ID: MRFR/E&P/7256-HCR | February 2021 | Region: Global | 111 pages
The battery storage inverter market value is anticipated to grow during the ongoing forecast period of 2021-2028. The experts and business analysts predict that the market will attain a total revenue figure worth USD 45.27 billion by the end of the forecast period in 2028. During this growth period, the market is expected to attain a global CAGR of 11.45%. 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.
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 market during the forecast period ending in 2028.
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 market growth during the period.
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 2028.
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 2028.
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 2021-2028. 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.
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 2028. 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.
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:
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 2028. 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 market players by discussing the recent developments undertaken by them from 2021 to 2028.
|CAGR||11.45% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||Infrastructure development|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global Battery Storage Inverter Market can rise at 11.45% CAGR by 2027.
The market can value can exceed USD 45.27 billion by 2027.