Global Integrated Energy Storage and Converter Market Growth (Status and Outlook) 2026-2032

October 2026 | 125 pages | ID: G9F5A2880D1AEN
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The global Integrated Energy Storage and Converter market size is predicted to grow from US$ 709 million in 2025 to US$ 2816 million in 2032; it is expected to grow at a CAGR of 21.9% from 2026 to 2032.

The Integrated Energy Storage and Converter is a standardized energy storage device that integrates a battery, a power converter, and a control system into a single unit. It can convert AC power from the grid into DC power to charge the battery, and also convert DC power stored in the battery back into AC power for use by loads. Essentially, it functions as a centrally controlled energy hub capable of both charging and discharging. Compared to standalone batteries or inverters, it is more like a fully pre-configured system that is ready to use upon installation.

One of the key characteristics of this equipment is its high level of integration. In earlier energy storage projects, battery cabinets, PCS (power conversion systems), distribution equipment, and control systems were typically procured separately and then assembled and commissioned on-site by engineering teams. In contrast, the integrated unit is pre-assembled by the manufacturer before delivery. Its internal electrical connections, control logic, and safety protections are already completed, requiring only connection to the grid and loads on-site to begin operation. This approach significantly reduces implementation complexity and makes project timelines more predictable.

Its operation typically follows strategies such as “store energy when prices are low and use it when prices are high” or “store surplus energy and discharge during shortages.” The system continuously monitors factors such as electricity prices, load demand, and battery status, and automatically determines when to charge or discharge based on predefined strategies. For example, during the day when photovoltaic generation is abundant but underutilized, excess energy can be stored in the battery; during evening peak demand, the stored energy can be released. This reduces waste and lowers electricity costs.

Factories, shopping malls, and data centers use such systems to reduce electricity costs or as backup power sources. Renewable energy projects, such as solar and wind, use them to smooth power output. Industrial parks and microgrids also deploy them to improve overall flexibility and stability of power supply. Due to its integrated design, this type of equipment is particularly suitable for projects that require rapid deployment with minimal on-site commissioning.

In recent years, this product category has developed rapidly for a straightforward reason: demand for energy storage is increasing, while users are less willing to take on the complexity of system integration. The integrated unit shifts this complexity upstream to the manufacturing stage, allowing end users to operate it more like a standardized piece of equipment. However, higher integration also places greater demands on design capabilities—factors such as thermal management, safety protection, and system stability directly affect whether the product can operate reliably over the long term.

The core value of Integrated Energy Storage and Converter lies in consolidating components—such as battery cabinets, power converters, power distribution equipment, and control and thermal management systems—into standardized cabinets or containers through a pre-assembled, integrated design. All electrical connections, control logic, and safety protection mechanisms are finalized at the factory; on-site, the system requires only grid and load connections to become operational. This "All-in-One" concept is reshaping the delivery model for energy storage systems, shifting from traditional on-site integration and commissioning to factory prefabrication and "plug-and-play" deployment. This transition significantly shortens construction timelines and mitigates quality risks associated with on-site installation.

Mainstream products are currently evolving rapidly along two technical trajectories. The first is increased capacity: raising the power rating of individual units to meet the needs of utility-scale ground-mounted power plants for system simplification and a reduced physical footprint. The second is higher voltage: the industry is advancing from first-generation 1,000V systems and second-generation 1,500V systems toward 2,000V high-voltage converters. Higher voltage levels yield significant increases in energy and power density while reducing current-related losses at a given power output, thereby effectively controlling system costs. Together, these trends drive integrated systems to continuously push the boundaries of power output and efficiency.

The maturation and large-scale adoption of grid-forming technology represent the most critical variable in the integrated energy storage converter industry in recent years. Traditional converters are "grid-following" devices that passively track the grid's voltage and frequency; in contrast, grid-forming converters actively establish and maintain voltage and frequency references, offering capabilities such as virtual inertia support, rapid frequency response, and adaptability to weak grids. As the share of new energy generation rises—leading to reduced grid inertia and regulation capacity—grid-forming technology is viewed as a key solution for maintaining system stability amidst high levels of renewable energy integration. In regions with concentrated new energy development, such as Northwest China, new projects are now required to feature grid-forming capabilities as standard. This policy direction is redefining product standards, accelerating the phase-out of integrated systems that lack grid-forming capabilities.

The energy storage converter industry exhibits a high degree of market concentration among leading players. Significant barriers to entry arise from a combination of factors: the long-term accumulation of power electronics expertise, the lengthy process of obtaining international certifications, deep-rooted customer relationships, and the substantial capital investment required. In the global market, leading enterprises have secured significant market share by leveraging their accumulated expertise in grid-forming technology and their global operational footprints. The domestic market is also trending toward consolidation, with top-tier companies consistently maintaining high capacity utilization rates. As technological iteration accelerates and price competition rationalizes, outdated production capacity is being phased out, and industry concentration is expected to rise further. Geographically, manufacturing enterprises are primarily clustered in coastal provinces with robust power electronics industrial bases, whereas new installations are concentrated in North and Northwest China, regions rich in wind and solar resources.

