Global Energy Storage DC & AC Power Conversion System (PCS) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Energy Storage DC & AC Power Conversion System (PCS) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A power conversion system (PCS) is a device used to bi-directionally convert electrical energy connected between a battery system and the grid and/or load. Energy Storage DC & AC Power Conversion System (PCS) can control the charging and discharging process of the energy storage battery pack, and perform AC-DC conversion, which is a necessary link in the energy storage system.

Market Overview:

The latest research study on the global Energy Storage DC & AC Power Conversion System (PCS) market finds that the global Energy Storage DC & AC Power Conversion System (PCS) market reached a value of USD 929.75 million in 2022. It’s expected that the market will achieve USD 4856.02 million by 2028, exhibiting a CAGR of 31.72% during the forecast period.

Market Drivers, Challenges and Trends

For decades, energy storage has been inseparable from generation, transmission, distribution and use of electricity. Today, with the ever-increasing supply of renewable energy sources, the power sector is undergoing dramatic changes. Renewable energy is the future, which makes the need to provide electricity on demand anytime, anywhere even more challenging. Energy storage systems manage supply and demand and create a more flexible energy infrastructure by providing a range of technological approaches. For example, for photovoltaic power generation, as an intermittent energy source, the fluctuation of power generation will have an impact on the power grid system. The integration of photovoltaic and storage can suppress the impact to a certain extent, which is conducive to the flexible grid connection and full consumption of photovoltaic power generation.

Generally speaking, an energy storage system consists of two main parts. Includes Energy Storage DC & AC Power Conversion System (PCS) and Battery Management System (BMS). The Energy Storage DC & AC Power Conversion System (PCS) performs AC/DC and DC/AC conversion, where electrical energy goes into the battery to recharge the battery, or the energy stored in the battery is converted to AC and fed back to the grid. The battery management system (BMS) features battery charging, balancing, and health monitoring, and features a microprocessor that is responsible for system control and communications. The system provides basic elements that enable the integration of energy storage systems (ESS) into larger systems.

For example, in the field of photovoltaic-storage integration, the Energy Storage DC & AC Power Conversion System (PCS) can store the excess energy generated by photovoltaics in the battery, and selectively integrate it into the grid when the power is abundant. The battery is discharged for use by the local load, thereby reducing reliance on the grid and traditional energy sources. From the efficacy of Energy Storage DC & AC Power Conversion System (PCS), the inverter integrates the functions of photovoltaic grid-connected power generation and energy storage power stations. First of all, the Energy Storage DC & AC Power Conversion System (PCS) overcomes the shortcomings of photovoltaic modules that are unstable in power generation due to weather changes, and improves the quality of the power grid. Secondly, Energy Storage DC & AC Power Conversion System (PCS) stores electric energy through troughs and outputs electric energy at peaks, which greatly reduces the peak power generation of the grid, greatly increases the capacity of the grid, and improves the utilization rate of the grid.

In general, Energy Storage DC & AC Power Conversion System (PCS) is a necessary link in the energy storage system industry chain. Energy Storage DC & AC Power Conversion System (PCS) controls the charging and discharging process of the energy storage battery pack, and performs AC-DC conversion. Therefore, with the continuous development of the energy storage field, the market demand for Energy Storage DC & AC Power Conversion System (PCS) will continue to increase, which will be an important driving force for the development of the industry.

Region Overview:

Asia Pacific had the highest growth rate of all regions.

Company Overview:

ABB is one of the major players operating in the Energy Storage DC & AC Power Conversion System (PCS) market, holding a share of 15.75% in 2022.

ABB is a Swiss-Swedish multinational company headquartered in Zurich, Switzerland. Its business scope is mainly in the fields of robots, motors, energy, automation, and railway trains. ABB is one of the world's largest engineering companies and one of the world's largest conglomerates.

Nidec Corporation is one of the world's leading suppliers of complete electrical packaging products. These include power and control systems, motors and generators, low and medium voltage drives, and precise power and power quality components. Each product solution is tailored to the customer's lifecycle requirements and guarantees performance, reliability and safety. Nidec has been a pioneer in providing battery energy storage solutions for commercial and utility scale plants. As a turnkey EPC contractor or electrical partner for complete system balance (BoS), from electrical design to installation, Nidec Corporation works closely with leading brand battery manufacturers to provide the most robust solutions.

Segmentation Overview:

Among different product types, Above Than 1MW segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Power Station segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Energy Storage DC & AC Power Conversion System (PCS) market covered in Chapter 3:

ABB
Nidec Corporation
LS Energy Solutions
Kehua Data
Shenzhen Sinexcel Electric Co.,Ltd.
Sungrow Power Supply Co.,Ltd.
Destin Power Inc.
Soaring
NR Electric
Shenzhen CLOU Electronics

In Chapter 4 and Chapter 14.2, on the basis of types, the Energy Storage DC & AC Power Conversion System (PCS) market from 2018 to 2029 is primarily split into:

Less Than 500KW
500KW-1MW
Above Than 1MW

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Energy Storage DC & AC Power Conversion System (PCS) market from 2018 to 2029 covers:

Power Station
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)