Global Power Conversion System Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Power Conversion System 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 for bidirectional conversion of electrical energy connected between the battery system and the grid and/or load. This device should have charge and discharge functions, active and reactive power control functions and off-line switching functions.

Market Overview:

The latest research study on the global Power Conversion System market finds that the global Power Conversion System market reached a value of USD 2748.9 million in 2022. It’s expected that the market will achieve USD 8054.46 million by 2028, exhibiting a CAGR of 19.62% during the forecast period.

COVID-19 Impact Analysis by North America

As of July 24, 2022, the total number of COVID-19 cases in North America has reached 96,859,714 with a total of 1,446,731 deaths. As of July 24, 2022, the cumulative number of cases in the United States has reached 92,194,892 and the death toll has reached 1,051,996. The total number of cases in Canada reached 4,012,359 with 43,583 deaths.
At the beginning of 2020, the emergence of the new crown pneumonia epidemic has caused varying degrees of impact on the production and operation of enterprises. Similar to other industries, the energy storage industry faces challenges in manufacturing, project promotion, market development, and research and development, and the upstream and downstream links of the industry have been tested. In North America, the U.S. economy faces unprecedented challenges from the COVID-19 crisis, affecting the health, family and financial well-being of millions of Americans. In addition, businesses face significant challenges in terms of human toll from the pandemic—and the U.S. energy storage industry is no exception. According to the ESA report, the energy storage business has slowed significantly, mainly due to the cancellation of project components; travel restrictions on personnel visiting project sites; and reduced demand from end users. For the Power Conversion System industry, the epidemic has caused interruptions in the supply of raw materials for companies in the industry and reduced downstream demand, which is not conducive to the development of the industry.

Strength

Mature industrial chain. The upstream of the Power Conversion System is mainly IGBT modules, printed circuit boards, wires and cables, etc. The chip technology of the United States is the world's leading, and IDM companies are all-inclusive from design, manufacturing, packaging and testing, and even downstream electronic products. American power devices are in a leading position in the world and have a number of manufacturers with global influence. Therefore, the upstream technology of the Power Conversion System industry in North America is leading and supports the development of the Power Conversion System industry. The government has continuously introduced relevant policies to support the development of the energy storage field.

Weakness

The mismatch between supply and demand of raw materials, such as shortage of minerals required for ion batteries, is expected to restrain the growth of the energy storage market in the region. The development of energy storage technology requires innovations and breakthroughs in electrochemical energy storage in terms of capacity, long life, low cost, and high safety. Grid operators must be confident that energy storage systems will perform as intended in the larger network. Energy storage systems provide different functions for their owners and the grid as a whole, often resulting in uncertainty about the applicable regulations for a given project. Regulatory uncertainty creates investment risks and hinders adoption.

Region Overview:

In global comparison, a significant portion of the revenue was generated in Asia Pacific (51.16% in 2022).

Company Overview:

ABB is one of the major players operating in the Power Conversion System market, holding a share of 21.61% in 2022.

ABB

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.

Sungrow Power Supply Co.,Ltd.

Sungrow Power Supply Co.,Ltd. is a national key high-tech enterprise focusing on the research and development, production, sales and service of new energy power equipment such as solar energy, wind energy, energy storage, hydrogen energy, and electric vehicles. The main products are photovoltaic inverters, wind power converters, energy storage systems, water surface photovoltaic systems, new energy vehicle drive systems, charging equipment, renewable energy hydrogen production systems, smart energy operation and maintenance services, etc., and are committed to providing world-class services. clean energy full life cycle solutions.

Segmentation Overview:

As for product Type, the 50KW≤ Power ≤ 500KW segment held the largest market share in 2022.

Application Overview:

The market's largest segment by application is the segment Resident, with a market share of 22.45% in 2022.

Key Companies in the global Power Conversion System market covered in Chapter 3:

Jiangsu Linyang Energy Co., Ltd.
Shenzhen Kstar Science&Technology Co., Ltd.
Soaring
Delta Electronics, Inc.
Sungrow Power Supply Co., Ltd.
ABB
SMA
HNAC Technology Co., Ltd.
Nidec Corporation
TBEA
LS Group
Destin Power Inc.
Shanghai Sermatec Energy Technology Co., ltd.
Dynapower Company LLC

In Chapter 4 and Chapter 14.2, on the basis of types, the Power Conversion System market from 2018 to 2029 is primarily split into:

Power ≤ 5KW
5KW< Power ≤ 10KW
10KW< Power< 50KW
50KW≤ Power ≤ 500KW
500KW< Power ≤ 1MW
1MW
2MW
3MW
5MW
Power>10MW

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Power Conversion System market from 2018 to 2029 covers:

Power Plant
Grid
Resident
Industrial
Commercial
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)