2023-2029 is the forecast period in the market report.
Battery storage devices enable energy from renewable sources like solar and wind, to be stored and then released when customers need power most. Battery energy storage is particularly effective when combined with solar energy, because solar energy storage mitigates the intermittent nature of renewable power and guarantees a steady supply of electricity. A solar battery storage inverter can help you track your system’s electrical generation so you can streamline and maximise your system’s power output. A rise in environmental awareness, an increase in renewable energy production and favourable government regulations are expected to fuel the growth of the market in the region. Also, technological developments within the energy sector along with new product launches are anticipated to provide new growth opportunities for key players in the market over the forecast period.
The growth of the market is primarily driven by increases in renewable energy production in United States and Canada. According to U.S Energy Administration, in 2020, renewable energy sources (including wind, hydroelectric, solar, biomass, and geothermal energy) generated a record 834 billion kilowatt-hours (kWh) of electricity, or about 21% of all the electricity generated in the United States. Only natural gas (1,617 billion kWh) produced more electricity than renewables in the United States in 2020. Renewables surpassed both nuclear (790 billion kWh) and coal (774 billion kWh) for the first time on record. This outcome in 2020 was due mostly to significantly less coal use in U.S. electricity generation and steadily increased use of wind and solar. In 2022, solar and wind are expected to add more than 60% of the utility-scale generating capacity to the U.S. power grid (46% from solar, 17% from wind). The increase in renewable energy production is a major factor that is anticipated to drive the growth of the market during the forecast period. Furthermore, innovation in energy storage technology is anticipated to further drive the market growth over the estimated time period.
The market is expected to have new opportunities with increasing investment in the renewable energy industry by public as well as private organizations. For instance, in August 2021, Reliance Industries Ltd planned to invest US$ 50 million in American renewable energy storage company Ambri Inc. to develop cheap alternatives to lithium-ion batteries. Such key investments in renewable energy industry are expected to provide lucrative growth opportunities for key players operating in the market.
Due to the high cost of solar power generation, a lot of the equipment used in a solar power plant has to be imported. This is expected to act as a hurdler for the growth of the market. Also, the shortage of essential raw materials is expected to negatively impact the growth of the market.
A lack of knowledge and skill to install solar battery storage inverters is expected to be a major challenge for the market’s growth over the forecast period. Even though solar modules and other equipment have a life of about 25 odd years, the modules do get damaged and need to be disposed of. This contributes to the solar waste in the country. This is expected to negatively impact the market growth over the forecast the period.
The report provides an in-depth analysis of the North America Solar Battery Storage Inverter market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. An increasing production of solar energy is anticipated to stimulate the demand for solar battery storage inverter and due to this factor, the market is expected to witness growth at a specific CAGR from 2023-2029.
The North America Solar Battery Storage Inverter market comprises of different market segments like product, type, application and country.
By product, the North America Solar Battery Storage Inverter market includes key segments like
The three-phase medium power followed by the single-phase power segment is anticipated to witness high demand over the estimated time period. A three-phase power supply can transmit three times as much power as a single-phase power supply, while only needing one additional wire (that is, three wires instead of two). Single phase power supply units have a wide range of applications. Loads that have a limited power need up to 1000 watts make the most efficient use of a single-phase AC power supply.
By type, the North America Solar Battery Storage Inverter market includes segments like
The string inverter segment is expected to lead the market over the forecast period. String inverters are commonly used in residential and commercial applications. It is intended for immediate use because string inverters are primarily utilised in grid-based solar systems, meaning that whatever power isn’t used is pushed back onto the electrical grid.
The microinverter segment is expected to witness high growth over the estimated time period. A major advantage of micro-inverters is that they are designed to find the ideal voltage for each system and generate the maximum peak power voltage. Microinverters are expected to witness high demand as they aren’t capped by their lowest producing solar panel like string inverters.
The North America Solar Battery Storage Inverter market finds major applications in
The commercial segment is estimated to lead the market during the forecast period. The growth of the segment can be attributed to the large-scale use of solar battery storage inverters in various commercial applications. Increasing investments in renewable energy generation is expected to contribute to the growth of the segment. In June 2022, the New York State Energy Research and Development Authority (NYSERDA) awarded EDF Renewable North America a 1 GW solar and battery storage contract as part of its 2021 solicitation for large-scale renewable energy certificates.
