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.
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.
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.
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.
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.
