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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PDF: https://www.stellarmr.com/report/req_sample/Battery-Storage-Inverter-Market/2128
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
$13.6 billion by 2026, emphasizes a
strategic move towards enhancing grid stability and efficiency.
These advancements highlight the region's new role in battery
inverter technology, creating a landscape where innovations in
battery storage and power solutions are not only promoted but are
also becoming essential components of the energy
infrastructure.
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Report: https://www.stellarmr.com/report/req_sample/Battery-Storage-Inverter-Market/2128
Key Players
- SMA Solar Technology AG (Germany)
- GoodWe (China)
- Ingeteam (Spain)
- Enphase Energy (USA)
- SMA Solar Technology AG (Germany)
- Power Electronics (Spain)
- Sineng Electric (China)
- Others
Key Highlights:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Market Size, Share, Size & Forecast by Different
Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities,
and Key Trends by Region
- Market Segmentation – A detailed analysis by Type, End Use
Industry, and Region
- Competitive Landscape – Profiles of selected key players by
region in a strategic perspective
- Competitive landscape – Market Leaders, Market Followers,
Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER's analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Browse for More Reports by Stellar Market Research:
Energy & Power Reports & Consulting
Inverter Market size was valued at USD 19.10 Bn. in 2023 and is expected to reach
USD 54.31 Bn. by 2030, at a CAGR of
16.1%.
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Bn. by 2030.
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reaching nearly US$ 112.59
Billion.
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forecast period.
About Stellar Market Research:
Stellar Market Research is a multifaceted market research and
consulting company with professionals from several industries. Some
industries we cover include medical devices, pharmaceutical
manufacturers, science and engineering, electronic components,
industrial equipment, technology and communication, cars and
automobiles, chemical products and substances, general merchandise,
beverages, personal care, and automated systems.
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