The supply landscape for upstream core power semiconductors directly impacts the cost competitiveness of integrated energy storage converter units. While power modules—the core components of converters—previously relied to some extent on overseas suppliers, the process of domestic substitution is accelerating. Regarding material innovation, the industry is actively promoting lightweighting technologies; by adopting new winding materials without compromising performance, manufacturers can significantly reduce the unit's overall weight and lower logistics costs. Grid-forming technology imposes stricter requirements on the current-carrying capacity and thermal management design of power components, leading to a higher proportion of hardware costs. However, the cost-reduction benefits inherent in the integrated design are more substantial; compared to traditional split-system procurement, integrated solutions lower initial investment costs and significantly reduce the required physical footprint.

Expanding into overseas markets represents a key growth avenue for Chinese manufacturers of integrated energy storage converter units. With robust demand for energy storage in regions such as the Middle East, Australia, and Europe, Chinese companies have captured significant market share thanks to their cost-performance advantages, rapid delivery capabilities, and comprehensive supply chain ecosystems. Nevertheless, trade policy risks are on the rise. Driven by a desire to protect domestic manufacturing, some countries and regions have begun imposing restrictive measures on critical power electronics equipment. Industry insiders believe that restricting Chinese products will drive up local project costs in the short term, as local supply chains remain in their infancy, characterized by insufficient capacity and high costs. To navigate this, Chinese enterprises must shift from merely exporting production capacity to building comprehensive competitiveness based on carbon footprint management, patent standards, and full-lifecycle services.

Application scenarios for integrated energy storage converter units show distinct differentiation. Large-scale energy storage on the generation and grid sides remains the market's bedrock, fulfilling core functions such as pairing storage with renewable energy sources, frequency and peak regulation, and capacity support. Industrial and commercial energy storage is emerging as a key growth area; typical products utilize integrated liquid cooling and active inter-cluster balancing technologies to boost total lifecycle discharge output while minimizing safety risks. In the residential sector, driven by fluctuating overseas electricity prices and the clear economic benefits of solar-plus-storage, demand is surging for integrated inverter units that combine solar, storage, and EV charging capabilities. Varying requirements across application scenarios regarding power ratings, response speeds, and safety standards are driving the evolution of these integrated units toward product series, modularity, and configurability.

The integrated energy storage inverter industry is undergoing a value chain transformation, shifting from mere equipment sales to the provision of energy services. As power market reforms progress, revenue models for energy storage are expanding beyond simple peak-valley price arbitrage to include diverse streams such as capacity compensation, ancillary services, and demand response. As core execution units, the value of these integrated systems extends beyond the hardware itself to their ability to enable owners to participate in power market trading and generate sustained returns. The rise of virtual power plants (VPPs) allows multiple units to be aggregated for grid dispatch and market trading, effectively transforming energy storage from a cost center into a profit center. Technologically, innovations such as higher voltage levels, liquid cooling, and novel topologies continue to drive cost reductions and efficiency gains. For Chinese enterprises, achieving a genuine global competitive advantage requires more than just cost-effectiveness and rapid iteration; it demands an evolution from isolated strengths to a comprehensive ecosystem advantage—encompassing robust supply chains, large-scale delivery capabilities, grid-forming grid-connection compatibility, and full-lifecycle service capabilities.

LPI (LP Information)' newest research report, the “Integrated Energy Storage and Converter Industry Forecast” looks at past sales and reviews total world Integrated Energy Storage and Converter sales in 2025, providing a comprehensive analysis by region and market sector of projected Integrated Energy Storage and Converter sales for 2026 through 2032. With Integrated Energy Storage and Converter sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Integrated Energy Storage and Converter industry.

This Insight Report provides a comprehensive analysis of the global Integrated Energy Storage and Converter landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyses the strategies of leading global companies with a focus on Integrated Energy Storage and Converter portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Integrated Energy Storage and Converter market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Integrated Energy Storage and Converter and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Integrated Energy Storage and Converter.

This report presents a comprehensive overview, market shares, and growth opportunities of Integrated Energy Storage and Converter market by product type, application, key players and key regions and countries.

Segmentation by Type:

  • Traditional Integrated Energy Storage and Converter
  • PV-storage Integrated Unit

Segmentation by Transformer Type:

  • Oil-immersed Transformer
  • Epoxy-cast Transformer
  • Others

Segmentation by Rated Voltage:

  • Rated Voltage ≤? 800 V
  • 800 V < Rated Voltage ≤? 1,000 V
  • 1,000 V < Rated Voltage ≤? 1,500 V
  • Rated Voltage > 1,500 V

Segmentation by Application:

  • Grid Side
  • Generation Side
  • Others

This report also splits the market by region:

  • Americas
    • United States
    • Canada
    • Mexico
    • Brazil
  • APAC
    • China
    • Japan
    • Korea
    • Southeast Asia
    • India
    • Australia
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Russia
  • Middle East & Africa
    • Egypt
    • South Africa
    • Israel
    • Turkey
    • GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
  • SMA Solar Technology
  • Nidec
  • Sineng Electric
  • GE Vernova
  • Hitachi Energy
  • Ingeteam
  • Shenzhen Sinexcel Electric
  • Power Electronics
  • Socomec
  • Xiamen Kehua Digital Energy Tech
  • HNAC Technology
  • Qingdao TGOOD Electric
  • Trina Solar
  • Shenzhen Kstar Science & Technology
  • WSTECH
  • TBEA
  • Beijing Zhiyuan Xinneng Electric Technology
  • Sungrow Power
  • Jiangsu Unita Electric Equipment
1 SCOPE OF THE REPORT

