Battery Storage Inverter Market: Current Analysis and Forecast (2023-2030)

Report Description

The global battery storage inverter Market is expected to grow at a significant rate of around 8.6% during the forecast period. Battery storage inverters are an essential component in energy storage systems as they convert direct current (DC) power stored in batteries to alternating current (AC) power, which can be used for various applications. Factors such as rising adoption of renewable energy sources such as solar and wind power. These sources are intermittent, and their generation capacity depends on environmental conditions. Therefore, efficient energy storage systems, including battery storage inverters, play a crucial role in facilitating the smooth integration of renewable energy into the grid. Battery storage inverters not only ensure optimal utilization of renewable energy but also provide grid support services such as peak shaving, load shifting, and frequency regulation.

GET A REPORT SAMPLE

SMA Solar Technology AG, KACO New Energy, Sensata Technologies Inc., Poweroneups, GOODWE, Ingeteam, Guangdong Zhicheng Champion Group Co. Ltd., SUNGROW, Eaton, SolaX Power are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, three-phase electric power segment to witness higher CAGR during the forecast period.”

Based on the type, the battery storage inverter market is bifurcated into three-phase electric power and single-phase electric power. The three-phase electric power segment caters to significant demand in 2022. Three-phase power systems provide higher power capacity compared to single-phase systems. This makes them more efficient and capable of handling larger loads, which is crucial in battery storage applications where high-power requirements are common. Many countries worldwide have standardized three-phase power systems, which ensures global compatibility and interoperability of electrical equipment. By adopting three-phase power, countries can benefit from a wide range of readily available and standardized equipment, including battery storage inverters.

“Amongst application, the utility-scale segment to hold a significant share in the market in 2022.”

Based on application, the battery storage inverter market is categorized into commercial, industrial, and utility-scale. The utility-scale segment holds a major share of this market. As the transition towards renewable energy sources (such as solar and wind) accelerates, battery storage plays a crucial role in addressing intermittent challenges. Utility-scale battery storage inverters integrate effectively with renewable energy installations, allowing excess energy to be stored and supplied to the grid when needed. Battery storage systems installed at the utility-scale can also provide valuable grid services. They can stabilize the grid by regulating frequency and voltage, ensuring a smooth and reliable power supply.

Battery Storage Inverter Market Report Coverage 

“Europe to hold a considerable share in the market.”

European countries have set ambitious renewable energy targets, aiming to transition to clean energy sources. To achieve these goals, there is a growing need for efficient and reliable energy storage solutions like battery storage inverters, which enable the integration of intermittent renewable energy sources into the grid. As the energy mix shifts towards renewable sources, there is a need to balance the intermittent nature of renewables with a reliable energy storage system. Battery storage inverters play a crucial role in stabilizing the grid, ensuring continuous power supply, and managing fluctuations in electricity demand. Further, continuous advancements in battery storage technology have improved the efficiency, lifespan, and overall performance of battery storage inverters. These advancements have made them more cost-effective and appealing to a broader range of consumers, thereby driving market growth.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

REQUEST FOR CUSTOMIZATION

The global Battery storage inverter market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

Frequently Asked Questions (FAQ)

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Research Methodology for the Battery Storage Inverter Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Battery storage inverter market were the three major steps undertaken to create and analyze the adoption of Battery storage inverters in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Battery storage inverter market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Battery storage inverter market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Battery storage inverter market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the battery storage inverter market. Further, we conducted factor analysis using dependent and independent variables such as type and application of Battery storage inverter. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Battery storage inverter market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Battery storage inverter market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Battery storage inverter market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Battery storage inverter market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Battery storage inverter market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and application in the global Battery storage inverter market.

The main objective of the Global Battery Storage Inverter Market Study

The current & future market trends of the global battery storage inverter market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Battery storage inverter market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of type and application.
• Define and analyze the regulatory framework for the battery storage inverter
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the battery storage inverter market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Battery storage inverter market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team