Battery Storage Inverter Market Size was valued at USD 21.9 Billion in 2022. The Battery Storage Inverter market industry is projected to grow from USD 24.4 Billion in 2023 to USD 58.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.50% during the forecast period (2023 - 2032). Demand for sustainable energy sources is increasing, and there are more solar power facilities connected to the grid and grid-scale battery storage inverters, are the key market drivers enhancing the market growth.
Type: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market for power conversion systems (PCS) has emerged as a key enabling technology for the best grid integration due to its rapid expansion and technological advancement. As a result, energy storage battery inverters are now widely used throughout the world. Electronic devices known as energy storage inverters are used to change direct current (DC) into alternative current (AC). The primary drivers causing the rapid growth of the renewable energy sector are government encouragement for the quick deployment of renewable energy projects to reduce rising carbon emissions and declining air quality levels. Inverters are necessary because power outages are becoming more frequent in nations with shoddy electrical infrastructure. This is yet another important element fueling the market for energy storage inverters.
The increased use of solar panels and other renewable energy sources has caused the battery storage inverter sector to expand quickly in recent years. Due to their high energy density, extended cycle life, and minimal maintenance needs, lithium-ion batteries are the most popular type of battery utilised in these systems. Over the projected period, factors include encouraging government initiatives and improving battery storage inverter analysis efficiency are anticipated to boost the market for battery storage inverters. The battery storage inverter market has grown rapidly in recent years as a result of the increased usage of solar panels and other renewable energy sources. The most common battery used in these systems is a lithium-ion battery because of its high energy density, long cycle life, and low maintenance requirements. The market for battery storage inverters is expected to grow over the forecasted period as a result of factors like supportive government initiatives and improved battery storage inverter analysis efficiency.
To meet the rising demand in the market, several market participants are aiming to strengthen their position and broaden their production capacities. Utility-scale is expected to experience the fastest CAGR growth throughout the course of the projected period. As massive PV projects are constructed all over the world over the next several years, it is projected that this market would grow dramatically. Centre and string solar inverters are frequently used in solar PV power facilities. The utility-scale segment is likely to grow, which would enhance the market for battery storage inverters. Government support for solar plant implementations is expected to boost sources of renewable energy. Thus, driving the Battery Storage Inverter market revenue.
The Battery Storage Inverter market segmentation, based on type, includes single phase electric power and three phase electric power. Three phase electric power segment accounted for the largest revenue share in 2022. AC electricity is produced, transmitted, and distributed using three-phase electric power. The three active wires and one neutral wire in a three-phase system. In the case of a high voltage distribution system, the neutral wire is not employed. Since less conductor material is required to carry this sort of electric power than two-phase electric power, it is thought to be more cost-effective. The three-phase power aids in distributing the overall load so that each phase's power is reduced. It is utilised in the commercial and industrial sectors to power huge motors and other heavy loads. Electricity is supplied to three-phase inverters using three-phase electricity.
The Battery Storage Inverter market segmentation, based on application, includes utility scale, commercial, and residential. Utility scale segment dominated the battery storage inverter market in 2022. Due to the construction of massive PV projects all over the world, this market is predicted to have strong growth in the upcoming years. Solar PV power facilities mostly employ central and string inverters. The utility-scale segment is expected to be driven by government assistance for the construction of solar power plants in an effort to promote the use of renewable energy sources.
Figure 1: Battery Storage Inverter Market, by Application, 2022 & 2032 (USD Billion)
Type: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Battery Storage Inverter Market dominated this market in 2022 (45.80%). Other than that, it is projected that the adaptable use of electric and hybrid vehicles throughout various areas would increase the demand for inverter batteries. North America now has the largest market in terms of demand for the automotive and home appliance industries.Other than that, it is projected that the adaptable use of electric and hybrid vehicles throughout various areas would increase the demand for inverter batteries. North America now has the largest market in terms of demand for the automotive and home appliance industries. Further, the U.S. Battery Storage Inverter market held the largest market share, and the Canada Battery Storage Inverter market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Battery Storage Inverter Market Share By Region 2022 (USD Billion)
Type: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Battery Storage Inverter market accounted for the healthy market share in 2022. The government's pollution control regulations and policies, along with the booming investments in the automotive industry, are what are driving this market. The market for battery storage inverters is driven by rising demand for electric vehicles and expanding renewable energy infrastructure. Further, the German Battery Storage Inverter market held the largest market share, and the U.K Battery Storage Inverter market was the fastest growing market in the European region
The Asia Pacific Battery Storage Inverter market is expected to register significant growth from 2023 to 2032. This is a result of customers' growing desire for electrification in countries like China, Japan, India, and others, which is anticipated to fuel the market for battery storage inverters. In addition, the demand for energy storage capacity has been fueled by the growth of wind power. Moreover, China’s Battery Storage Inverter market held the largest market share, and the Indian Battery Storage Inverter market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Battery Storage Inverter market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Battery Storage Inverter industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Battery Storage Inverter industry to benefit clients and increase the market sector. In recent years, the Battery Storage Inverter industry has offered some of the most significant advantages to medicine. Major players in the Battery Storage Inverter market, including Robert Bosch GmbH, CLOU, Zhicheng Champion, SUNGROW, Dynapower, Parker-Hannifin Corporation, TRIED, Eaton, SMA, KACO, ABB, and Princeton, are attempting to increase market demand by investing in research and development operations.
