The global energy storage battery inverter market size is projected to surpass USD 40 billion by 2025, driven by the increasing need for uninterrupted power supply (UPS) and increasing adoption of renewable energy sources. Infrastructure development, as part of various smart city initiatives across the world, has led to the rise of energy consumption levels.
This has led to an increased load on the grids resulting in frequent power outages. Therefore, the need to store energy to prevent power outages have led to the rapid deployment of battery inverters, thereby, driving the growth of the global energy storage systems market.
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Developing economies around the globe are focusing on renewable energy sources to generate electricity as part of clean energy initiatives. This has led to the development of the global battery storage systems market throughout the globe. For instance, India is planning to increase renewable energy capacity from 57 GW to 175 GW by the year 2022. Increasing investments in the renewable energy sector are expected to augment the demand for large-scale solar PV plants.
Battery storage systems help in providing backup in residential, commercial and utility-scale segments. Energy storage inverters are being increasingly installed in homes as they help in providing power backup at times of power outage.
The utility-scale segment is anticipated to witness significant growth over the forecast period attributed to the development of large-scale PV projects across the globe. Additionally, government support towards installations of solar plants is set to drive the solar inverter market demand in utility-scale applications. Additionally, installations of utility-scale energy storage battery inverters are expected to increase rapidly during the forecast period at an anticipated CAGR of 9.7%, globally.
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Single-phase electric power, three-phase low power (10 kW to 35 kW), three-phase medium power (36 kW to 250 kW) and three-phase high power (251 kW+) are the types of energy storage inverters used across multiple industries. In 2017, three-phase low power (10 kW to 35 kW) dominated the global energy storage battery inverter market, accounting for approximately 48.8% share. Rising demand for extreme power supply (EPS) in residential and commercial sectors is the major factor contributing towards the growth of this inverter type.
North America is projected to be the second largest region in the global energy storage battery inverter market over the forecast period. This growth can be attributed to the growing number of installations in utility and residential applications in the region. For instance, according to energy storage association (ESA), new energy storage installations in the U.S. to reach 35 GW by 2025.
On the other hand, Asia Pacific which accounted for 50.8% of the total installations in 2017 is likely to witness the fastest growth up to 2025 due to huge investments made by various governments to increase renewable energy sector. Huge investments by key manufacturers and new product launches are the other factors contributing to the growth of the segment and overall solar inverter market. For instance, SolarEdge manufactures 10kW three-phase inverter which is small, lightest in its class and easy to install.
The global energy storage battery inverter market is highly fragmented owing to the presence of several players. Companies including Dynapower Company, LLC, Robert Bosch GmbH, SMA Solar Technology AG, KACO new energy GmbH, Parker-Hannifin Corporation, ABB, Princeton Power Systems, Inc., Eaton Corporation, Sungrow Power Supply Co., Ltd., Guangdong Zhicheng Champion Group Co., Ltd., Schneider Electric S.E., SolarEdge Technologies, Inc., Huawei Technologies Co., Ltd. have a presence within the global market.
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