1.1 Market Introduction
1.2 Years Considered
1.3 Research Objectives
1.4 Market Research Methodology
1.5 Research Process and Data Source
1.6 Economic Indicators
1.7 Currency Considered
1.8 Market Estimation Caveats

2 EXECUTIVE SUMMARY

2.1 World Market Overview
  2.1.1 Global Integrated Energy Storage and Converter Market Size (2021-2032)
  2.1.2 Integrated Energy Storage and Converter Market Size CAGR by Region (2021 VS 2025 VS 2032)
  2.1.3 World Current & Future Analysis for Integrated Energy Storage and Converter by Country/Region (2021, 2025 & 2032)
2.2 Integrated Energy Storage and Converter Segment by Type
  2.2.1 Traditional Integrated Energy Storage and Converter
  2.2.2 PV-storage Integrated Unit
  2.2.3 Integrated Energy Storage and Converter Market Size by Type
    2.2.3.1 Integrated Energy Storage and Converter Market Size CAGR by Type (2021 VS 2025 VS 2032)
    2.2.3.2 Global Integrated Energy Storage and Converter Market Size Market Share by Type (2021-2026)
2.3 Integrated Energy Storage and Converter Segment by Transformer Type
  2.3.1 Oil-immersed Transformer
  2.3.2 Epoxy-cast Transformer
  2.3.3 Others
  2.3.4 Integrated Energy Storage and Converter Market Size by Transformer Type
    2.3.4.1 Integrated Energy Storage and Converter Market Size CAGR by Transformer Type (2021 VS 2025 VS 2032)
    2.3.4.2 Global Integrated Energy Storage and Converter Market Size Market Share by Transformer Type (2021-2026)
2.4 Integrated Energy Storage and Converter Segment by Rated Voltage
  2.4.1 Rated Voltage ≤? 800 V
  2.4.2 800 V < Rated Voltage ≤? 1,000 V
  2.4.3 1,000 V < Rated Voltage ≤? 1,500 V
  2.4.4 Rated Voltage > 1,500 V
  2.4.5 Integrated Energy Storage and Converter Market Size by Rated Voltage
    2.4.5.1 Integrated Energy Storage and Converter Market Size CAGR by Rated Voltage (2021 VS 2025 VS 2032)
    2.4.5.2 Global Integrated Energy Storage and Converter Market Size Market Share by Rated Voltage (2021-2026)
2.5 Integrated Energy Storage and Converter Segment by Application
  2.5.1 Grid Side
  2.5.2 Generation Side
  2.5.3 Others
  2.5.4 Integrated Energy Storage and Converter Market Size by Application
    2.5.4.1 Integrated Energy Storage and Converter Market Size CAGR by Application (2021 VS 2025 VS 2032)
    2.5.4.2 Global Integrated Energy Storage and Converter Market Size Market Share by Application (2021-2026)

3 INTEGRATED ENERGY STORAGE AND CONVERTER MARKET SIZE BY PLAYER

3.1 Integrated Energy Storage and Converter Market Size Market Share by Player
  3.1.1 Global Integrated Energy Storage and Converter Revenue by Player (2021-2026)
  3.1.2 Global Integrated Energy Storage and Converter Revenue Market Share by Player (2021-2026)
3.2 Global Integrated Energy Storage and Converter Key Players Head office and Products Offered
3.3 Market Concentration Rate Analysis
  3.3.1 Competition Landscape Analysis
  3.3.2 Concentration Ratio (CR3, CR5 and CR10) & (2024-2026)
3.4 New Products and Potential Entrants
3.5 Mergers & Acquisitions, Expansion

4 INTEGRATED ENERGY STORAGE AND CONVERTER BY REGION

4.1 Integrated Energy Storage and Converter Market Size by Region (2021-2026)
4.2 Global Integrated Energy Storage and Converter Annual Revenue by Country/Region (2021-2026)
4.3 Americas Integrated Energy Storage and Converter Market Size Growth (2021-2026)
4.4 APAC Integrated Energy Storage and Converter Market Size Growth (2021-2026)
4.5 Europe Integrated Energy Storage and Converter Market Size Growth (2021-2026)
4.6 Middle East & Africa Integrated Energy Storage and Converter Market Size Growth (2021-2026)

5 AMERICAS

5.1 Americas Integrated Energy Storage and Converter Market Size by Country (2021-2026)
5.2 Americas Integrated Energy Storage and Converter Market Size by Type (2021-2026)
5.3 Americas Integrated Energy Storage and Converter Market Size by Application (2021-2026)
5.4 United States
5.5 Canada
5.6 Mexico
5.7 Brazil

6 APAC

6.1 APAC Integrated Energy Storage and Converter Market Size by Region (2021-2026)
6.2 APAC Integrated Energy Storage and Converter Market Size by Type (2021-2026)
6.3 APAC Integrated Energy Storage and Converter Market Size by Application (2021-2026)
6.4 China
6.5 Japan
6.6 South Korea
6.7 Southeast Asia
6.8 India
6.9 Australia

