Market outlook of the global battery market for inverters
The rising incidences of power outages in developed and developing countries is driving the global battery market for inverters, which has resulted in a projected CAGR of close to 13% for the market during the forecast period. The market is spread across the Americas, the APAC, and the EMEA region, with APAC leading the market with over 50% of the overall market revenue as of 2014.
The demand for inverters is expected to surge from the growing economies such as Indonesia, Malaysia, Thailand, Vietnam, and India due to the rising demand for sustainable power for residential and commercial sectors. This growing demand is likely to put forth a positive impact on the inverter battery market. The rising number of solar PV installations is also a key factor impacting the inverter battery market.
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Segmentation of the global battery market for inverters by inverter type
Inverter systems use two types of batteries, namely:
- Renewable inverter battery
- Non-renewable inverter battery
As of 2014, the renewable inverter battery segment dominated the market with over 60% of the overall revenue, which is attributed to the higher capacity installation in the residential and non-residential sectors such as hospitals, government, SMEs, IT, and telecommunications that require a large number of battery units.
Competitive landscape and key vendors
The global inverter battery market is highly diversified with the presence of many international and domestic inverter battery providers. However, the market is vulnerable to technical and financial challenges, facilitating inorganic growth within the market, compelling vendors to seek strong partnerships with automotive, industrial, and commercial companies to maintain their position in the market and avoid becoming targets for acquisition.
Key vendors in this market are:
- East Penn Manufacturing
- Exide Technologies
- HOPPECKE Batterien
- Su-Kam Power Systems
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These inverters are in high demand in regions where power infrastructure is still unreliable and grid power is unavailable. To cater to the growing demands and bridge the demand-supply gap, governments and companies are looking at alternative renewable power sources such as solar and wind inverter systems, thus propelling the growth of the market.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the global battery market for inverters. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
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