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Battery storage devices are considered one of the core components of the energy revolution. Different types of solar battery storage inverters play a significant role within a pioneering and safe energy supply. These devices are used to efficiently supply and retrieve energy to and from the storage system. They are simply connected to the AC grid in parallel with the PV system. The storage unit is automatically charged with excess solar power and, if additional energy is required, it's discharged as needed. A PV battery can help to significantly increase the level of self-consumption because the solar power generated during the day can be stored temporarily and can also be used after sunset. A rise in renewable energy production and favourable environmental regulations in the United States are key factors driving 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 an increase in renewable energy production in United States. According to the U.S Energy Administration, in 2021, renewable energy sources will account for about 12.4% of total U.S. primary energy consumption. Renewable energy is the fastest-growing energy source in the United States, increasing 42 percent from 2010 to 2020 (up 90 percent from 2000 to 2020). Renewables made up nearly 20 percent of utility-scale U.S. electricity generation in 2020, with the bulk coming from hydropower (7.3 percent) and wind power (8.4 percent). Solar generation (including distributed), which made up 3.3 percent of total U.S. generation in 2020, is the fastest-growing electricity source. A record amount of over 256 GW of renewable power capacity was added globally during 2020. Iowa uses the highest percentage of renewable energy, with 63% of its energy consumption coming from renewables. Texas produces the most renewable energy (measured in megawatt-hours) of any state. Thus, an 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.
MARKET OPPORTUNITIES
The market is expected to have new opportunities with increasing investment in renewable energy industry by public as well as private organizations. For instance, in March 2021, the United States Department of Energy (DOE) announced ambitious targets to reduce the cost of solar energy by 60% in the next ten years. DOE has funded around USD 128 million to lower costs, improve performance, and speed the deployment of solar energy technologies by 2030. Such key investments in the 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.
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 United States 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 United States Solar Battery Storage Inverter market comprises of different market segments like product, type, application.
By product, the United States 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 United States 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 United States 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 United States a 1 GW solar and battery storage contract as part of its 2021 solicitation for large-scale renewable energy certificates.
The residential application is expected to witness high growth 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.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the United States Solar Battery Storage Inverter market. In addition, a complete analysis of changes on the United States 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 the pandemic on the United States economies, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
The renewable energy industry, in particular, has experienced an immense amount of pressure due the COVID-19 pandemic. The renewable energy production declined to a significant extent. In 2021, the International Energy Agency reported that the worldwide energy demand was demolished by 3.8 percent in the first quarter of 2020, as compared to the first quarter of 2019. That decrease in the worldwide energy demand that occurred due to the COVID-19 pandemic happened to be seven times larger than the effect of the 2008 financial crisis. 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, since the second-half of 2021, renewable energy production has gained momentum. It is expected to provide significant growth opportunities for the market over the forecast period.
The competitive landscape analysis of the United States Solar Battery Storage Inverter market is majorly focused on expanding the growth of Solar Battery Storage Inverter industry in the United States with new product innovation, and business expansion. An increasing presence of range of manufacturers operating in 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 United States 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 United States 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 United States 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.
| Market
Sizing for Year: | 2019-2029 |
| Base
Year: | 2022 |
| Forecast
Period: | 2023-2029 |
| Value: | USD million |
| Market
Segment Studied: | Product Type |
| Market
Players and its Competitors: | Luminous Plico Loom Solar Solax Power Kaco Good We SMA Solar Technology AG SolarEdge Huawei Sungrow FIMER |
FREQUENTLY ASKED QUESTIONS
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 United States Solar Battery Storage Inverter market?
Commercial sector is expected to lead the market during the forecast period.
Which is the leading application segment for United States Solar Battery Storage Inverter market?
The three-phase medium power segment is anticipated to lead the market over the forecast period.
