Inverter Battery Market Size, Share & Industry Analysis, By Type (Renewable Energy, Non-renewable Energy), By Application (Electric Vehicles, Electronic Devices, Household Appliance, Others) And Regional Forecast, 2024-2032

Region :Global | Report ID: FBI105674 | Status : Ongoing

KEY MARKET INSIGHTS

Inverter batteries are commonly a part of grid connection and energy source systems and convert the power from an energy source or solar modules into usable power. The increasing government focus on improving the electrification rate has aroused the need for inverter batteries to overcome a situation like a load shading, power failure, and others. Moreover, the growing electricity demand, rising urbanization, and government scheme has anticipated boosting power demand for power backup solutions.

Based on the type, the market is segmented into renewable energy type and non-renewable energy type. In renewable energy type, any inverter or battery can now be converted into a solar inverter. By the solar hybrid inverter conversion, one can connect the solar panels to the system and store the solar energy available in daylight. Moreover, the government nowadays is focusing more on cleaner energy sources and storage for them. Based on this factor, the renewable energy type is expected to grow during the forecast period.

Based on the application, the market is segmented into electric vehicles, electronic devices, household appliances, and others. The transport segment is expected to dominate the market segment due to the rising trend on electric vehicles for controlling the electric motor resulting in fuel efficiency and low emission. Other than that, the reduction of usage in imported oil has anticipated the demand for the inverter battery market.

One of the major drivers for the inverter battery market is the growing renewable energy sources and the necessity for energy storage systems. Other than that, the increasing government focuses on improving electrification coupled with technological developments is expected to positively influence the inverter battery market.

However, the inverter battery emits corrosive and explosive gases during the final stage of charging which can be ignited if exposed, other than that, the terminals required maintenance to avoid unplanned events and hinders the inverter battery market growth.

Key Market Driver -

The rise in investments of renewable energy sources, has aroused a demand for inverter battery.

Key Market Restraint -

The variability of explosion and maintenance factor hinders the inverter battery market.

Key players covered:

Some of the major companies present in the global inverter battery market are BYD, Hitachi Chemical, Samsung SDI, TATA AutoComp GY Batteries, Panasonic, JSP Corp., Sungrow, Loxus, Southern Batteries Pvt Ltd., HBL Power Systems Limited, Luminous Power Technology Pvt Ltd., Exide Industries Limited, V-Guard Industries, and Enersys.

Regional analysis:

The inverter battery market has been studied across North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. Asia Pacific region has the leading development market for the inverter market owing to the increasing demand of electrification consumers in regions like China, Japan, India, and others is expected to drive the inverter battery market. Other than that, the increasing wind power capacity has driven the demand for energy storage capacity. North America has the most significant market in terms of demand for automotive industries and home appliances; other than that, the adaptive use of electric vehicles and hybrid vehicles across various regions is anticipated to create the need for inverter batteries. The Latin America battery market is driven by the surging investments in automotive sectors and the government norms and policies for emission control. In the Middle East & Africa, the growing infrastructure for renewable energy and increasing demand for electric vehicles drive the inverter battery market.

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Segmentation

ATTRIBUTE	DETAILS
By Type	Renewable Energy Non-renewable Energy
By Application	Electric Vehicles Electronic Devices Household Appliance Others
By Geography	North America (the USA and Canada) Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe) Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific) Latin America (Brazil, Mexico, and Rest of Latin America) Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)

Key Industry Developments

In April 2021, Sungrow has launched a high-voltage battery and hybrid inverter for residential applications in Europe and Australia. The new battery, inverter solves the purpose of fuel efficiency up to 98.4% and a storage capacity between 9.6 kWh and 102.4 kWh

In April 2021, Electriq Power has been awarded a contract for supplying Caribbean Utilities Company’s energy storage program for residential application. The projects call for Electriq to deploy, install, manage and market the PowerPod platform to residential energy storage system technology.

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PUBLISHING STATUS: Ongoing
BASE YEAR: 2023
HISTORICAL DATA: 2019-2022

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