Energy Storage System Converter Market - Global Forecast to 2030
The Energy Storage System Converter market is expected to increase from USD 8.45 billion in 2024 to USD 32.75 billion by 2030, representing a CAGR of 26.8% during the period of 2025-2030. An Energy Storage System (ESS) Converter is a power electronic device that will manage the bidirectional flow of electricity between energy storage technologies such as batteries, supercapacitors, or flywheels, and the electrical grid or end-user loads. The continuous integration of renewable energy sources (solar and wind energy resources) into electrical grids for global decarbonization targets has created a need for effective energy storage systems for managing intermittency and ensuring system stability within the electrical grid. Moreover, the transition of existing electrical grids into smart grids has created a demand for distributed energy storage, which will enable resilience, power quality, and demand response to address some of the challenges faced by organizations, governments, and utilities to complete decarbonization.
By Power rating, the Energy Storage System Converter market is segregated into up to 10 MW, 10-100 MW, above 100 MW. The ESS converter with a rated capacity of 10 MW is best suited for connecting smaller scale renewable projects to the grid whereas, the Energy Storage System Converter rated at 10-100 MW will be necessary to connect large scale renewable energy projects to the grid and assist with balancing energy supply and demand by storing excess energy in high production times and then discharging when production is low. In areas with large-scale industrial demand or high population density, these converters can provide backup power and ensure energy availability for critical infrastructure and services.
By converter type, the energy storage system converter market is segregated into AC to DC type, DC to AC type, DC to DC type, and AC to AC type. AC-DC type is suitable for charging batteries from grid or renewable AC sources whereas, DC to AC type ESS converters is suitable to discharge stored DC energy back into the AC grid or to power AC loads in off-grid or microgrid scenarios.AC to AC type plays a critical role in voltage regulation, frequency control, and grid resilience fortification. The functions make them crucial for large-scale grid control and enhancing overall power network stability. DC to DC converter is best suited in applications where voltage adjustment does not need to go through AC to DC conversion, e.g., electric vehicles (EVs) and high-efficiency industrial applications.
By installation type, the Energy Storage System Converter market is segregated into on-grid, off-grid, and microgrid. On-grid ESS converter expansion is driven by the necessity to provide stability to the grid, provide ancillary services, and improve necessary power resilience needs. Off-grid systems use ESS converters for managing unstable renewable resources and therefore provide continuous power in remote locations. Microgrids use ESS converters to optimize flow of energy between the different sources and loads, create seamless grid-connected and islanding together to operate more reliably and efficiently across localized energy systems.
By Application, the Energy Storage System Converter market is segregated into utility Scale, Transportation and mobility, Industrial, Residential & Commercial. ESS converters in utility-scale applications are driven by the increasing integration of large-scale renewable energy sources, the stabilization of the grid, the management of frequency, and the management of peak loads. In transportation and mobility applications, especially electric vehicles (EVs) and EV charging, converters are responsible for critical power conversion. In the industrial sector, ESS converters not only provide reliable power back-up, load optimization, and energy-intensive operations, where uninterrupted power supply is critical. Residential and commercial applications for ESS converters have accelerated, with the growing adoption of rooftop solar, and the desire for independence from utility supply and back-up during outages.
By region, the Energy Storage System Converter market is segregated into North America, Asia Pacific, Europe, Middle East & Africa, and South America. In Europe, the strong decarbonization efforts, favorable support, and its commitment to reduce its reliance on fossil fuels drive the widespread renewable energy integration, requiring Energy Storage System Converter for grid support. In North America, the grid modernization programs to modern the aging grids drive the ESS converters in the region.
A few of the players operating in the Energy Storage System Converter market include ABB (Switzerland), Schneider Electric (France), Sungrow Power Supply (China), Toshiba Corporation (Japan), among others.
Key Questions Addressed by the Report
Frequently Asked Questions (FAQs)
- What is the current size of the Energy Storage System Converter Market?
- What trends could be witnessed over the next five to ten years?
- What are the major drivers for the Energy Storage System Converter Market?
- Which is the largest segment by application during the forecasted period in the Energy Storage System Converter Market?
- Which is the fastest-growing region during the forecasted period in the Energy Storage System Converter Market?
- What will be the revenue pockets for the Energy Storage System Converter Market in the next five years?
