Featured in Tipping point – 11-2023

Storage inverters to top $11 billion mark

Rapid growth in energy storage installations and a boom in small scale solar drove revenue to a record high in 2022, reports Cormac Gilligan, a director of cleantech at S&P Global.
By
pv magazine

Annual revenue from energy storage inverters, or power conversion systems (PCS’), tripled to $6.2 billion in 2022 and is expected to reach almost $11 billion in 2030. The capacity of grid-connected, stationary energy storage systems increased more than 103% annually to reach more than 25 GW globally in 2022.Utility-side, “front-of-meter” energy storage installations accounted for …

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