Dallas, Texas, April 18, 2019 (GLOBE NEWSWIRE) -- The global energy storage market is projected to witness healthy growth, rising with a volume CAGR of over 10% over the forecast period. The global market held a valuation of USD 21.61 billion in 2018. Developing infrastructure has driven the need to store energy to avoid power outages leading to a rise in energy consumption levels, globally. This has ultimately surged the demand for energy storage systems and in turn, drive the global energy storage battery inverter market.
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Global energy storage battery inverter report assesses the current market demand, present and future scenario for the period of 2015 to 2025. The report highlights the historic trends from 2015 to 2017, the base year 2018 and market forecast from 2019 to 2025. Additionally, market estimates for the key segments such as by type and application have been provided at the global and country level.
The report will help readers in gauging various aspects of the energy storage industry through value chain analysis, Porter’s Five Forces Analysis and PESTEL analysis. Global energy storage battery inverter market also analyze various qualitative aspects such as market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth analysis of the market competition along with company profiles of leading global and regional manufacturers.
The “Global Energy Storage Battery Inverter Market Size 2017 by Type (Single-Phase Electric Power, Three-Phase Low Power (10 kW to 35 kW), Three-Phase Medium Power (36 kW to 250 kW) and Three-Phase High Power (251 kW+), by Application (Residential, Commercial and Utility Scale), By Region (US, Canada, Germany, UK, France, Rest of Europe, China, India, Japan, Australia, Rest of APAC, Brazil, & Rest of Latin America, Saudi America and rest of MEA) and Forecast 2018 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.
With the rapid growth and technological innovation, market for power conversion systems (PCS) has emerged as a key enabling technology to facilitate optimal grid integration. This has led to the wide adoption of energy storage battery inverters across the globe. Energy storage inverters are a type of electronic device that helps to convert direct current (DC) to alternate current (AC). Government support towards rapid deployment of renewable energy projects on account of rising carbon emissions and degrading air quality levels are the key factors behind the rapid growth of the renewable energy sector. The increasing incidents of power outages in countries such as India has created a need for inverters. This is another major factor contributing to the growth of the energy storage inverter market.
Three-phase electric power is used to generate, transmit and distribute AC electricity. Three-phase has three active wire and one neutral wire. The neutral wire is not used in case of high voltage distribution system. This type of electric power is considered more economical than two-phase electric power as the electric power can be transmitted by using less conductor material. The three-phase power helps to distribute the total load in a way to ensure the power in each phase is lower. For instance, if the total load is 24000 watts, then in the case of three-phase power supply, it will be divided by 3, i.e. 8000 watts would be supplied per phase. It is used to power heavy motors and other heavy loads in the commercial and industrial sector. Three-phase inverters use three-phase electric power to supply electricity.
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On the basis of application, utility-scale accounted for over 78% of the energy storage systems market in 2018. This segment is expected to witness healthy gains in the coming years on account of set up of large-scale PV projects across the globe. Central and string inverters are majorly used in solar PV power plants. Governmental support towards installations of solar plants in order to increase renewable sources of energy is set to drive the utility-scale segment.
Geographically, Asia-Pacific energy storage inverter market is expected to rise at a fast-paced CAGR and surpass 10.5% during the forecast period. The rapid growth of energy storage inverter in the Asia-Pacific is due to the increasing initiatives by the governments towards renewable energy as well as the presence of a large number of battery manufacturers in this region. The increasing solar installations in India and China on the back of huge investments by the leading manufacturers are poised to contribute to the growth of the solar-inverter market in this region.
Some of the leading players operating in the battery storage system market include Schneider Electric S.E., Sungrow Power Supply Co., Ltd., SMA Solar Technology AG, Robert Bosch GmbH, Dynapower Company, LLC, Parker-Hannifin Corporation, ABB, KACO new energy GmbH, Eaton Corporation, Princeton Power Systems, Inc., SolarEdge Technologies and Guangdong Zhicheng Champion Group Co., Ltd.
Major points from Table of Contents:
1. Executive Summary
2. Research Methodology
3. Market Outlook
4. Market Overview, By Type
5. Market Overview, By Application
6. Market Overview, By Region
7. Competitive Landscape
8. Company Profiles
Continued…
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