Battery Storage Inverter Market Research Report: Information by Type (Single-Phase Electric Power and Three-Phase Electric Power), Application (Utility-Scale, Commercial and Residential) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2030

The battery storage inverter market experts and business analysts predict that the Battery Storage Inverter Market will attain a total revenue figure worth USD 45.27 billion, with CAGR of 11.45% between 2022-2030.

Battery Storage Inverter Market Overview

Inverters are a prominent inclusion in the residential and commercial sector and it holds a larger major share in the overall battery storage market. It helps in enabling a rapid synchronization between autonomous grid control and decision-making across the network. Also, inverters help in ensuring an optimal economic dispatch during normal operations and Microgrid resilience during extreme weather events. The trends in the manufacturing companies is the hub of product standardization and enhanced research & innovations are major battery storage inverter market trends, ensuring large adoption of these technologies over the years.

High operation voltage exceeds 1500 V in utility-scale installations and it requires a low cosmic-radiation-induced failure rate and higher system efficiency for the power devices at various places. These challenges are required to be catered to, by the market players. Also, the initial requirement to install these storage inverters is high followed by the prohibitive costs associated with installing and maintaining battery storage inverters pose major challenges for the market growth. However, the emergence of some market factors like the rising demand for sustainable power supply and the demand for DC /AC inverters clustered around the substation or storage battery, substantiate the market growth. Noticing the growing numbers of solar power plants connected with the grid and grid-scale battery energy storage systems, it can be concluded that they push the battery storage inverter market growth. Substantially, there has been a rise in the demand for reliable and safe power source converters creating significant market opportunities.

The battery storage inverter can be recognized as a grid-connected inverter that can also act as a bi-directional inverter. The battery storage inverter can help store electric energy, followed by the combined deployment of smart grids that will help release energy. The inverters find full and functional applications in the form of residential, utility-scale, and commercial sectors as a part of the global market. In the present market scenario, storage inverters are used in the field of photovoltaic power generation. The market is likely to spectate lucrative growth for the market during the forecast period.

Battery Storage Inverter Market COVID 19 Analysis

The pandemic circumstance is deteriorating with each passing day. The worry is prevailing and the rising attributes regarding the virus variants and waves are causing issues for the functioning of the global markets. The lockdown and virtual working are some of the scenarios that are giving rise to the constant availability of electricity and for the maintenance of the same, the battery storage inverter market demand is rising. Because of the pandemic, most medical care services are committed to treating the patients who have gotten the deadly illness. Likewise, there is a rising concern among anticipating that mothers should convey amid the pandemic without getting the sickness and guaranteeing their baby's security. While the others are either not working and the people who are having a great deal of holding up records because of the web-based booking of arrangements. Most of the target audience is having issues of their kind which is impacting their ability to meet their needs and requirements.

The lawmakers of different countries across the globe are expanding their help by making a huge investment quantum in the research and development departments of global companies. There is a rising need for the market to produce and launch innovative products followed by governmental collaborations and rising support during the forecast period. Governments across the world are launching new products and further, entering into collaborations and joint ventures that will promise better attributes of the market during the period. These means are probably going to promise better attributes for the Battery Storage Inverter Market during the forecast period ending in 2030.

Battery Storage Inverter Market Dynamics

Drivers

The battery storage inverter market revenue will be increasing in the forecast period as the market is all set to witness a significant transition in the period. There are many factors like the rise in demand for sustainable power supply followed by the increased demand for DC/AC inverters that are clustered around substation or storage batteries that substantiate the global Battery Storage Inverter Market growth during the period.

Restraints

Electricity is one of the necessities in the lives of the common that is essential for a smooth life. From daily use of lights to using electricity for agricultural and other purposes is increasing the unit consumption daily. This is increasing the increased bills followed by a high cost that is associated with the installation of these inverters. Also, a lack of knowledge and skill to install and implement these is resulting in the production of challenges that might limit the market from growing as per the expectations during the ongoing forecast period that will end in 2030.

Technology Analysis

There has been a wide gap between the supply and demand quantum for electricity that is mainly prevalent in the prevalent regions. This is one of the major factors that will give birth to the need for battery storage inverter market operations during the forecast period that will be ending in 2030.

