The global battery market for solar PV inverters during 2015-19 is estimated to grow, as rising market competition and supply chain efficiency begin to bolster market growth during the next four years.
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 compound annual growth rate of nearly 19% by 2019, PR Newswire reported.
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.
One company, Technavio, a market research company estimates 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.
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.
The report notes that the solar and PV market is highly vulnerable to technical and financial challenges, which facilitate inorganic growth within the market.
