.9 billion in 2023 to USD 5.51 billion by 2030, at a CAGR of 9 % according to Stellar Market Research. Increasing integration of renewable energy sources into the grid propels the demand for advanced battery storage inverters. Governments and private entities are investing heavily in solar and wind projects. This trend receives further support from initiatives aimed at reducing carbon footprints and transitioning toward sustainable energy models, driving innovation and deployment in the battery storage inverter sector.
Global Battery Storage Inverter Market 2023-2030: Key Highlights:
Market Size in 2023 | USD 2.9 Bn |
Market Size in 2030 | USD 5.51 Bn |
CAGR | 9 percent (2024-2030) |
Forecast Period | 2024-2030 |
Base Year | 2023 |
Number of Pages | 279 |
No. of Tables | 124 |
No. of Charts and Figures | 115 |
Segment Covered | By Type, and End Use Industry |
Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
Report Coverage | Market Share, Size & Forecast by Revenue | 2024-2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players' Market Ranking Analysis. |
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The Three-phase segment to dominate during the forecast period
The battery storage inverter market is being dominated by the three-phase segment due to its capacity to handle higher power loads and its superior efficiency in power distribution for commercial and industrial applications. Three-phase inverters play a crucial role in balancing loads, reducing energy losses, and ensuring stable and continuous power supply, which is particularly important for industries with heavy machinery and high energy consumption. The market for three-phase battery storage inverters is experiencing rapid growth, driven by the increasing adoption of renewable energy sources and the need for efficient energy management systems. For instance, in Germany, the Energiewende policy is promoting the adoption of renewable energy, leading to a surge in demand for three-phase inverters in solar and wind power plants. In the United States, the expansion of the electric vehicle (EV) market is fueling the demand for three-phase inverters in charging stations, which require robust power management systems to handle high charging loads. The increasing complexity and scale of energy storage projects necessitate the use of three-phase inverters, highlighting their dominance in the market.
Asia Pacific region to dominate the industry during the forecast period
The Asia Pacific region has experienced a significant rise in renewable energy installations, especially in solar photovoltaics, with China representing over 30% of the global solar capacity. The 4.7% annual increase in power consumption in China highlights the urgent need for effective energy storage systems. This growing energy demand is being addressed through the extensive adoption of battery storage inverters across utility-scale, commercial, and residential sectors, thereby driving the battery storage inverter market. Technological innovations in battery inverters, along with supportive government policies such as India's National Solar Mission and Japan's Strategic Energy Plan, have contributed to this market growth. Additionally, the rapid growth of electric vehicles (EVs) in nations like China, Japan, and South Korea is notable, with China alone having over 4.5 million EVs on the roads as of 2023, which calls for sophisticated energy storage solutions. In 2023, Japan achieved an energy storage capacity of around 13.5 GWh, reflecting the region's dedication to energy storage. The Asia Pacific's focus on smart grid technologies, with anticipated investments of $13.6 billion by 2026, emphasizes a strategic move towards enhancing grid stability and efficiency. These advancements highlight the region's new role in battery inverter technology, creating a landscape where innovations in battery storage and power solutions are not only promoted but are also becoming essential components of the energy infrastructure.
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Key Players
- SMA Solar Technology AG (Germany)
- GoodWe (China)
- Ingeteam (Spain)
- Enphase Energy (USA)
- SMA Solar Technology AG (Germany)
- Power Electronics (Spain)
- Sineng Electric (China)
- Others
Key Highlights:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation - A detailed analysis by Type, End Use Industry, and Region
- Competitive Landscape - Profiles of selected key players by region in a strategic perspective
- Competitive landscape - Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER's analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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