Battery Storage Inverter Market is estimated to be US$ 6.65 billion by 2030 with a CAGR of 16.4% during the forecast period
Battery Storage Inverter Market accounted for US$ 1.4 billion in 2020 and is estimated to be US$ 6.65 billion by 2030 and is anticipated to register a CAGR of 16.4%. The battery storage Inverter is the grid-connected inverter that can also act as a bi-directional inverter and it also helps to store electric energy .It is mostly used in commercial, residential, and utility-scale sectors. At present this inverter is used in the field of photovoltaic power generation. A battery storage inverter is a device that draws energy from a battery .This device manages the battery charge through an onboard charger. These inverters are supplying AC energy, such type of inverters manage the charging and discharging of a battery bank. The market is divided into single-phase electric power and three-phase electric power. The single-phase electric power segment is expected to dominate the global market. Three-phase electric power is used to generate, transmit & distribute AC electricity.
The report “Global Battery Storage Inverter Market, By Type (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 )), By Application (Residential, Commercial, and Utility Scale), and By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) - Trends, Analysis, and Forecast till 2029”
Key Highlights:
· In August 2022, Kehua Tech Launched iStoragE Series Of residential ESS, the iStoragE series incorporates a hybrid inverter and battery pack, iStoragE provides users with a simple, safe and smart solution for enhancing the safety of home electricity.
· In July 2022, Lion Energy releases new residential, C&I energy storage systems. Lion Energy launched of LionESS . LionESS technology store any type of renewable power generated (solar, wind, hydro and thermal), as well as non-renewable sources (utility grid and generators).
Analyst View:
The market will be influenced by a number of factors, including a decline in the price per watt of energy storage capacity, an increase in investments and funding for renewable electricity projects, government initiatives aimed at increasing the use of battery storage systems in power generation, etc. In order to meet the growing demand for energy storage systems, substantial initial capital expenditures are necessary, which limits the supply of affordable batteries with the necessary properties, such as a long life cycle, a good depth of discharge capability, or both.
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Key Market Insights from the report:
Global Battery Storage Inverter Market accounted for US$ 1.4 billion in 2020 and is estimated to be US$ 6.65 billion by 2030 and is anticipated to register a CAGR of 16.4%. The Global Battery Storage Inverter Market is segmented based on Product, Application and region.
· Based on Product, Global Battery Storage Inverter Market is segmented into Single Phase Electric Power, Three Phase Low Power(10KW to 35KW ),Three-Phase Medium Power (36KW to250KW), and Three Phase High Power (251KW ).
· Based on Application, Global Battery Storage Inverter Market is segmented into Residential, Commercial and Utility Scale.
· Based on By Region, the Global Battery Storage Inverter Market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Battery Storage Inverter Market:
The prominent players operating in the Global Battery Storage Inverter Market include Dynapower Company, LLC, Robert Bosch GmbH, SMA Solar Technology AG, KACO new energy GmbH, Parker-Hannifin Corporation, ABB Ltd., Princeton Power Systems, Inc., Eaton Corporation, Sungrow Power Supply Co. Ltd., Guangdong Zhicheng Champion Group Co., Ltd., Schneider Electric S.E., SolarEdge Technologies, Inc., and Huawei Technologies Co., Ltd.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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