The global battery storage inverter market was valued at $2.8 billion in 2022, and is projected to reach $6.5 billion by 2032, growing at a CAGR of 8.8% from 2023 to 2032.
A battery storage inverter converts direct current (DC) electricity generated or stored by solar panels or batteries into alternating current (AC) electricity that can be used to power household appliances and be fed into the grid. It allows your energy storage system to interact with the electrical grid. When there is excess energy generated from solar panels or stored in batteries, it can be fed back into the grid, and when needed, electricity can be drawn from the grid to charge the batteries or power your home. Battery storage inverters can be programmed to optimize self-consumption. This means that when solar panels are generating excess electricity, the inverter can prioritize charging the batteries or running appliances rather than exporting excess energy to the grid. Battery storage inverters manage the charging and discharging of energy storage batteries to maximize their lifespan and performance. They also prevent overcharging and over-discharging, which can damage batteries. Many modern battery storage inverters come with data monitoring capabilities, allowing homeowners to track their energy production, consumption, and battery status through mobile apps or web interfaces. Battery storage inverters should be highly efficient to minimize energy losses during the conversion process. Look for inverters with high efficiency ratings.
Some systems allow you to add more batteries or expand your energy storage capacity over time. Ensure that your chosen inverter can accommodate future expansions. Battery storage inverters are a crucial component of modern energy systems, enabling homeowners and businesses to harness the benefits of energy storage and renewable energy sources like solar power.
The global Battery Storage Inverters market is segmented on the basis of types, end use industry and regions. On the basis of types, the market is segmented into single-phase electric power and three-phase electric power. On the basis of end use industry, it is segmented into residential, commercial , utility-scale and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the global Battery Storage Inverters market include KACO new energy, SMA Solar Technology AG, Sensata Technologies, Inc., Ingeteam, SolaX Power, Poweroneups, GOODWE, Eaton, SUNGROW, and Guangdong Zhicheng Champion Group Co., Ltd. These players have adopted product launch as their key strategy to strengthen their presence in the market. Furthermore, 0key strategies, such as expansion, mergers, and acquisition, are adopted by the potential market leaders to facilitate effective planning are discussed under the scope of the report.
A battery storage inverter converts direct current (DC) electricity generated or stored by solar panels or batteries into alternating current (AC) electricity that can be used to power household appliances and be fed into the grid. It allows your energy storage system to interact with the electrical grid. When there is excess energy generated from solar panels or stored in batteries, it can be fed back into the grid, and when needed, electricity can be drawn from the grid to charge the batteries or power your home. Battery storage inverters can be programmed to optimize self-consumption. This means that when solar panels are generating excess electricity, the inverter can prioritize charging the batteries or running appliances rather than exporting excess energy to the grid. Battery storage inverters manage the charging and discharging of energy storage batteries to maximize their lifespan and performance. They also prevent overcharging and over-discharging, which can damage batteries. Many modern battery storage inverters come with data monitoring capabilities, allowing homeowners to track their energy production, consumption, and battery status through mobile apps or web interfaces. Battery storage inverters should be highly efficient to minimize energy losses during the conversion process. Look for inverters with high efficiency ratings.
Some systems allow you to add more batteries or expand your energy storage capacity over time. Ensure that your chosen inverter can accommodate future expansions. Battery storage inverters are a crucial component of modern energy systems, enabling homeowners and businesses to harness the benefits of energy storage and renewable energy sources like solar power.
Increasing demand for grid-connected solutions
The battery storage inverter market is growing due to the increasing demand for grid-connected solutions. Grid-connected battery storage systems, which utilize battery storage inverters, have gained significant traction in recent years. These systems offer numerous benefits and address various challenges associated with electricity grids.Battery storage systems connected to the grid can provide stability and flexibility to the electrical network. They can store excess electricity during periods of low demand and feed it back into the grid during peak demand, helping to balance supply and demand and mitigate grid fluctuations. Grid-connected battery storage systems can help manage peak demand periods by providing additional power when the demand surpasses the supply capacity. This helps avoid blackouts, reduces strain on the grid infrastructure, and minimizes the need for expensive grid upgrades. This factor will drive market growth during the forecast period.The global Battery Storage Inverters market is segmented on the basis of types, end use industry and regions. On the basis of types, the market is segmented into single-phase electric power and three-phase electric power. On the basis of end use industry, it is segmented into residential, commercial , utility-scale and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the global Battery Storage Inverters market include KACO new energy, SMA Solar Technology AG, Sensata Technologies, Inc., Ingeteam, SolaX Power, Poweroneups, GOODWE, Eaton, SUNGROW, and Guangdong Zhicheng Champion Group Co., Ltd. These players have adopted product launch as their key strategy to strengthen their presence in the market. Furthermore, 0key strategies, such as expansion, mergers, and acquisition, are adopted by the potential market leaders to facilitate effective planning are discussed under the scope of the report.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the battery storage inverter market analysis from 2022 to 2032 to identify the prevailing battery storage inverter market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the battery storage inverter market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global battery storage inverter market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Type
- Single-Phase Electric Power
- Three-Phase Electric Power
By End Use Industry
- Residential
- Commercial
- Utility Scale
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Key Market Players
- Eaton
- KACO new energy
- GOODWE
- Ingeteam
- Sensata Technologies, Inc.
- SolaX Power
- Poweroneups
- SUNGROW
- Guangdong Zhicheng Champion Group Co., Ltd.