7 EUROPE

7.1 Europe Integrated Energy Storage and Converter Market Size by Country (2021-2026)
7.2 Europe Integrated Energy Storage and Converter Market Size by Type (2021-2026)
7.3 Europe Integrated Energy Storage and Converter Market Size by Application (2021-2026)
7.4 Germany
7.5 France
7.6 UK
7.7 Italy
7.8 Russia

8 MIDDLE EAST & AFRICA

8.1 Middle East & Africa Integrated Energy Storage and Converter by Region (2021-2026)
8.2 Middle East & Africa Integrated Energy Storage and Converter Market Size by Type (2021-2026)
8.3 Middle East & Africa Integrated Energy Storage and Converter Market Size by Application (2021-2026)
8.4 Egypt
8.5 South Africa
8.6 Israel
8.7 Turkey
8.8 GCC Countries

9 MARKET DRIVERS, CHALLENGES AND TRENDS

9.1 Market Drivers & Growth Opportunities
9.2 Market Challenges & Risks
9.3 Industry Trends

10 GLOBAL INTEGRATED ENERGY STORAGE AND CONVERTER MARKET FORECAST

10.1 Global Integrated Energy Storage and Converter Forecast by Region (2027-2032)
  10.1.1 Global Integrated Energy Storage and Converter Forecast by Region (2027-2032)
  10.1.2 Americas Integrated Energy Storage and Converter Forecast
  10.1.3 APAC Integrated Energy Storage and Converter Forecast
  10.1.4 Europe Integrated Energy Storage and Converter Forecast
  10.1.5 Middle East & Africa Integrated Energy Storage and Converter Forecast
10.2 Americas Integrated Energy Storage and Converter Forecast by Country (2027-2032)
  10.2.1 United States Market Integrated Energy Storage and Converter Forecast
  10.2.2 Canada Market Integrated Energy Storage and Converter Forecast
  10.2.3 Mexico Market Integrated Energy Storage and Converter Forecast
  10.2.4 Brazil Market Integrated Energy Storage and Converter Forecast
10.3 APAC Integrated Energy Storage and Converter Forecast by Region (2027-2032)
  10.3.1 China Integrated Energy Storage and Converter Market Forecast
  10.3.2 Japan Market Integrated Energy Storage and Converter Forecast
  10.3.3 Korea Market Integrated Energy Storage and Converter Forecast
  10.3.4 Southeast Asia Market Integrated Energy Storage and Converter Forecast
  10.3.5 India Market Integrated Energy Storage and Converter Forecast
  10.3.6 Australia Market Integrated Energy Storage and Converter Forecast
10.4 Europe Integrated Energy Storage and Converter Forecast by Country (2027-2032)
  10.4.1 Germany Market Integrated Energy Storage and Converter Forecast
  10.4.2 France Market Integrated Energy Storage and Converter Forecast
  10.4.3 UK Market Integrated Energy Storage and Converter Forecast
  10.4.4 Italy Market Integrated Energy Storage and Converter Forecast
  10.4.5 Russia Market Integrated Energy Storage and Converter Forecast
10.5 Middle East & Africa Integrated Energy Storage and Converter Forecast by Region (2027-2032)
  10.5.1 Egypt Market Integrated Energy Storage and Converter Forecast
  10.5.2 South Africa Market Integrated Energy Storage and Converter Forecast
  10.5.3 Israel Market Integrated Energy Storage and Converter Forecast
  10.5.4 Turkey Market Integrated Energy Storage and Converter Forecast
10.6 Global Integrated Energy Storage and Converter Forecast by Type (2027-2032)
10.7 Global Integrated Energy Storage and Converter Forecast by Application (2027-2032)
  10.7.1 GCC Countries Market Integrated Energy Storage and Converter Forecast

