Energy Storage System Market Growth Accelerating at a Rapid Pace due to Innovative Strategies during 2020-2027

An energy storage system basically stores energy through electro-chemical, thermal or electro-mechanical ways. Battery energy storage system generally uses electro-chemical ways to store energy. It can also store energy through renewable sources of energy such as wind and solar. Energy storage through renewable and natural sources helps to save the costs required for production of energy. Power storage is an added benefit as it helps in emergency conditions. These energy storage devices are very useful when the demand for energy is higher than supply. They can also be charged up when the demand is relatively lower than supply and sufficient energy is available for consumption.

The newly launched report entitled Solar Hybrid Inverter Market Growth (Status and Outlook) 2020-2027 provides large-scale research and detailed analysis of the existing market along with the expected performance of the market in near future across the globe. The report features comprehensive data that boosts and helps the appraisal of every aspect of the business. The report shows an overview of the baseline and structure of the global Solar Hybrid Inverter market, which summarizes its beneficial or restrictive aspects liable for regional and global evolution. This analysis also presents revenue, market share, and sales forecast from 2021 to 2026. Easy understanding of the growth rate, regional shares as well as segmentation revenue growth has been provided in the report.

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COVID-19 scenario:
• Governments across most of the countries are effectively practicing nationwide lockdown in response to emergence of the pandemic situation.
• Only essential goods and services are being operational. Energy and related services are categorized under essential goods & services category. Therefore, the global battery energy storage market has not been affected much due to this situation.
• However, all the industrial and commercial applications have witnessed sluggish growth trends during the lockdown period and similar growth trends are anticipated during the forecast period.

Panasonic Corporation launched a new residential energy storage system, Evervolt. This system has been developed to improve the residential energy requirements. Tesla launched a battery energy storage system, Megapack. This system helps to provide easy connection & installation process and also reduce the complexity of large-scale storage systems.

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Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
The expansion of industrial, commercial, and utility-scale sectors is the major driver of the solar inverter market. Solar hybrid inverters can usually be installed without batteries for future expansion; this is the biggest advantage, which boosts their demand, globally. In addition, these inverters are safe, environment-friendly, and support sustainable development plans implemented by the government for residential and commercial areas.

However, the major restraint of solar hybrid inverter market is that they have less design flexibility than a modular solution in which separate battery inverters have been used. Moreover, solar hybrid inverters are considered less efficient than solar-only or battery-only inverters, which is anticipated to hamper the growth of the solar hybrid invertors market during the forecast period.

Regional and country-wise analysis covers: Americas (United States, Canada, Mexico, Brazil), APAC (China, Japan, Korea, Southeast Asia, India, Australia), Europe (Germany, France, UK, Italy, Russia), Middle East & Africa (Egypt, South Africa, Israel, Turkey, GCC Countries)

Key players of battery energy storage market include LG Chem, Panasonic Corporation, ABB, NEC Corporation, Samsung SDI Co. Ltd., General Electric, Siemens AG, Hitachi, AEG Power Solutions, Tesla Inc., Toshiba Corporation, Exergonix Inc., and Mitsubishi Heavy Industries Ltd.

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