According to a new report by Navigant Research, the Asia-Pacific region will account for 43.2% of the global energy storage power conversion system market by 2027.

As the global energy storage industry continues to evolve and innovate, power conversion systems are becoming a key technology to facilitate widespread grid integration. This is particularly representative in the Asia Pacific region, which is the largest and fastest growing energy storage market.

"While Asia Pacific is expected to control the global share of the power conversion systems market, North America and Western Europe will also see large markets for total new energy storage capacity and power conversion systems revenue." "In addition, a significant portion of storage capacity in Western Europe is expected to come from higher-priced distributed generation systems," said Alex Eller, senior research analyst at Navigant.

According to the report, the major market for distributed energy is an important driver for improving power conversion system technology, and regulation is evolving towards distributed energy requiring smart inverters. While many power conversion systems are being implemented by companies around the world, a number of new technological innovations have been introduced to the industry, including smart islands, backup power, low cost based on modern materials and designs, and automatic backup support.