11 KEY PLAYERS ANALYSIS

11.1 SMA Solar Technology
  11.1.1 SMA Solar Technology Company Information
  11.1.2 SMA Solar Technology Integrated Energy Storage and Converter Product Offered
  11.1.3 SMA Solar Technology Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.1.4 SMA Solar Technology Main Business Overview
  11.1.5 SMA Solar Technology Latest Developments
11.2 Nidec
  11.2.1 Nidec Company Information
  11.2.2 Nidec Integrated Energy Storage and Converter Product Offered
  11.2.3 Nidec Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.2.4 Nidec Main Business Overview
  11.2.5 Nidec Latest Developments
11.3 Sineng Electric
  11.3.1 Sineng Electric Company Information
  11.3.2 Sineng Electric Integrated Energy Storage and Converter Product Offered
  11.3.3 Sineng Electric Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.3.4 Sineng Electric Main Business Overview
  11.3.5 Sineng Electric Latest Developments
11.4 GE Vernova
  11.4.1 GE Vernova Company Information
  11.4.2 GE Vernova Integrated Energy Storage and Converter Product Offered
  11.4.3 GE Vernova Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.4.4 GE Vernova Main Business Overview
  11.4.5 GE Vernova Latest Developments
11.5 Hitachi Energy
  11.5.1 Hitachi Energy Company Information
  11.5.2 Hitachi Energy Integrated Energy Storage and Converter Product Offered
  11.5.3 Hitachi Energy Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.5.4 Hitachi Energy Main Business Overview
  11.5.5 Hitachi Energy Latest Developments
11.6 Ingeteam
  11.6.1 Ingeteam Company Information
  11.6.2 Ingeteam Integrated Energy Storage and Converter Product Offered
  11.6.3 Ingeteam Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.6.4 Ingeteam Main Business Overview
  11.6.5 Ingeteam Latest Developments
11.7 Shenzhen Sinexcel Electric
  11.7.1 Shenzhen Sinexcel Electric Company Information
  11.7.2 Shenzhen Sinexcel Electric Integrated Energy Storage and Converter Product Offered
  11.7.3 Shenzhen Sinexcel Electric Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.7.4 Shenzhen Sinexcel Electric Main Business Overview
  11.7.5 Shenzhen Sinexcel Electric Latest Developments
11.8 Power Electronics
  11.8.1 Power Electronics Company Information
  11.8.2 Power Electronics Integrated Energy Storage and Converter Product Offered
  11.8.3 Power Electronics Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.8.4 Power Electronics Main Business Overview
  11.8.5 Power Electronics Latest Developments
11.9 Socomec
  11.9.1 Socomec Company Information
  11.9.2 Socomec Integrated Energy Storage and Converter Product Offered
  11.9.3 Socomec Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.9.4 Socomec Main Business Overview
  11.9.5 Socomec Latest Developments
11.10 Xiamen Kehua Digital Energy Tech
  11.10.1 Xiamen Kehua Digital Energy Tech Company Information
  11.10.2 Xiamen Kehua Digital Energy Tech Integrated Energy Storage and Converter Product Offered
  11.10.3 Xiamen Kehua Digital Energy Tech Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.10.4 Xiamen Kehua Digital Energy Tech Main Business Overview
  11.10.5 Xiamen Kehua Digital Energy Tech Latest Developments
11.11 HNAC Technology
  11.11.1 HNAC Technology Company Information
  11.11.2 HNAC Technology Integrated Energy Storage and Converter Product Offered
  11.11.3 HNAC Technology Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.11.4 HNAC Technology Main Business Overview
  11.11.5 HNAC Technology Latest Developments
11.12 Qingdao TGOOD Electric
  11.12.1 Qingdao TGOOD Electric Company Information
  11.12.2 Qingdao TGOOD Electric Integrated Energy Storage and Converter Product Offered
  11.12.3 Qingdao TGOOD Electric Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.12.4 Qingdao TGOOD Electric Main Business Overview
  11.12.5 Qingdao TGOOD Electric Latest Developments
11.13 Trina Solar
  11.13.1 Trina Solar Company Information
  11.13.2 Trina Solar Integrated Energy Storage and Converter Product Offered
  11.13.3 Trina Solar Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.13.4 Trina Solar Main Business Overview
  11.13.5 Trina Solar Latest Developments
11.14 Shenzhen Kstar Science & Technology
  11.14.1 Shenzhen Kstar Science & Technology Company Information
  11.14.2 Shenzhen Kstar Science & Technology Integrated Energy Storage and Converter Product Offered
  11.14.3 Shenzhen Kstar Science & Technology Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.14.4 Shenzhen Kstar Science & Technology Main Business Overview
  11.14.5 Shenzhen Kstar Science & Technology Latest Developments
11.15 WSTECH
  11.15.1 WSTECH Company Information
  11.15.2 WSTECH Integrated Energy Storage and Converter Product Offered
  11.15.3 WSTECH Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.15.4 WSTECH Main Business Overview
  11.15.5 WSTECH Latest Developments
11.16 TBEA
  11.16.1 TBEA Company Information
  11.16.2 TBEA Integrated Energy Storage and Converter Product Offered
  11.16.3 TBEA Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.16.4 TBEA Main Business Overview
  11.16.5 TBEA Latest Developments
11.17 Beijing Zhiyuan Xinneng Electric Technology
  11.17.1 Beijing Zhiyuan Xinneng Electric Technology Company Information
  11.17.2 Beijing Zhiyuan Xinneng Electric Technology Integrated Energy Storage and Converter Product Offered
  11.17.3 Beijing Zhiyuan Xinneng Electric Technology Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.17.4 Beijing Zhiyuan Xinneng Electric Technology Main Business Overview
  11.17.5 Beijing Zhiyuan Xinneng Electric Technology Latest Developments
11.18 Sungrow Power
  11.18.1 Sungrow Power Company Information
  11.18.2 Sungrow Power Integrated Energy Storage and Converter Product Offered
  11.18.3 Sungrow Power Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.18.4 Sungrow Power Main Business Overview
  11.18.5 Sungrow Power Latest Developments
11.19 Jiangsu Unita Electric Equipment
  11.19.1 Jiangsu Unita Electric Equipment Company Information
  11.19.2 Jiangsu Unita Electric Equipment Integrated Energy Storage and Converter Product Offered
  11.19.3 Jiangsu Unita Electric Equipment Integrated Energy Storage and Converter Revenue, Gross Margin and Market Share (2021-2026)
  11.19.4 Jiangsu Unita Electric Equipment Main Business Overview
  11.19.5 Jiangsu Unita Electric Equipment Latest Developments

