Global Energy Storage Inverters Market

Global Energy Storage Inverters Market Size, Share, Growth Analysis, By Applications(Residential, Commercial), By Type(Central, String) - Industry Forecast 2024-2031

Report ID: SQMIG20D2171 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 65 | Figures: 75

Global Energy Storage Inverters Market News

  • In April 2023, SMA Solar started construction on a 20 GW inverter facility in Germany.
  • In January 2022, SAMSUNG SDI Co., Ltd. unveiled PRiMX, a brand-new battery that provides customers with quality, performance, and a competitive edge that translates to user convenience thanks to the company's exclusive technology. The brand is already registered in Europe and Korea, and it will soon be done so in the US as well.
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Global Energy Storage Inverters Market size was valued at USD 10.48 Billion in 2022 and is poised to grow from USD 11.37 Billion in 2023 to USD 21.84 Billion by 2031, at a CAGR of 8.50% during the forecast period (2024-2031).

Manufacturers work to boost production capabilities while reducing weight and increasing cost-efficiency. After mastering their research and development, manufacturers are considering the prospect of extending their global reach and inverter portfolio. 'SMA Solar Technology AG (Germany)', 'ABB Ltd. (Switzerland)', 'Delta Electronics Inc. (Taiwan)', 'Sungrow Power Supply Co., Ltd. (China)', 'Tesla, Inc. (USA)', 'Enphase Energy, Inc. (USA)', 'Huawei Technologies Co., Ltd. (China)', 'Fronius International GmbH (Austria)', 'Schneider Electric SE (France)', 'KSTAR New Energy Co., Ltd. (China)', 'Advanced Energy Industries, Inc. (USA)', 'Ginlong Technologies (China)', 'SolarEdge Technologies Inc. (Israel)', 'Tabuchi Electric Co., Ltd. (Japan)', 'Delta Energy Systems (Germany)', 'Samil Power Co., Ltd. (China)', 'TBEA SunOasis Co., Ltd. (China)', 'Chint Group (China)', 'KACO new energy GmbH (Germany)', 'Power Electronics España, S.L. (Spain)'

Governments around the world have been promoting the use of renewable energy sources through policies, subsidies, and incentives. This has created a favorable regulatory environment for the growth of the energy storage inverter market, as it encourages the adoption of renewable energy technologies.

Microgrids are becoming increasingly popular, particularly in remote and off-grid areas, as they provide a reliable and cost-effective source of power. Energy storage inverters are a critical component of microgrids, providing backup power and smoothing out fluctuations in energy supply.

North America is one of the largest markets for energy storage inverters, with the United States being the dominant market in the region. The increasing deployment of renewable energy sources, such as solar and wind power, coupled with the growing demand for energy storage systems, is driving the growth of the energy storage inverters market in North America.

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