THE BATTERY STORAGE INVERTER MARKET HAS SEEN A SOARING 8.3% GROWTH TO REACH USD 3.01 BILLION BY 2030, PROJECTS UNIVDATOS MARKET INSIGHTS `
- Vikas Kumar
- June 21, 2024
- ENERGY & POWER, NEWS
- Battery Storage Inverter Market, Battery Storage Inverter Market forecast, Battery Storage Inverter Market share
- 0 Comments
Key Highlights of the Report:
- Smooth transition between grid-connected and off-grid modes is propelling the demand for Battery Storage inverters.
- The reliable and efficient operation of hybrid renewable energy systems is driving the Battery Storage Inverter market.
- Major companies in the market are collaborating with the government to influence the adoption of renewable energy.
According to a new report by Univdatos Market Insights, the Battery Storage Inverter Market is expected to reach USD 3.01 Billion in 2030 by growing at a CAGR of 8.3%. The demand for battery storage inverters, also known as hybrid inverters has been increasing worldwide due to several factors. Rising concerns about climate change and the need to reduce carbon footprints have led to a greater focus on renewable energy generation and self-consumption.
Further, battery storage inverters offer economic benefits by reducing dependence on the grid. Users can save money using stored energy during peak tariff hours or in areas with unreliable grid infrastructure. This cost-effectiveness has contributed to their popularity, especially in regions with high electricity prices or frequent power outages. Moreover, various battery inverter storage manufacturers have launched the advanced featured hybrid inverter which will positively influence the demand for battery storage inverter. For instance: in 2024, the FSP group announced new green energy solutions including the LightUp off-grid PV Inverter and EnerX 3000 energy storage.
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As more countries and regions shift their focus towards sustainable energy sources, the installations of solar PV systems are rapidly increasing. However, solar power generation is intermittent and can be limited during nighttime or cloudy periods. To address this issue, the demand for battery storage inverters has surged. A combination of solar PV systems and battery storage inverters can help provide electricity during such periods. This enables users to reduce their reliance on the grid and increase their self-consumption of solar energy.
Fig1: Countries with High PV Penetration
Global Demand for Battery Storage Inverters
Battery storage inverter installations in the US reached new heights in 2020, with a 240% increase in installed battery capacity compared to the previous year, according to the US Energy Storage Monitor. This growth was primarily driven by state-level policies that promoted energy storage and the integration of renewable energy sources.
Similarly, Germany has been leading the way in adopting renewable energy, and in 2020, the country saw a significant increase in battery storage inverter installations. This growth was fueled by the rising number of solar PV installations and the need to balance intermittent renewable energy generation. Policies such as the Renewable Energy Sources Act, which was supported by the German government, contributed to the expansion of battery storage systems.
Conclusion:
Battery storage inverters are experiencing significant growth worldwide. In North America, government incentives and increasing renewable energy adoption are driving market expansion. In Europe, the focus on energy storage to support grid stability and reduce emissions fuels the demand. Asia Pacific is witnessing rapid growth due to the need for reliable and resilient power supply. Overall, the global battery storage inverter market is on a trajectory of robust growth, driven by renewable energy integration and the push for a cleaner, more sustainable energy infrastructure.
Key Offerings of the Report
Market Size, Trends, & Forecast by Revenue | 2023−2030F
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by type and application
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
