India Inverter Battery Market to Grow at an Impressive CAGR Due to Growing Electric Vehicle Industry
The India
inverter battery market is expected to grow due to government initiatives and
the increasing demand for electric as well as power outages and is expected to
grow during the forecast period.
According to
TechSci Research report, India inverter battery market - By Region,
Competition, Forecast and Opportunities, 2018-2028, the India inverter battery
market is expected to register robust growth during the forecast period,
2023-2028. Inverter
batteries are a specialized type of rechargeable battery designed to cater to
various needs, such as combating climate change, enduring extreme temperatures,
and providing reliable power backup during extended outages. These batteries
play a pivotal role in emergency power systems, offering an uninterrupted power
supply. By converting direct current (DC) into conventional alternating current
(AC), inverters enable the operation of a wide range of devices, including
appliances, lamps, microwave ovens, kitchen appliances, TVs, radios, and more.
The increasing popularity of AC power supply can be attributed to the growing
use of large machines and devices that require higher voltage, which cannot be
met by DC current alone.
Inverter
batteries hold significant advantages for consumers, most notably their
rechargeability, enabling faster charging and delivering substantial current
output. This feature ensures a dependable power source for both residential and
commercial applications. As businesses and individuals increasingly rely on
uninterrupted power supply, the demand for inverter batteries has been driven
by several key factors. Firstly, the rising frequency of power outages prompts
individuals to invest in reliable backup solutions. Secondly, the growing
awareness of climate change and its potential impact on electrical
infrastructure encourages the adoption of resilient power systems. Lastly, the
rapid technological advancements in the battery industry have made inverter
batteries more efficient and cost-effective, thereby propelling market growth.
As a result, the market for inverter batteries continues to expand, meeting the
evolving needs of consumers seeking reliable and efficient power backup
solutions.
The India
inverter battery market is experiencing robust growth due to the increasing
purchasing power of consumers and the global disparity between electricity
supply and demand. Additionally, the rising number of photovoltaic
installations and changing lifestyles of people residing in urban, rural, and
remote areas are driving market expansion. Furthermore, the growing demand for
electric vehicles and the declining tolerance of consumers for prolonged power
outages are contributing factors to the market's upward trajectory.
The India
inverter battery market is categorized into various segments, including type,
application, sales channel, market type, rating, and region. With regards to
application, the market is further divided into solar, vehicle, home
appliances, and others. Among these applications, the solar segment emerged as
the dominant force in the market in 2022 and is projected to maintain its
position during the forecast period.
Solar cells
play a vital role in powering households that rely entirely on solar energy.
These batteries store electricity during the day, ensuring a continuous power
supply to illuminate homes throughout the night. Furthermore, solar systems can
serve as emergency backup solutions during power outages, effectively
converting off-grid solar systems into reliable sources of energy. Rechargeable
solar cells are employed to store surplus power in off-grid PV systems.
Different types of batteries, such as wet cells, sealed cells, and gel cells,
have varying requirements concerning temperature, mounting, and ventilation.
The adoption of
energy storage solutions also has a profound impact on the dynamics of
renewable energy supply and demand. As energy storage solutions advance, the
integration of cleaner energy sources into the power ecosystem becomes more
seamless. This flexibility enhances the generation and utilization of power,
paving the way for a more sustainable and efficient energy landscape.
The India
inverter battery market, with its diverse application segments and the
increasing prominence of solar power, holds immense potential for growth. The
market's development not only drives energy independence at the individual
level but also contributes to the broader objective of achieving a cleaner and
more sustainable energy future.
Key market
players in the India inverter battery market: -
- Exide
Industries Limited
- Luminous Power
Technologies Pvt. Ltd
- Amara Raja
Batteries Limited
- HBL Power
Systems Limited
- Southern
Batteries Private Limited
- V–Guard
Industries Ltd.
- Okaya Power
Private Limited
- Su-Kam Power
Systems Limited
- Base
Corporation Limited
- Genus
Innovations Ltd.
Customers
can also request for 10% free customization on this report.
"The
growth of the India inverter battery market is fueled by increased government
investments and initiatives for electric vehicles. Additionally, the market
benefits from the persistent issue of power outages in the country, where
uninterrupted electricity supply is now essential for residential and
commercial spaces. The presence of both online and offline resources has played
a crucial role in driving the market to new heights." said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
India
Inverter Battery Market Segmented By Type (Renewable, Non-Renewable), By
Application (Solar, Vehicle, Home Appliances, Others), By Sales Channel
(Direct, Indirect), By Market Type (OEM, Replacement), By Rating (Under 450W,
450W-1500W, Above 1500W), By Region, Competition, Forecast and Opportunities,
2028, has evaluated the
future growth potential of India inverter battery market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities of the India inverter battery market.
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