Global Battery Market for Solar PV Inverters 2015-2019
Market outlook of the global battery market for solar PV inverters
Technavio’s 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
Technavio Announces the Publication of its Research Report – Global Battery Market for Solar PV Inverters 2015-2019
Technavio recognizes the following companies as the key players in the Global Battery Market for Solar PV Inverters: Eaton, Enersys, Exide, HOPPECKE Batterien, Microtek and Su-Kam
Commenting on the report, an analyst from Technavio’s team said: “Fossil fuels are the primary sources of energy generation. However, the extensive cycle of construction involved in fossil fuel plants has resulted in increased dependence on distributed energy sources. Many countries are undergoing a transition from centralized power systems to decentralized or distributed generation systems.”
According to the report, owing to depleting fossil fuel reserves and rising fuel prices, countries worldwide are adopting renewable power sources for electricity generation. As renewable power sources such as solar and wind are intermittent in nature, energy storage systems play a vital role in catering to rising power demand. This will drive the need for inverters and battery systems.
Further, the report states that power utilities significantly depend on inverters to ensure reliable and uninterrupted operations. However, the service life of PV inverters is low. The warranty period of an electrolytic capacitor, one of the key components of an inverter, is only three to five years. Therefore, these capacitors need to be replaced regularly, which adds to the maintenance costs.
Eaton, Enersys, Exide, HOPPECKE Batterien, Microtek, Su-Kam