Specialty chemical firm Evonik Industries AG (Evonik), a division of RAG-Stiftung. Surfactants, resins, additives, polymers, among other things, are included in its product line. Agriculture, alternative energy, paints and coatings, metal and oil products, electrical and electronics, paper and printing, food and animal feed, plastics and rubber, automotive, pharmaceuticals, personal care and cosmetics, and construction are just a few of the industries where the company's products are used. Additionally, it provides engineering, logistics, utilities, and process technology services. Major production facilities for Evonik are located in China, Singapore, Belgium, the US, and Germany. In addition to other places, the corporation also operates in North America, Asia-Pacific, Africa, South America, and Europe. Essen, in Nordrhein-Westfalen, Germany, serves as the headquarters for Evonik. VESTAKEEP iC4800 3DF, a novel osteoconductive PEEK (polyether ether ketone) filament that enhances fusing between bones and implants, was unveiled by Evonik Industries AG in March 2022.
Defence products, machinery and commerce, and explosives are all produced and offered by Hanwha Corp (Hanwha). Aerospace equipment, solar products, machine tools, power trains, factory automation, plants, and other machinery products are among its outputs. Hanwha provides a variety of services using nitric acid, ammonia, and ammonium nitrate chemicals, including demolition, cladding, drilling, blasting, and fireworks explosions. Products from the company are utilised in fireworks, rockets, fuses, grenades, underwater equipment, petroleum products, and cattle products. In South Korea, Asia, North America, South America, Europe, and the Middle East, it sells its goods through a network of wholesalers. The headquarters of Hanwha are in Seoul, South Korea. Hanwha Group and LG Energy Solution declared their intention to invest together in battery manufacturing facilities in the US in January 2023. To enhance the respective company's market share in the American battery energy storage systems sector, the investment will be made.
April 2021:Â In Europe and Australia, Sungrow has introduced a high-voltage battery and hybrid inverter for residential applications. The objective of improving fuel efficiency up to 98.4% and storage capacity between 9.6 kWh and 102.4 kWh is accomplished by the new battery and inverter.
November 2019- SMA and LG Chem launched a launch new home storage system with the combination of a Sunny Boy Storage battery inverter from SMA and an RESU 10M battery from LG Chem
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 21.9 Billion |
| Market Size 2023 | USD 24.4 Billion |
| Market Size 2032 | USD 58.3 Billion |
| Compound Annual Growth Rate (CAGR) | 11.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Robert Bosch GmbH, CLOU, Zhicheng Champion, SUNGROW, Dynapower, Parker-Hannifin Corporation, TRIED, Eaton, SMA, KACO, ABB, and Princeton |
| Key Market Opportunities | Rise in the demand for reliable and safe power source converters |
| Key Market Dynamics | The rising demand for sustainable power supply and the growing numbers of solar power plants connected with the grid and grid-scale battery energy storage systems |
Battery Storage Inverter Market Highlights:
Frequently Asked Questions (FAQ) :
The Battery Storage Inverter market size was valued at USD 21.9 Billion in 2022.
The market is projected to grow at a CAGR of 11.50% during the forecast period, 2023-2032.
North America had the largest share in the market.
The key players in the market are Robert Bosch GmbH, CLOU, Zhicheng Champion, SUNGROW, Dynapower, Parker-Hannifin Corporation, TRIED, Eaton, SMA, KACO, ABB, and Princeton.
The Three Phase Electric Power Type dominated the market in 2022.
The Utility Scale Application had the largest share in the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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