12 RESEARCH FINDINGS AND CONCLUSION
LIST OF TABLES

Table 1. Integrated Energy Storage and Converter Market Size CAGR by Region (2021 VS 2025 VS 2032) & ($ millions)
Table 2. Integrated Energy Storage and Converter Annual Sales CAGR by Country/Region (2021, 2025 & 2032) & ($ millions)
Table 3. Major Players of Traditional Integrated Energy Storage and Converter
Table 4. Major Players of PV-storage Integrated Unit
Table 5. Integrated Energy Storage and Converter Market Size CAGR by Type (2021 VS 2025 VS 2032) & ($ millions)
Table 6. Global Integrated Energy Storage and Converter Market Size by Type (2021-2026) & ($ millions)
Table 7. Global Integrated Energy Storage and Converter Market Size Market Share by Type (2021-2026)
Table 8. Major Players of Oil-immersed Transformer
Table 9. Major Players of Epoxy-cast Transformer
Table 10. Major Players of Others
Table 11. Integrated Energy Storage and Converter Market Size CAGR by Transformer Type (2021 VS 2025 VS 2032) & ($ millions)
Table 12. Global Integrated Energy Storage and Converter Market Size by Transformer Type (2021-2026) & ($ millions)
Table 13. Global Integrated Energy Storage and Converter Market Size Market Share by Transformer Type (2021-2026)
Table 14. Major Players of Rated Voltage ≤? 800 V
Table 15. Major Players of 800 V < Rated Voltage ≤? 1,000 V
Table 16. Major Players of 1,000 V < Rated Voltage ≤? 1,500 V
Table 17. Major Players of Rated Voltage > 1,500 V
Table 18. Integrated Energy Storage and Converter Market Size CAGR by Rated Voltage (2021 VS 2025 VS 2032) & ($ millions)
Table 19. Global Integrated Energy Storage and Converter Market Size by Rated Voltage (2021-2026) & ($ millions)
Table 20. Global Integrated Energy Storage and Converter Market Size Market Share by Rated Voltage (2021-2026)
Table 21. Integrated Energy Storage and Converter Market Size CAGR by Application (2021 VS 2025 VS 2032) & ($ millions)
Table 22. Global Integrated Energy Storage and Converter Market Size by Application (2021-2026) & ($ millions)
Table 23. Global Integrated Energy Storage and Converter Market Size Market Share by Application (2021-2026)
Table 24. Global Integrated Energy Storage and Converter Revenue by Player (2021-2026) & ($ millions)
Table 25. Global Integrated Energy Storage and Converter Revenue Market Share by Player (2021-2026)
Table 26. Integrated Energy Storage and Converter Key Players Head office and Products Offered
Table 27. Integrated Energy Storage and Converter Concentration Ratio (CR3, CR5 and CR10) & (2024-2026)
Table 28. New Products and Potential Entrants
Table 29. Mergers & Acquisitions, Expansion
Table 30. Global Integrated Energy Storage and Converter Market Size by Region (2021-2026) & ($ millions)
Table 31. Global Integrated Energy Storage and Converter Market Size Market Share by Region (2021-2026)
Table 32. Global Integrated Energy Storage and Converter Revenue by Country/Region (2021-2026) & ($ millions)
Table 33. Global Integrated Energy Storage and Converter Revenue Market Share by Country/Region (2021-2026)
Table 34. Americas Integrated Energy Storage and Converter Market Size by Country (2021-2026) & ($ millions)
Table 35. Americas Integrated Energy Storage and Converter Market Size Market Share by Country (2021-2026)
Table 36. Americas Integrated Energy Storage and Converter Market Size by Type (2021-2026) & ($ millions)
Table 37. Americas Integrated Energy Storage and Converter Market Size Market Share by Type (2021-2026)
Table 38. Americas Integrated Energy Storage and Converter Market Size by Application (2021-2026) & ($ millions)
Table 39. Americas Integrated Energy Storage and Converter Market Size Market Share by Application (2021-2026)
Table 40. APAC Integrated Energy Storage and Converter Market Size by Region (2021-2026) & ($ millions)
Table 41. APAC Integrated Energy Storage and Converter Market Size Market Share by Region (2021-2026)
Table 42. APAC Integrated Energy Storage and Converter Market Size by Type (2021-2026) & ($ millions)
Table 43. APAC Integrated Energy Storage and Converter Market Size by Application (2021-2026) & ($ millions)
Table 44. Europe Integrated Energy Storage and Converter Market Size by Country (2021-2026) & ($ millions)
Table 45. Europe Integrated Energy Storage and Converter Market Size Market Share by Country (2021-2026)
Table 46. Europe Integrated Energy Storage and Converter Market Size by Type (2021-2026) & ($ millions)
Table 47. Europe Integrated Energy Storage and Converter Market Size by Application (2021-2026) & ($ millions)
Table 48. Middle East & Africa Integrated Energy Storage and Converter Market Size by Region (2021-2026) & ($ millions)
Table 49. Middle East & Africa Integrated Energy Storage and Converter Market Size by Type (2021-2026) & ($ millions)
Table 50. Middle East & Africa Integrated Energy Storage and Converter Market Size by Application (2021-2026) & ($ millions)
Table 51. Key Market Drivers & Growth Opportunities of Integrated Energy Storage and Converter
Table 52. Key Market Challenges & Risks of Integrated Energy Storage and Converter
Table 53. Key Industry Trends of Integrated Energy Storage and Converter
Table 54. Global Integrated Energy Storage and Converter Market Size Forecast by Region (2027-2032) & ($ millions)
Table 55. Global Integrated Energy Storage and Converter Market Size Market Share Forecast by Region (2027-2032)
Table 56. Global Integrated Energy Storage and Converter Market Size Forecast by Type (2027-2032) & ($ millions)
Table 57. Global Integrated Energy Storage and Converter Market Size Forecast by Application (2027-2032) & ($ millions)
Table 58. SMA Solar Technology Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 59. SMA Solar Technology Integrated Energy Storage and Converter Product Offered
Table 60. SMA Solar Technology Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 61. SMA Solar Technology Main Business
Table 62. SMA Solar Technology Latest Developments
