Press release
Solar Inverter and Battery Market Size Share Trend & Forecast 2023-2030
Solar Inverter and Battery Market-DataM Intelligence
Global Solar Inverter And Battery Market Surges to $10.1 Billion in 2022, Anticipated to Reach $22.9 Billion by 2030 with a 10.8% CAGR
The global solar inverter and battery market soared to an impressive $10.1 billion in 2022, with projections indicating a robust growth trajectory leading to an estimated $22.9 billion by 2030, boasting a compelling Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period from 2023 to 2030.
This surge in market value is attributed to the escalating adoption of solar energy systems globally, coupled with an increasing demand for energy storage solutions. Key drivers include supportive government policies, decreasing costs of solar technologies, and heightened environmental concerns.
On April 25, 2023, Enphase (ENPH), the foremost global provider of microinverter-based solar and battery solutions, takes a monumental step towards a sustainable future. In response to the burgeoning demand for solar energy and challenges posed by the Inflation Reduction Act (IRA), Enphase announces the commencement of production in the United States.
The United States has been a pivotal contributor to the global solar inverter and battery market's growth, marked by significant developments and initiatives. Leading the charge is Enphase Energy, a U.S.-based manufacturer, renowned for pioneering microinverter technology.
Enphase has introduced cutting-edge microinverters, enhancing performance, reliability, and monitoring capabilities. A trailblazer in optimizing the integration of solar inverters and battery storage systems, Enphase facilitates efficient energy management. As a result, the U.S. commands nearly three-fourths of the regional market shares and is poised for the highest CAGR during the forecasted period.
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Market Overview
Key Metrics
CAGR: 10.8%
Size Available for Years: 2021-2030
Forecast Period: 2023-2030
Data Availability: Value (US$)
Segments Covered: Connection, Inverter, Battery, End-User, and Region
Regions Covered: North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Fastest Growing Region: Asia-Pacific
Largest Region: Asia-Pacific
Report Insights Covered
Competitive Landscape Analysis
Company Profile Analysis
Market Size, Share, Growth, Demand
Recent Developments, Mergers and Acquisitions
New Equipment Type Launches
Growth Strategies
Revenue Analysis
Porter's Analysis, Pricing Analysis
Regulatory Analysis
Supply-Chain Analysis
Other Key Insights
Market Dynamics
Growing Installation of Solar PV
The expanding installation of solar photovoltaic (PV) systems is a pivotal driver for the global solar inverter and battery market. Solar PV systems generate electricity directly from sunlight, necessitating the use of solar inverters to convert direct current (DC) to alternating current (AC) suitable for grids or on-site consumption. Solar inverters optimize energy harvesting, ensuring peak efficiency and maximizing electricity output.
Rise in Battery Storage Systems
Battery storage systems allow the storage of excess electricity generated by solar PV systems, enhancing energy self-consumption during low solar generation periods. This maximizes grid flexibility and supports demand response capabilities, contributing to efficient grid operation.
Higher Installation Costs
Despite the market's growth, higher installation costs can pose challenges for residential, commercial, and industrial customers. Affordability concerns may arise, potentially hindering market growth. Ensuring cost competitiveness is crucial for widespread adoption.
Segment Analysis
The global solar inverter and battery market is segmented based on connection, inverter, battery, end-user, and region.
Grid Connectivity and Reliability Drives the On-Grid Segmental Growth
On-grid solar PV systems, seamlessly integrated with existing electrical infrastructure, dominate the global segmental share. This connectivity ensures reliable and continuous power supply, making on-grid systems a practical choice for diverse installations.
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Geographical Share
Rising Renewable Energy Investments Drives the Growth of the Asia-Pacific Market
The Asia-Pacific region, fueled by significant investments in renewable energy, particularly solar power, dominates the global solar inverter and battery market. Favorable government policies and incentives in countries like China, India, Japan, and Australia have spurred rapid solar PV installations, propelling demand for solar inverters and batteries.
Market Key Players
Major global players shaping the solar inverter and battery market include:
Huawei Technologies Co., Ltd.
SMA Solar Technology AG
Sungrow Power Supply Co., Ltd.
ABB Ltd
Schneider Electric SE
Enphase Energy, Inc.
Fronius International GmbH
LG Electronics Inc.
Tesla, Inc.
SolarEdge Technologies Inc.
Related Reports:
Micro Inverter Market: https://www.datamintelligence.com/research-report/micro-inverter-market
String Inverter Market: https://www.datamintelligence.com/research-report/string-inverter-market
Solar Energy Market: https://www.datamintelligence.com/research-report/solar-energy-market
Contact Us -
Company Name: DataM Intelligence
Email: info@datamintelligence.com
Phone: +1 877 441 4866
Website: https://www.datamintelligence.com
About Us -
DataM Intelligence 4Market Research is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries; catering to the key business research needs that influence the growth trajectory of our vast clientele.
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