Market outlook of the global battery market for solar PV inverters
Technavios market research analyst has estimated factors like the rising market competition and growing supply chain efficiency to bolster market growth during the forecast period. These factors help the global battery market for solar PV inverters to grow at a rapid rate during the forecast period and results in its impressive CAGR of nearly 19% by 2019.
Augmented demand for inverter batteries from solar PV systems is the key driver for the growth of this market. Due to depleting fossil fuel reserves and rising fuel prices, many countries across the globe are now adopting renewable power sources for electricity generation. Since the power generated from such sources is intermittent in nature, energy storage systems play a vital role in meeting the rising power demand, which in turn drives the need for inverters and battery systems.
End-user segmentation of the battery market for solar PV inverters
In this market research report, Technavio market research analysts estimate the non-residential segment to dominate over all the other sectors during the forecast period. The non-residential sector mainly includes commercial, industrial, and government entities that require energy storage options to enhance their solar generation capacities and mitigate high peak energy demand charges. Factors like the installation of high-capacity battery units in non-residential sectors such as hospitals, government, SMB IT, and telecom are expected to result in its high market share of nearly 43% by 2019.
Geographical segmentation of the battery market for solar PV inverters
Geographically, the APAC region is estimated to account for more than 50% of the total market share by 2019. Increasing environmental concerns and growing energy demand are the two significant parameters that will drive market growth in this region during the forecast period.
Competitive landscape and key vendors
This market is highly diverse and consists of numerous international and domestic players that form strong partnerships with automotive, industrial, and commercial companies in order to survive in the market. This market is highly vulnerable to technical and financial challenges, which facilitates inorganic growth within the market.
Key vendors analyzed in this market study are -
Key questions answered in the report include
What will the market size and the growth rate be in 2019?
What are the key factors driving the global battery market for solar PV inverters?
What are the key market trends impacting the growth of the global battery market for solar PV inverters?
What are the challenges to market growth?
Who are the key vendors in the global battery market for solar PV inverters?
What are the market opportunities and threats faced by the vendors in the global battery market for solar PV inverters?
Trending factors influencing the market shares of the EMEA, Americas, and APAC?
What are the key outcomes of the five forces analysis of the global battery market for solar PV inverters?
Technavio also offers customization on reports based on specific client requirement.
Global Solar PV Inverter Market: Research Scope 2015-2019
Solar PV Market in Asia 2015-2019
Global Battery Energy Storage Market for Renewables 2015-2019