Battery Storage Inverter Market Projected to Reach USD 56,230 Million, with a CAGR of 11.5% by 2030 – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Battery Storage Inverter Market Growth Boost by Increasing demand for grid-connected solutions and technology in energy storage
New York, US, May 01, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Battery Storage Inverter Market Research Report Information by Region, Application, and Type- Forecast Till 2030”, the global battery storage inverter market is predicted to bolter substantially during the assessment timeframe from 2022 to 2030 at a healthy growth rate of approximately 11.5%. The reports further project the market to attain a valuation of around USD 56,230 Million by the end of 2030.
Battery Storage Inverter Market Overview:
Inverters are a prominent inclusion in the residential and commercial sectors, holding a larger major share in the overall battery storage market. The global battery storage inverter market has recently displayed massive development. The main aspect causing a surge in the performance of the market is the rise in demand for sustainable power supply. Furthermore, the heightened demand for DC/AC inverters is also likely to cause a rise in market performance over the assessment period.
Competitive Analysis
The listing of the prominent leaders across the global battery storage inverter market includes players such as:
The global battery storage inverter market has recently displayed massive development. The main aspect causing a surge in the performance of the market is the rise in demand for sustainable power supply. Furthermore, the heightened demand for DC/AC inverters is also likely to cause a rise in market performance over the assessment period.
Market Restraints
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the increased bills followed by a high cost linked to deploying these inverters. Furthermore, the lack of knowledge and skill to install and implement these are also anticipated to hamper the performance of the market over the coming years.
Report Scope:
Report Metrics
Details
Market Size 2030
2030: USD 56,230 Million
CAGR during 2022-2030
11.5% CAGR
Base Year
2021
Forecast
2022-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Application
Key Market Opportunities
Infrastructure development
Key Market Drivers
Increasing demand for grid-connected solutions Growing focus on rural electrification worldwide
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Battery storage inverters market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Segment Analysis
Among all the types, the single-phase electric power segment is predicted to secure its position across the global battery storage inverter market over the review era. On the other hand, the three-phase electric power segment is predicted to showcase the maximum growth rate over the coming years. The type of inverter generates, transmits, and distributes AC electricity.
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Among all the application areas, the utility-scale segment is predicted to hold the top spot across the global battery storage inverter market over the review era. The primary parameter supporting the development of the segment is the setup of large-scale PV projects worldwide. Central and string inverters are widely utilized in solar PV power plants. Governmental support towards deploying solar plants to raise renewable energy sources is set to drive the utility-scale segment.
Regional Analysis
The global battery storage inverter market is analyzed across five major geographies: South America, the APAC region, the Middle East & Africa, the European nations, and North America.
The research reports by MRFR suggest that the Asia-Pacific region is anticipated to hold the top position across the global battery storage inverter market over the review era. The regional market is predicted to show maximum growth over the review timeframe. The region is rising as the hub for battery storage inverter manufacturers since the demand for inverters in regional nations such as China, Japan, and India is constantly elevating. Given the growing demand for electricity across the nation, the region has China as the leading growth contributor, considering the rapid population growth. To meet the rising demand from this population, the state-governed State Grid Corporation of China has installed battery storage inverters to offer ancillary services throughout its grid, which will boost the growth of the regional market over the coming years. The region is rising to be the leading manufacturer as the demand for inverters in regional countries such as China, Japan, and India.
The North American regional battery storage inverter market is likely to demonstrate considerable development over the coming years. The US is the leading growth contributor, given the rising demand for battery storage inverters to support electrical grids under highly stressed situations and to evade power blackouts.
The Latin American and the Middle East & Africa region is also anticipated to showcase substantial development over the coming years across the global battery storage inverter market over the review era given to the emerging economies across the region.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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