New York, July 30, 2021 (GLOBE NEWSWIRE) -- Battery Storage Inverter Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Battery Storage Inverter Market Research Report, Type, Application and Region - Forecast till 2027” the market is projected to be worth USD 45.27 billion by 2027, registering a CAGR of 11.45% during the forecast period (2021 - 2027).
The global battery storage inverter market witnesses significant traction. Factors such as the rising demand for sustainable power supply and the demand for DC /AC inverters clustered around the substation or storage battery substantiate the market growth. Besides, growing numbers of solar power plants connected with the grid and grid-scale battery energy storage systems push the battery storage inverter market growth.
Substantially rising demand for reliable and safe power source converters creates significant market opportunities. With the growing demand for battery storage with grid-forming inverters demonstrating their ability to replace the suite of essential system services historically provided by thermal plants, the market is estimated to gain significant traction during the years ahead.
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List of the Key Companies Profiled in the Battery Storage Inverter Market Research Report are-
Robert Bosch GmbH (Germany)
Parker-Hannifin Corporation (US)
Zhicheng Champion (China)
Browse In-depth Market Research Report (111 pages) on Battery Storage Inverter
Manufacturers strive to increase production capacities with low weight and improved cost-efficiency. Manufacturers are exploring the possibility of expanding their global footprint and inverter portfolio after mastering their research and development.
For instance, recently, on July 11, 2021, Mango Power launched the world's first integrated home and portable battery system-mango power union. This portable all-in-one product is the world's first power station product to take the best features of a residential home battery to greater capacity and output with built-in dual PV inverters and gateway to light up outdoor, off-grid escapes.
In another instance, on June 23, 2021, Veritone, the creator of an AI-enabled operating system aiWARE, announced the development of a unique device learning model for SMA Sunny Central solar inverters. It is a part of the company's Grid Reliability in Device (GRID) initiative to accelerate clean energy adoption by developing device learning models' library that enables predictive control of common distributed energy resources (DERs), including solar storage inverters and battery storage systems, among others. Veritone expects this initiative to simplify DER integration, prolong asset life and increase grid resilience.
The Market Witnesses Rising Household Battery Storage System Installations
Inverters hold a major share in the overall battery storage market, enabling rapid synchronization between autonomous grid control and decision-making across the network. Besides, inverters help to ensure optimal economic dispatch during normal operations and Microgrid resilience during extreme weather events. Product standardization and enhanced research & innovations are major battery storage inverter market trends, ensuing large adoption of these technologies over the years.
Key Application Requirements and Their Challenges Pose Challenges to Market Growth
High operation voltage exceeding 1500 V in utility-scale installations requires a low cosmic-radiation-induced failure rate and higher system efficiency for the power devices. These contradictory requirements are major factors affecting market health. Besides, high initial investment requirements and prohibitive costs associated with installing and maintaining battery storage inverters impede the market growth.
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The onset of the COVID 19 pandemic had a duel effect on the battery storage inverter market. Rise in demand for energy remained robust amid the COVID 19 challenges. Due to elevated electricity bills, installations of household solar-plus-storage systems were relatively high. Increasing solar and battery storage applications fostered the battery storage inverter industry.
On the other hand, industry players faced various problems, such as obtaining components and attracting workers from quarantines required to develop battery storage systems to delivering end products. Also, the pandemic-driven disrupted supply chains created the scarcity of key raw materials and component production. This, as a result, spiked product prices and lowered the market demand. The demand for battery storage systems is estimated to increase continually, hereafter.
The market is segmented into types, applications, and regions. The type segment is sub-segmented into single-phase electric power and three-phase electric power. Of these, the single-phase electric power segment accounts for the larger market share.
The application segment is sub-segmented into utility-scale, commercial, and residential. Among these, the utility-scale segment grows with the highest CAGR due to rising large-scale PV projects across the globe.
The Asia Pacific region dominates the global battery storage inverter market. Factors such as increasing government initiatives to foster renewable energy and the presence of many battery manufacturers in this region are major battery storage inverter market trends. Besides, the continually growing population and rapid urbanization & industrialization in this region drive the battery storage inverter market growth, increasing energy consumption and demand.
With their massive investments, China and India account for considerable battery storage inverter market shares. Additionally, the growing focus on tackling the rising pollution levels by promoting eco-friendly power generation solutions in these countries increases the battery storage inverter market size in the region.
Segmentation of Market covered in the research:
Information by Type (Single-Phase Electric Power and Three-Phase Electric Power), Application (Utility-Scale, Commercial and Residential) and Region (North America, Europe, Asia-Pacific and Rest of the World)
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