Inverter Battery Market Size, Share, Opportunities And Trends By Battery Type (Flat Plate, Tubular, Maintenance Free), By Chemical Type (Lead Acid, Sulfuric Acid), By End-User (Residential, Industrial/Commercial), And By Geography - Forecasts From 2023 To 2028

An inverter battery, also known as a deep cycle battery, is a type of battery used to power inverters, which convert DC (direct current) power from a battery into AC (alternating current) power that can be used to run appliances and electronics. They are designed to deliver a consistent level of power over an extended period, which makes them suitable for applications where a steady source of power is required, such as for backup power during power outages, or for use in remote locations where access to the power grid is limited or non-existent. They come in a variety of sizes and capacities, and selecting the right battery depends on factors such as the power requirements of the inverter, the amount of time the battery needs to provide power, and the charging system used to recharge the battery. The market for inverter batteries is influenced by various factors, such as the rising need for backup power, increased uptake of renewable energy, advancements in technology, greater utilization of electric vehicles, and government-led initiatives.

The rising residential constructions coupled with increasing power outage incidents will boost the market growth of inverter batteries.

Inverter batteries are an essential part of the construction industry, as they are used to power elevators and machines that are required during the initial phases of construction. Therefore, the rise in construction activities will boost the growth of the inverter battery market. For instance, data from the U.S. Census Bureau indicates that there has been a 1% increase in new residential constructions in the United States of America between 2022 and 2023. Around 1,247 residential buildings were constructed in 2022 and this number increased to 1,406 in 2023, as per the same source. Data from Eurostat indicate that around 5.5% of the overall GDP in Europe was generated from the residential construction sector in 2021. Inverter batteries are also commonly used in residential buildings, particularly in areas with unreliable or intermittent power supply. Inverter batteries can provide backup power in the event of a power outage, allowing homeowners to maintain essential appliances and electronics such as lights, refrigerators, and medical equipment. The increasing number of power outage incidents will increase the demand for inverter batteries. For instance, in December 2022, a winter storm caused power outages in the eastern half of the United States and Texas, affecting approximately 500,000 homes and businesses, as reported by PowerOutage.us. Similarly, in May 2022, around 3 in 5 Indian homes faced power outages due to extreme heatwaves and high temperatures across the nation. Thus, these factors combine to boost the growth of the inverter battery market.

The Asia Pacific region is expected to show the maximum growth potential of the inverter battery market.

The growth of the inverter battery market in this region can be attributed to factors such as rapid industrialization and urbanization in countries such as China and India, along with increasing investments in the renewable energy sector. Inverter batteries are essential for the efficient functioning of renewable energy systems such as solar panels and wind turbines. With the increasing adoption of renewable energy sources, the demand for inverter batteries has also been on the rise. For instance, data from the International Energy Agency shows that 10.6% of the total energy generated in China in 2019 was from renewable energy sources. This number was 7.7% in Japan, 15.9% in India, and 3.4% in Korea in 2019, as per the same source. Moreover, inverter batteries are also essential components of electric vehicles (EVs). With the growing adoption of EVs in the countries of this region, the demand for inverter batteries has also been increasing. For instance, the electronic vehicle stock in China increased from 2.6 million in 2019 to 6.8 million in 2021, according to data from IEA. In 2021, the Japan Automobile Dealers Association (JADA) reported the sale of 3,675,650 new cars, of which 40.5% were electric vehicles. Vahan Dashboard data reveals that in 2022, the total sales of electric vehicles (EVs) in India amounted to 10,54,938 units, which is more than three times the 3,44,495 units sold in 2021. In addition to this, inverter batteries are also widely used during power outages as a backup or emergency power source. For instance, in July 2022, around 10,000 homes and businesses faced a power outage and it took around an hour for the power to be restored. In September 2022, typhoon Hinnamnor caused a massive power outage in South Korea. Thus, these factors combine together to boost the growth of inverter battery market in this region.

Market Key Developments

• In January 2023, Matter Energy, a technology startup, declared that it had formed a strategic partnership with Luminous Power Technologies in the home inverters and stationary applications field.
• In February 2022, a new inverter series, "Li-ON", which includes an integrated Inverter with Lithium-ion batteries, was launched by Luminous power technologies. The inverter series is designed to be compact, efficient, and safe, providing high-rated performance with zero maintenance.

Inverter Battery Market Scope

 

Report Metric	Details
Growth Rate	CAGR during the forecast period
Base Year	2021
Forecast Period	2023 – 2028
Forecast Unit (Value)	USD Billion
Segments Covered	Battery Type, Chemical Type, End User, and Geography
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered	Schneider Electric, HBL, PowerElectronics, Aspiro Global, Exide Industries Ltd., Tesla Power USA LLC, LivFast, Massimo, Okaya, Eastman Group
Customization Scope	Free report customization with purchase

 

Segmentation

• By Battery Type
  • Flat Plate
  • Tubular
  • Maintenance Free
• By Chemical Type
  • Lead Acid
  • Sulfuric Acid
• By End User
  • Residential
  • Industrial/Commercial
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Suadi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Market Opportunities

4.4. Porter’s Five Force Analysis

4.4.1. Bargaining Power of Suppliers

4.4.2. Bargaining Power of Buyers

4.4.3. Threat of New Entrants

4.4.4. Threat of Substitutes

4.4.5. Competitive Rivalry in the Industry

4.5. Industry Value Chain Analysis

5. INVERTER BATTERY MARKET ANALYSIS, BY BATTERY TYPE

5.1. Introduction

5.2. Flat Plate

5.3. Tubular

5.4. Maintenance Free 

6. INVERTER BATTERY MARKET ANALYSIS, BY CHEMICAL TYPE

6.1. Introduction

6.2. Lead Acid

6.3. Sulfuric Acid

7. INVERTER BATTERY MARKET ANALYSIS, BY END-USER

7.1. Introduction

7.2. Residential

7.3. Industrial/Commercial

8. INVERTER BATTERY MARKET ANALYSIS, BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1.  Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. Germany

8.4.2. UK

8.4.3. France

8.4.4. Spain

8.4.5. Others

8.5. Middle East and Africa

8.5.1. Suadi Arabia

8.5.2. UAE

8.5.3. Others

8.6. Asia Pacific

8.6.1. China

8.6.2. Japan

8.6.3. South Korea

8.6.4. India

8.6.5. Australia

8.6.6. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES

10.1. Schneider Electric

10.2. HBL

10.3. PowerElectronics 

10.4. Aspiro Global

10.5. Exide Industries Ltd.

10.6. Tesla Power USA LLC

10.7. LivFast

10.8. Massimo

10.9. Okaya

10.10. Eastman Group

Schneider Electric

HBL

PowerElectronics

Aspiro Global

Exide Industries Ltd.

Tesla Power USA LLC

LivFast

Massimo

Okaya

Eastman Group