The report, now available on ASDReports, 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 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.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.