- SMA Solar Technology AG
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BATTERY STORAGE INVERTER MARKET, BY TYPE
CHAPTER 5: BATTERY STORAGE INVERTER MARKET, BY END USE INDUSTRY
CHAPTER 6: BATTERY STORAGE INVERTER MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the battery storage inverter market was valued at $2.8 billion in 2022, and is estimated to reach $6.5 billion by 2032, growing at a CAGR of 8.8% from 2023 to 2032.The battery storage inverter market in the utility sector is an integral component of energy storage systems, responsible for converting direct current (DC) power from batteries into alternating current (AC) power that can be used by the electrical grid or consumed by end-users. Inverters play a crucial role in managing the flow of energy between batteries, renewable energy sources, and the grid. Battery storage inverters are designed specifically for energy storage applications and have features tailored to meet the requirements of utility-scale projects.
They ensure efficient conversion of DC power from batteries into high-quality AC power suitable for grid integration or direct consumption. Inverters used in the utility sector need to comply with grid interconnection standards and regulations to ensure seamless integration with the electrical grid. They provide grid support functionalities such as voltage and frequency regulation, power factor control, and grid synchronization.Battery storage inverters in the utility sector are available in a wide range of power capacities, from a few kilowatts to multiple megawatts. The choice of inverter capacity depends on the size and requirements of the energy storage system and the grid application it serves.
High-efficiency inverters are essential for minimizing energy losses during the conversion process. In the utility sector, where large amounts of energy are involved, inverters with high conversion efficiency are preferred to maximize the economic benefits of energy storage projects. Furthermore, inverter systems for utility-scale applications are often designed to be scalable and modular. This allows for flexible deployment and expansion of energy storage projects, accommodating changing energy demands and future growth. Battery storage inverters in the utility sector provide advanced control functionalities to enable grid services such as frequency regulation, peak shaving, and demand response. They can respond rapidly to grid signals or operator commands, helping to maintain grid stability and optimize the use of energy storage resources. Moreover, the battery storage inverter market is subject to ongoing technological advancements aimed at improving efficiency, reliability, and functionality. Innovations include the integration of advanced power electronics, grid-forming capabilities, and smart control algorithms. This will drive the battery storage inverter market growth during the forecast period.
Furthermore, battery storage inverters manage the charging and discharging of energy storage batteries to maximize their lifespan and performance. They also prevent overcharging and over-discharging, which can damage batteries. Many modern battery storage inverters come with data monitoring capabilities, allowing homeowners to track their energy production, consumption, and battery status through mobile apps or web interfaces. Battery storage inverters should be highly efficient to minimize energy losses during the conversion process. Look for inverters with high efficiency ratings. Battery storage inverters are a crucial component of modern energy systems, enabling homeowners and businesses to harness the benefits of energy storage and renewable energy sources like solar power. This will drive the market growth during the forecast period.
Growing focus on rural electrification worldwide
Access to electricity in rural areas is crucial for improving living conditions, driving economic development, and enhancing quality of life. Battery storage inverters play a vital role in enabling reliable and sustainable electricity supply in remote and off-grid locations. In many rural areas, extending the traditional electrical grid infrastructure can be challenging and costly. Battery storage inverters, combined with renewable energy sources like solar or wind, provide a viable solution for off-grid electrification. These systems can store excess energy generated during the day for use during the night or periods of low renewable energy generation. Lack of access to electricity hampers socio-economic development in rural areas. By deploying battery storage inverters, rural communities can have access to clean and reliable power, facilitating activities such as education, healthcare, communication, and small-scale businesses.This promotes economic growth and improves the overall standard of living. Battery storage inverters are essential components of microgrids and decentralized energy systems, which are increasingly being deployed in rural areas. These systems integrate renewable energy sources, storage, and distribution to create localized power networks. Battery storage inverters enable a stable and balanced power supply, improving energy reliability in rural communities. In regions where grid infrastructure exists but is unreliable or prone to frequent outages, battery storage inverters can enhance the resilience and stability of the existing grid. By providing backup power during outages, battery storage systems ensure uninterrupted electricity supply to rural communities. Governments and international organizations recognize the importance of rural electrification and are implementing initiatives and funding programs to support it.
Many countries have set targets for universal energy access, encouraging the adoption of battery storage systems. Financial incentives, subsidies, and grants facilitate the deployment of battery storage inverters in rural areas. As battery storage technology continues to advance and costs decline, it becomes more economically viable to deploy battery storage inverters in rural areas. Improved battery chemistry, higher energy densities, and cost reductions contribute to the affordability and accessibility of these systems.
The growing focus on rural electrification worldwide creates a significant market opportunity for battery storage inverters. These systems enable sustainable, reliable, and cost-effective electricity supply in rural communities, thereby improving livelihoods and driving socio-economic development. As the demand for rural electrification continues to rise, the battery storage inverter market is expected to grow and evolve to meet the unique needs of rural areas.
Key Findings of the Study
Based on type, the three-phase electric power segment is projected to grow at the highest CAGR of approximately 8.9%, in terms of revenue, during the forecast period.By end-use industry, the utility sector segment is projected to grow at the highest CAGR of approximately 9.0%, in terms of revenue, during the forecast period.
Based on region, Asia-Pacific dominated the market with highest revenue shares of 47.3% in 2022.
Companies Mentioned
- Eaton
- KACO new energy
- GOODWE
- Ingeteam
- Sensata Technologies, Inc.
- SolaX Power
- Poweroneups
- SUNGROW
- Guangdong Zhicheng Champion Group Co., Ltd.
- SMA Solar Technology AG
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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