Table 63. Nidec Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 64. Nidec Integrated Energy Storage and Converter Product Offered
Table 65. Nidec Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 66. Nidec Main Business
Table 67. Nidec Latest Developments
Table 68. Sineng Electric Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 69. Sineng Electric Integrated Energy Storage and Converter Product Offered
Table 70. Sineng Electric Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 71. Sineng Electric Main Business
Table 72. Sineng Electric Latest Developments
Table 73. GE Vernova Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 74. GE Vernova Integrated Energy Storage and Converter Product Offered
Table 75. GE Vernova Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 76. GE Vernova Main Business
Table 77. GE Vernova Latest Developments
Table 78. Hitachi Energy Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 79. Hitachi Energy Integrated Energy Storage and Converter Product Offered
Table 80. Hitachi Energy Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 81. Hitachi Energy Main Business
Table 82. Hitachi Energy Latest Developments
Table 83. Ingeteam Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 84. Ingeteam Integrated Energy Storage and Converter Product Offered
Table 85. Ingeteam Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 86. Ingeteam Main Business
Table 87. Ingeteam Latest Developments
Table 88. Shenzhen Sinexcel Electric Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 89. Shenzhen Sinexcel Electric Integrated Energy Storage and Converter Product Offered
Table 90. Shenzhen Sinexcel Electric Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 91. Shenzhen Sinexcel Electric Main Business
Table 92. Shenzhen Sinexcel Electric Latest Developments
Table 93. Power Electronics Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 94. Power Electronics Integrated Energy Storage and Converter Product Offered
Table 95. Power Electronics Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 96. Power Electronics Main Business
Table 97. Power Electronics Latest Developments
Table 98. Socomec Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 99. Socomec Integrated Energy Storage and Converter Product Offered
Table 100. Socomec Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 101. Socomec Main Business
Table 102. Socomec Latest Developments
Table 103. Xiamen Kehua Digital Energy Tech Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 104. Xiamen Kehua Digital Energy Tech Integrated Energy Storage and Converter Product Offered
Table 105. Xiamen Kehua Digital Energy Tech Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 106. Xiamen Kehua Digital Energy Tech Main Business
Table 107. Xiamen Kehua Digital Energy Tech Latest Developments
Table 108. HNAC Technology Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 109. HNAC Technology Integrated Energy Storage and Converter Product Offered
Table 110. HNAC Technology Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 111. HNAC Technology Main Business
Table 112. HNAC Technology Latest Developments
Table 113. Qingdao TGOOD Electric Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 114. Qingdao TGOOD Electric Integrated Energy Storage and Converter Product Offered
Table 115. Qingdao TGOOD Electric Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 116. Qingdao TGOOD Electric Main Business
Table 117. Qingdao TGOOD Electric Latest Developments
Table 118. Trina Solar Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 119. Trina Solar Integrated Energy Storage and Converter Product Offered
Table 120. Trina Solar Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 121. Trina Solar Main Business
Table 122. Trina Solar Latest Developments
Table 123. Shenzhen Kstar Science & Technology Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 124. Shenzhen Kstar Science & Technology Integrated Energy Storage and Converter Product Offered
Table 125. Shenzhen Kstar Science & Technology Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 126. Shenzhen Kstar Science & Technology Main Business
Table 127. Shenzhen Kstar Science & Technology Latest Developments
Table 128. WSTECH Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 129. WSTECH Integrated Energy Storage and Converter Product Offered
Table 130. WSTECH Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 131. WSTECH Main Business
Table 132. WSTECH Latest Developments
Table 133. TBEA Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 134. TBEA Integrated Energy Storage and Converter Product Offered
Table 135. TBEA Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 136. TBEA Main Business
Table 137. TBEA Latest Developments
Table 138. Beijing Zhiyuan Xinneng Electric Technology Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 139. Beijing Zhiyuan Xinneng Electric Technology Integrated Energy Storage and Converter Product Offered
Table 140. Beijing Zhiyuan Xinneng Electric Technology Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 141. Beijing Zhiyuan Xinneng Electric Technology Main Business
Table 142. Beijing Zhiyuan Xinneng Electric Technology Latest Developments
Table 143. Sungrow Power Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 144. Sungrow Power Integrated Energy Storage and Converter Product Offered
Table 145. Sungrow Power Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 146. Sungrow Power Main Business
Table 147. Sungrow Power Latest Developments
Table 148. Jiangsu Unita Electric Equipment Details, Company Type, Integrated Energy Storage and Converter Area Served and Its Competitors
Table 149. Jiangsu Unita Electric Equipment Integrated Energy Storage and Converter Product Offered
Table 150. Jiangsu Unita Electric Equipment Integrated Energy Storage and Converter Revenue ($ million), Gross Margin and Market Share (2021-2026)
Table 151. Jiangsu Unita Electric Equipment Main Business
Table 152. Jiangsu Unita Electric Equipment Latest Developments

