Energy Storage Inverter Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021 - 2031
Energy Storage Inverter Market: Overview
The prominence of solar energy utilization has escalated across numerous countries across the globe. Furthermore, the increasing awareness about the importance of energy storage inverters among a plethora of applications may present extensive growth prospects for the global energy storage inverter market during the forecast period of 2021-2031. The rising support of the government bodies in strengthening the web of solar energy generation in various areas is also estimated to bring considerable growth opportunities for the energy storage inverter market between 2021 and 2031.
Energy storage inverters do the function of storing the energy from the conventional grid systems. Normally, a grid-tied system would not be able to generate energy if the utility grid is in offline mode. A wide number of limitations etched with having a traditional grid-tied system can be eliminated by using energy storage inverters. With energy storage inverters, the energy in the grid is saved and can be used even on days when the weather is cloudy or does not have much sunlight. Thus, these aspects are expected to bring promising growth to the global energy storage inverter market during the forecast period of 2021-2031.
On the basis of type, the energy storage inverter market can be classified into three-phase low power (10 kW to 35 kW), three-phase high power (251 kW+), and three-phase medium power (36 kW to 250 kW), and single-phase electric power.
The detailed and systematic report by TMR Research on the global energy storage inverter market highlights the different growth aspects associated with it. The report has extensive information on a plethora of factors such as competitive insights, top players in the energy storage inverter market, regional dimensions, and latest developments. In addition, the report also has information on the factors that may serve as a threat to the energy storage inverter market. The stakeholders and the CXOs are also made aware about the impact of the COVID-19 pandemic on the global energy storage inverter market. All the factors are presented in an efficient manner to the stakeholders.
Energy Storage Inverter Market: Competition Insights
The energy storage inverter market has a plethora of players involved in fierce competition. The players invest extensively in research and development activities. Strategic collaborations are also important for the growth of the energy storage inverter market. Some key players into the energy storage inverter market are Robert Bosch GmbH, ABB, KACO new energy GmbH, Sungrow Power Supply Co., Ltd., Huawei Technologies Co., Ltd., and Guangdong Zhicheng Champion Group Co. Ltd.
Energy Storage Inverter Market: Key Trends
The overwhelming use of energy storage inverters across commercial, residential, and utility- scale applications is expected to have positive impact on the overall growth of the energy storage inverter market. Furthermore, the expanding awareness about the benefits of using an energy storage inverter in residential as well as commercial applications will set the stage for the growth of the energy storage inverter market. The government bodies of countries like India and China are focusing on expanding solar power generation through setting targets and introducing subsidies and initiatives. Thus, these aspects bode well for the growth of the energy storage inverter market.
Energy Storage Inverter Market: Regional Dimensions
Asia Pacific is expected to garner considerable growth for the energy storage inverter market during the forecast period of 2021-2031. The expanding awareness about the benefits of using energy storage inverters and the rising prominence of solar energy in countries like India and China is prognosticated to bring promising growth. India generated only 0.5 kW of solar energy in 2011 and it has expanded to nearly 55 kW recently. These figures show the rising influence of solar energy in the region, eventually strengthening the growth prospects of the energy storage inverter market.
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Current and Future Threats
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