Global market for solar PV inverter battery is expected to grow at a rapid rate during 2015-19 and results in its impressive CAGR of nearly 19 percent by 2019, according to a report from Technavio.
Augmented demand for inverter batteries from solar PV systems is the key driver for the growth of this market.
Geographically, the APAC region is estimated to account for more than 50 percent 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.
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.
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 percent by 2019.
The market for battery for solar PV inverters 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.
Rajani Baburajan