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1. INTRODUCTION
1.1. OBJECTIVE OF THE STUDY
1.2. MARKET DEFINITION
1.3. INCLUSIONS AND EXCLUSIONS
1.4. MARKET SCOPE
1.4.1. MARKET SEGMENTATION
1.4.2. REGIONAL SCOPE
1.5. YEARS CONSIDERED
1.6. CURRENCY
1.7. LIMITATIONS
1.8. STAKEHOLDERS
2. RESEARCH METHODOLOGY
2.1. RESEARCH DATA
2.2. MARKET BREAKDOWN AND DATA TRIANGULATION
2.2.1. SECONDARY DATA
2.2.1.1. KEY DATA FROM SECONDARY SOURCES
2.2.2. PRIMARY DATA
2.2.2.1. KEY DATA FROM PRIMARY SOURCES
2.2.2.2. KEY INDUSTRY INSIGHTS
2.2.2.3. BREAKDOWN OF PRIMARY INTERVIEWS
2.3. MARKET SIZE ESTIMATION
2.3.1. BOTTOM-UP APPROACH
2.3.2. TOP-DOWN APPROACH
2.3.3. DEMAND SIDE ANALYSIS
2.3.3.1. ASSUMPTIONS FOR DEMAND SIDE ANALYSIS
2.3.3.2. DEMAND SIDE CALCULATION
2.3.4. SUPPLY-SIDE ANALYSIS
2.3.4.1. ASSUMPTIONS FOR SUPPLY SIDE ANALYSIS
2.3.4.2. SUPPLY-SIDE CALCULATION
2.4. FORECAST
3. EXECUTIVE SUMMARY
4. PREMIUM INSIGHTS
5. MARKET OVERVIEW
5.1. INTRODUCTION
5.2. MARKET DYNAMICS
5.2.1. DRIVERS
5.2.2. RESTRAINTS
5.2.3. OPPORTUNITIES
5.2.4. CHALLENGES
5.3. TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESS
5.4. SUPPLY/VALUE CHAIN ANALYSIS
5.5. ECOSYSTEM
5.6. CASE STUDY ANALYSIS
5.7. TECHNOLOGY ANALYSIS
5.7.1. ELECTRO-CHEMICAL STORAGE
5.7.2. MECHANICAL STORAGE
5.7.3. THERMAL STORAGE
5.7.4. CHEMICAL STORAGE
5.8. TRADE ANALYSIS
5.9. PRICING ANALYSIS
5.10. PATENT ANALYSIS
5.11. KEY CONFERENCES & EVENTS IN 2024–2025
5.12. TARIFFS, CODE AND REGULATORY LANDSCAPE
5.12.1. REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.12.2. REGULATORY FRAMEWORK
5.13. PORTER’S FIVE FORCES ANALYSIS
5.14. KEY STAKEHOLDERS AND BUYING CRITERIA
5.14.1. KEY STAKEHOLDERS IN BUYING PROCESS
5.14.2. BUYING CRITERIA
6. ENERGY STORAGE SYSTEM (ESS) CONVERTER MARKET, BY POWER RATING
(Value (USD Million) – 2022, 2023, 2024 - 2030)
6.1. INTRODUCTION
6.2. UPTO 10 MW
6.3. 10 - 100 MW
6.4. ABOVE 100 MW
7. ENERGY STORAGE SYSTEM (ESS) CONVERTER MARKET, BY CONVERTER TYPE
(Value (USD Million) - 2023, 2024 - 2030)
7.1. INTRODUCTION
7.2. AC TO DC TYPE
7.3. DC TO AC TYPE
7.4. DC TO DC TYPE
7.5. AC TO AC TYPE
8. ENERGY STORAGE SYSTEM (ESS) CONVERTER MARKET, BY APPLICATION
(Value (USD Million) - 2023, 2024 - 2030)
8.1. INTRODUCTION
8.2. TRANSPORTATION AND MOBILITY
8.3. INDUSTRIAL
8.4. RESIDENTIAL & COMMERICAL
8.5. UTILITY SCALE
9. ENERGY STORAGE SYSTEM (ESS) CONVERTER MARKET, BY INSTALLATION TYPE
(Value (USD Million) - 2023, 2024 - 2030)
9.1. INTRODUCTION
9.2. ON GRID
9.3. OFF GRID
9.4. MICROGRID
10. ENERGY STORAGE SYSTEM (ESS) CONVERTER MARKET, BY REGION
(Value (USD Million) - 2023, 2024 - 2030)
10.1. INTRODUCTION
10.2. NORTH AMERICA
10.2.1. BY POWER RATING
10.2.2. BY CONVERTER TYPE
10.2.3. BY APPLICATION
