SolarEdge Technologies, Inc. (SEDG Quick QuoteSEDG - Free Report) recently launched its SolarEdge Energy Bank residential battery and SolarEdge Energy Hub inverter with enhanced backup power in the United States. The move is likely to further strengthen the company’s presence in the rapidly growing North American solar market.

 

Both the SolarEdge Energy Hub inverter and SolarEdge Energy Bank battery are part of the company’s “SolarEdge Home” — a smart energy management system that makes energy monitoring and maintaining systemssimple and easy for homeowners.

SolarEdge Energy Bank residential battery is a DC-coupled battery, which provides 9.7kWh of backup power and can connect with up to eight additional batteries, delivering up to 87kWh of backup capacity, while offering future compatibility with third-party generators.

 

SolarEdge Energy Hub inverter is a high backup power inverter that simplifies installations by reducing the need for Main Panel Upgrades (MPU), and reduces installation time by connecting wirelessly with the SolarEdge Energy Bank battery and a variety of smart energy devices, including the SolarEdge Home EV Charger.

 

Furthermore, being part of SolarEdge Home system, these products can be directly controlled from the mySolarEdge mobile app, which helps customersin decision-making by providingsmart insights while taking into account external factors like weather effects. Cumulatively these factors are likely to boost demand for its products, which in turn will drive the company’s topline in the long run.

With the solar market rapidly gaining momentum in the United States, prospects for solar battery storage are also expanding manifold. The momentum is likely to result ininstallation oflarge-scale battery storagescapable ofcontributing additional 10,000 megawatts of electricity to the grid between 2021 and 2023 in the United States.This is10 times the U.S. Energy Information Administration’s projection in 2019.

 

Such projections highlight solid growth prospects for SolarEdge as batteries and inverters constitute an integral part of the solar market. Hence, the company’s latest move of launching its two products in the United States comes at an opportune time.

Buoyed by the increasing solar demand worldwide,the global market for battery storage systemsas well as inverters has also been expanding rapidly. Looking ahead, the battery storage system market is projected to reach $12.1 billion by 2025 at a CAGR of 32.8%, per a report from Markets and Markets firm. Also,the inverters market is expected to attain$26.5 billion by 2025, witnessing a CAGR of 15.6%.

 

Thus, in an effort to capitalize on the growing batteries and inverters market, other solar players like Enphase Energy, Inc. (ENPH Quick QuoteENPH - Free Report) , Canadian Solar (CSIQ Quick QuoteCSIQ - Free Report) and SunRun ((RUN Quick QuoteRUN - Free Report) ) have also forayed into the expanding market.

 

Enphase Energy’sEnphase’s IQ 7 microinverter series, which includes IQ 7, IQ 7+ IQ 7A and IQ 7X, is built on the seventh-generation platform and achieves the highest efficiency for module-level power electronics.

 

Canadian Solar is developing one of the largest battery storage project pipelines in the world. As reported in August 2021, the company has 3 megawatt-hour (MWh) in operation, 1.5 gigawatt-hour (GWh) under construction, 0.8 GWh in backlog and 17 GWh in early/mid stage.

 

SunRun’s Brightbox solar battery storage system comes with top-notch innovation in lithium-ion battery technology.

In the past year, the shares of SolarEdge have gained 9.7% compared with the industry’s growth of 2.7%.

 

SolarEdge currently carries a Zacks Rank #5 (Strong Sell).

 

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