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Global Battery Storage Inverter Market Highlights
The Global Battery Storage Inverter Market Size is expected to cross USD 45.27 billion by 2028 at a CAGR of 11.45% during the forecast period 2021-2028.
A battery storage inverter is designed to draw energy from a battery. It manages the battery charge via an onboard charger and exports excess energy to the utility grid. These inverters are capable of supplying AC energy to selected loads during a utility outage. Such inverters manage the charging and discharging of a battery bank.
Scope of the Report
This report provides an in-depth analysis of the global battery storage inverter market, tracking two market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights the market size and share for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global battery storage inverter market by type, application, and region.
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The key players operating in the Global Battery Storage Inverter Market are SUNGROW (China), Zhicheng Champion (China), Robert Bosch GmbH (Germany), Parker-Hannifin Corporation (US), KACO (Germany), ABB (Switzerland), CLOU (China), TRIED (US), Dynapower (US), Princeton (US), SMA (Germany), and Eaton (Ireland).
In 2018, Asia-Pacific dominated the global battery storage inverter market in terms of share: MRFR
The global battery storage inverter market has been segmented into five regions, namely, North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific is expected to hold the largest share of the global battery storage inverter market and is expected to be the fastest-growing region during the forecast period. The region is gradually becoming a hub for the battery storage inverter manufacturers as the demand for battery storage inverters from China, India, and Japan is gradually increasing. The electricity demand in China is on the rise due to the rapid population growth in the country. To fulfill the increasing demand from this population, the state-owned State Grid Corporation of China, the world’s largest utility, has deployed battery storage inverters to provide ancillary services throughout its grid, which drives the global battery storage inverter market during the forecast period.
The battery storage inverter market in North America is dominated by the US, owing to the increasing need for battery storage inverter market to support electrical grids, especially under highly stressed conditions and to avoid power blackouts in the country. For instance, in 2015, 221 MW of storage capacity was installed in the US. Such developments are expected to drive the battery storage inverter market in the US during the forecast period.
The battery storage inverter market in Europe is expected to be dominated by Germany owing to the increase in storage requirements in data centers in the country.
The battery storage inverter market in South America is dominated by Brazil due to the rising demand for renewable energy, which has contributed to the growth of the battery storage inverter market in the last few years, and this growth is expected to continue over the forecast period.
The global battery storage inverter market has been segmented based on type, application, and region. Based on type, the global 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 and is likely to grow with the highest CAGR. Based on the application, the global market is segmented as utility-scale, commercial, and residential. The utility-scale segment is expected to grow with the highest CAGR during the forecast period.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
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