LIST OF FIGURES

Figure 1. Integrated Energy Storage and Converter Report Years Considered
Figure 2. Research Objectives
Figure 3. Research Methodology
Figure 4. Research Process and Data Source
Figure 5. Global Integrated Energy Storage and Converter Market Size Growth Rate (2021-2032) ($ millions)
Figure 6. Integrated Energy Storage and Converter Sales by Geographic Region (2021, 2025 & 2032) & ($ millions)
Figure 7. Integrated Energy Storage and Converter Sales Market Share by Country/Region (2025)
Figure 8. Integrated Energy Storage and Converter Sales Market Share by Country/Region (2021, 2025 & 2032)
Figure 9. Global Integrated Energy Storage and Converter Market Size Market Share by Type in 2025
Figure 10. Global Integrated Energy Storage and Converter Market Size Market Share by Transformer Type in 2025
Figure 11. Global Integrated Energy Storage and Converter Market Size Market Share by Rated Voltage in 2025
Figure 12. Integrated Energy Storage and Converter in Grid Side
Figure 13. Global Integrated Energy Storage and Converter Market: Grid Side (2021-2026) & ($ millions)
Figure 14. Integrated Energy Storage and Converter in Generation Side
Figure 15. Global Integrated Energy Storage and Converter Market: Generation Side (2021-2026) & ($ millions)
Figure 16. Integrated Energy Storage and Converter in Others
Figure 17. Global Integrated Energy Storage and Converter Market: Others (2021-2026) & ($ millions)
Figure 18. Global Integrated Energy Storage and Converter Market Size Market Share by Application in 2025
Figure 19. Global Integrated Energy Storage and Converter Revenue Market Share by Player in 2025
Figure 20. Global Integrated Energy Storage and Converter Market Size Market Share by Region (2021-2026)
Figure 21. Americas Integrated Energy Storage and Converter Market Size 2021-2026 ($ millions)
Figure 22. APAC Integrated Energy Storage and Converter Market Size 2021-2026 ($ millions)
Figure 23. Europe Integrated Energy Storage and Converter Market Size 2021-2026 ($ millions)
Figure 24. Middle East & Africa Integrated Energy Storage and Converter Market Size 2021-2026 ($ millions)
Figure 25. Americas Integrated Energy Storage and Converter Value Market Share by Country in 2025
Figure 26. United States Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 27. Canada Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 28. Mexico Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 29. Brazil Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 30. APAC Integrated Energy Storage and Converter Market Size Market Share by Region in 2025
Figure 31. APAC Integrated Energy Storage and Converter Market Size Market Share by Type (2021-2026)
Figure 32. APAC Integrated Energy Storage and Converter Market Size Market Share by Application (2021-2026)
Figure 33. China Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 34. Japan Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 35. South Korea Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 36. Southeast Asia Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 37. India Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 38. Australia Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 39. Europe Integrated Energy Storage and Converter Market Size Market Share by Country in 2025
Figure 40. Europe Integrated Energy Storage and Converter Market Size Market Share by Type (2021-2026)
Figure 41. Europe Integrated Energy Storage and Converter Market Size Market Share by Application (2021-2026)
Figure 42. Germany Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 43. France Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 44. UK Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 45. Italy Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 46. Russia Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 47. Middle East & Africa Integrated Energy Storage and Converter Market Size Market Share by Region (2021-2026)
Figure 48. Middle East & Africa Integrated Energy Storage and Converter Market Size Market Share by Type (2021-2026)
Figure 49. Middle East & Africa Integrated Energy Storage and Converter Market Size Market Share by Application (2021-2026)
Figure 50. Egypt Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 51. South Africa Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 52. Israel Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 53. Turkey Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 54. GCC Countries Integrated Energy Storage and Converter Market Size Growth 2021-2026 ($ millions)
Figure 55. Americas Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 56. APAC Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 57. Europe Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 58. Middle East & Africa Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 59. United States Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 60. Canada Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 61. Mexico Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 62. Brazil Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 63. China Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 64. Japan Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 65. Korea Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 66. Southeast Asia Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 67. India Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 68. Australia Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 69. Germany Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 70. France Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 71. UK Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 72. Italy Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 73. Russia Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 74. Egypt Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 75. South Africa Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 76. Israel Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 77. Turkey Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)
Figure 78. Global Integrated Energy Storage and Converter Market Size Market Share Forecast by Type (2027-2032)
Figure 79. Global Integrated Energy Storage and Converter Market Size Market Share Forecast by Application (2027-2032)
Figure 80. GCC Countries Integrated Energy Storage and Converter Market Size 2027-2032 ($ millions)