10.2.4. BY INSTALLATION TYPE
10.2.5. BY COUNTRY
10.2.5.1. US
10.2.5.1.1. BY INSTALLATION TYPE
10.2.5.2. CANADA
10.2.5.3. MEXICO
10.3. ASIA PACIFIC
10.3.1. BY POWER RATING
10.3.2. BY CONVERTER TYPE
10.3.3. BY APPLICATION
10.3.4. BY INSTALLATION TYPE
10.3.5. BY COUNTRY
10.3.5.1. CHINA
10.3.5.1.1. BY INSTALLATION TYPE
10.3.5.2. JAPAN
10.3.5.3. SOUTH KOREA
10.3.5.4. AUSTRALIA
10.3.5.5. REST OF ASIA PACIFIC
10.4. EUROPE
10.4.1. BY POWER RATING
10.4.2. BY CONVERTER TYPE
10.4.3. BY APPLICATION
10.4.4. BY INSTALLATION TYPE
10.4.5. BY COUNTRY
10.4.5.1. GERMANY
10.4.5.1.1. BY INSTALLATION TYPE
10.4.5.2. UK
10.4.5.3. FRANCE
10.4.5.4. ITALY
10.4.5.5. REST OF EUROPE
10.5. MIDDLE EAST & AFRICA
10.5.1. BY POWER RATING
10.5.2. BY CONVERTER TYPE
10.5.3. BY APPLICATION
10.5.4. BY INSTALLATION TYPE
10.5.5. BY COUNTRY
10.5.5.1. UAE
10.5.5.1.1. BY INSTALLATION TYPE
10.5.5.2. SAUDI ARABIA
10.5.5.3. SOUTH AFRICA
10.5.5.4. REST OF MIDDLE EAST & AFRICA
10.6. SOUTH AMERICA
10.6.1. BY POWER RATING
10.6.2. BY CONVERTER TYPE
10.6.3. BY APPLICATION
10.6.4. BY INSTALLATION TYPE
10.6.5. BY COUNTRY
10.6.5.1. BRAZIL
10.6.5.1.1. BY INSTALLATION TYPE
10.6.5.2. COLOMBIA
10.6.5.3. REST OF SOUTH AMERICA
11. COMPETITIVE LANDSCAPE
11.1. KEY PLAYER STRATEGIES OVERVIEW
11.2. MARKET EVALVUATION FRAMEWORK
11.3. MARKET SHARE ANALYSIS OF KEY PLAYERS, 2024
11.4. REVENUE ANALYSIS, 2020-2024
11.5. COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024
11.5.1. STARS
11.5.2. EMERGING LEADERS
11.5.3. PERVASIVE PLAYERS
11.5.4. PARTICIPANTS
11.5.5. COMPANY FOOTPRINT: KEY PLAYERS, 2024
11.5.5.1. Company Footprint
11.5.5.2. Region Footprint
11.5.5.3. Technology Footprint
11.5.5.4. Process Footprint
11.5.5.5. Application Footprint
11.6. COMPETITIVE SCENARIO AND TRENDS
12. COMPANY PROFILES
12.1. INTRODUCTION
12.2. 1. ABB
12.2.1.1. Business Overview
12.2.1.2. Products & Services
12.2.1.3. Recent Developments
12.2.1.4. MnM View
12.2.1.4.1. Key strategies/right to win
12.2.1.4.2. Strategic choices made
12.2.1.4.3. Weaknesses/competitive threats
12.2.2. SMA SOLAR TECHNOLOGY
12.2.3. DELTA ELECTRONICS
12.2.4. SCHNEIDER ELECTRIC
12.2.5. SUNGROW POWER SUPPLY
12.2.6. HUAWEI TECHNOLOGIES
12.2.7. TOSHIBA CORPORATION
12.2.8. KSTAR NEW ENERGY
12.2.9. GROWATT NEW ENERGY TECHNOLOGY
12.2.10. OMRON CORPORATION
12.2.11. TMEIC CORPORATION
12.2.12. HITACHI ABB POWER GRIDS
12.2.13. MITSUBISHI ELECTRIC CORPORATION
12.2.14. ENPHASE ENERGY
12.2.15. CHINT POWER SYSTEMS
13. APPENDIX
13.1. INSIGHTS OF INDUSTRY EXPERTS
13.2. DISCUSSION GUIDE
13.3. KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
13.4. CUSTOMIZATION OPTIONS
13.5. RELATED REPORTS
13.6. AUTHOR DETAILS
Growth opportunities and latent adjacency in Energy Storage System Converter Market