Study Objectives

• The Battery Storage Inverter Market report aims to help the market investors understand the scale of operations and market functioning that will help them make qualitative investment decisions. The market report studies the market dynamics that will impact the market growth and possible factors during the forecast period.


• The report aims to provide an understanding degree of the market and help the investors understand the basis on which the industry players and business analysts have predicted the growth scale and attainable market revenue for the forecast period that will be ending in 2030. The report also discusses the basis of the global market segmentation that will help in catering to the rising needs of the target audience.


• The market report also aims to analyze the factors that will give rise to the rising competitive degree prevailing amongst the market players that are functional in the domestic and international market. The report helps to understand the market potential by discussing the recent developments undertaken by the market players during the period.

Battery Storage Inverter Market Segment Overview

The battery storage inverter market value is likely to grow at a promising rate as per the predictions laid by the global market analysts and experts for the ongoing forecast period of 2022-2030. Based on the resource and presence of the target audience in various global locations, the market has been segmented based on the following:

Based on the type

The type segment of the global market includes single-phase electric power and three-phase electric power.

Based on the application

The global market deals in an array of applications like commercial use, residential use, alongside utility-scale use amongst others.

Battery Storage Inverter Market Regional Analysis

The battery storage inverter industry is propelling on regions like North America, the APAC region, European nations, the Middle East, and Africa, along with South America post considering all the political, economic, technological, as well as, social factors. The APAC region is expected to hold the largest market share in the global market and is expected to increase at the fastest pace by the end of the forecast period that will be ending in 2030. The APAC region is emerging as the hub for the battery storage inverter manufacturers as the demand for inverters in regional countries like India, Japan, and China is growing at a good scale.

Battery Storage Inverter Market Competitive Landscape

The battery storage inverter market trends help in understanding the rising degree of competition and the potential of growth amongst the following prominent players of the market:

• Robert Bosch GmbH (Germany)


• CLOU (China)


• Zhicheng Champion (China)


• SUNGROW (China)


• Dynapower (US)


• Parker-Hannifin Corporation (US)


• TRIED (US)


• Eaton (Ireland)


• SMA (Germany)


• KACO (Germany)


• ABB (Switzerland)


• Princeton (US)

Recent Developments in Battery Storage Inverter Market

• 
  

  Mango Power had launched the world's first integrated home and portable battery system. Its name is the Mango Power Union. It is a portable all-in-one product and is the world's first power station product that takes the best features of a residential home battery to a greater capacity and output level. Veritone, is the creator of an AI-enabled operating system aiWARE. It had announced the development of a unique device learning model for SMA Sunny Central solar inverters. It will be functional as a part of the company's Grid Reliability in Device (GRID) initiative is to accelerate clean energy adoption by developing a device learning models library that helps in enabling predictive control of common distributed energy resources (DERs).

  
  


• Apart from the growing number of solar power plants that are on the rise in the global locations especially during the forecast period of 2022-2030, the connectivity of these plants with the grid and grid-scale battery energy storage systems is likely to push the regional and international growth of the market when the forecast period ends. Also, this is pushing for global demand for reliable and safe power source converters that are likely to create significant opportunities for the market to dwell upon especially during the forecast period.


• The global market investments are rising in the research and development departments of the market players in various regions which is, in turn, resulting in the growth of demand for battery storage with the help of grid-forming inverters. These inverters are demonstrating their ability to act as an excellent replacement to suit the essential system services that have been historically been provided by the thermal plants. This estimates that the market has significant traction as the forecast period of 2022-2030 unfolds. The replacement promising efficient results and help in market expansion.


• On July 11, 2021, Mango Power came forward with its launch of the world’s first integrated home and portable battery system-mango power union. This is a portable all-in-one product that is the world’s first power station product to take the best features of a residential home battery for a greater capacity and output with the built-in dual PV inverters and gateway that will light up the outdoor and off-grid escapes.

Battery Storage Inverter Market Report Overview

The global market report helps in getting a deep understanding and analysis of the market operations during the forecast period that will be ending in 2030. The report helps the investors take decisions by covering the segment functioning and the potential held by the markets to enhance the global performance amid the forecast period. The report discusses the potential of the prominent Battery Storage Inverter Market players by discussing the recent developments undertaken by them from 2022 to 2030.