The residential application segment is expected to grow at the fastest rate over the forecast period. Solar battery storage inverter is being widely used in residential spaces. Studies show that homeowners pay a premium for a solar home; one study by the Lawrence Berkeley National Laboratory showed that on average, solar increased the value of a home by about $15,000. Although market factors like electricity rates and system size may impact the size of the premium, solar homes can sell for more than homes without PV. It is expected to contribute to the growth of the segment.
The North America Solar Battery Storage Inverter market is studied for the following countries
The United States is expected to dominate the market over the forecast period. High investment in renewable energy generation, and growing innovation in energy storage technology are key factors driving the growth of the market in the region. For instance, in April 2022, the US Bureau of Land Management (BLM) planned to construct 39 utility-scale solar projects, which sum up to more than 29 GW of plant capacity, on federal lands in six western states by the third quarter of 2025.
Canada is anticipated to witness the fastest growth during the estimated time period. Favourable government regulations and the rise in renewable energy projects are key factors driving the growth of the market in the region. Canada has planned around 31 more wind projects recently. For instance, in December 2021, a consortium of renewable industry players planned a wind power project, Sharp Hills Wind Project, in Alberta. The 298-MW project will be developed in multiple phases by Alberta Wind Energy, EDP Renewables Canada, and Eolectric. It is likely to be in service in 2023.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the North America Solar Battery Storage Inverter market. In addition, a complete analysis of changes on the North America Solar Battery Storage Inverter market expenditure, economic and international policies on supply and demand side is provided in this exclusive report. The report also studies the impact of pandemic on North America economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
The market was negatively impacted by the COVID-19 pandemic in 2020. Thanks to shuttered and reduced production, demand for most raw materials (in general) fell significantly in the early months of the pandemic. Also, renewable energy production declined to a significant extent. According to the Department of Engineering and Engineering Technology, University of Wisconsin-Oshkosh, besides Alaska, every state saw a decrease in energy, with some as high as 26%. Biomass-related renewable energy generation fell by 23% due to decreased demand, while all other sources increased by 7.3%. However, the pandemic did not significantly impact the Canadian renewable energy market as the under-construction renewable projects continued. For example, the solar PV installed capacity in 2020 was around 3,342 MW, which was higher than in 2019. It is expected to provide significant growth opportunities for the market over the forecast period.
The competitive landscape analysis of the North America Solar Battery Storage Inverter market is majorly focused on expanding the growth of Solar Battery Storage Inverter industry in North America region with new product innovation, and business expansion. An increasing a range of manufacturers operating in the renewable energy sector has led the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumers, which further contributes to healthy growth in the market.
The key players studied in market are
October 2022: Enphase, a California-based clean energy hardware company, had announced that the company will launch its first U.S.-based clean energy hardware manufacturing thanks to tax credits included in the Inflation Reduction Act.
March 2022: California Department of Water Resources, utility company Turlock Irrigation District (TID), Marin County, California-based water and energy project developer Solar AquaGrid, and University of California partnered on a pilot project named Project Nexus.
By product, the North America Solar Battery Storage Inverter market includes key segments like single phase, three phase low power, three phase medium power, and three phase high power. The three-phase medium power segment is anticipated to lead the market over the forecast period. By type, the North America Solar Battery Storage Inverter market includes segments like string inverters, microinverters, battery inverters and hybrid inverters. The string inverter segment is expected to dominate the market over the projected time period. The North America Solar Battery Storage Inverter market finds major applications in residential, commercial and others. The commercial segment is estimated to lead the market during the forecast period. The North America Solar Battery Storage Inverter market is studied for countries: the United States, Canada, and Mexico. The United States is expected to dominate the market over the forecast period.
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Players and its Competitors:
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report.
Which is the leading application segment for North America Solar Battery Storage Inverter market?
Commercial sector is expected to lead the market during the forecast period.
Which country is gaining majority of market share during the forecast period (2023-2029)?
United States is expected to gain a major share of the market during the forecast period (2023-2029)