Global Solar Energy and Battery Storage Market to Expand at a CAGR of 8.89%
Research Reports
Dec 29, 2020
Market Synopsis
As per the analysis by Market Research Future Reports (MRFR), The Global Solar Energy and Battery Storage System market are expected to expand at 8.89% CAGR during the review period.
One major factor for the expansion of solar energy and battery storage market 2020 is the supportive regulations implemented by the government. Solar energy policies consist of international treaties, legislation, incentives for investment, such as fiscal incentives in the U.S.
In various countries, such as Germany, India, and the U.K, regulations such as Renewable Portfolio Standard (RPS), Feed-in-Tariff (FIT), pricing laws, tax credits, quota requirements, production incentives, and trading systems have been advanced and enforced to promote the usage of solar energy, hence, bringing an impact on the growth of the market. Furthermore, the rising need for a continuous power supply with a considerable rise in power demand across the globe is affecting the solar energy and battery storage system market. The worldwide expansion in industrial development activity and urbanization is making a path for the solar energy and battery storage market. However, higher capital investments are obstructing the market.
Global Solar Energy and Battery Storage System Market Segmentation
The global solar energy and battery storage system market has been segregated on the basis of solar technology, connection type, application, end-user, battery type, and region.
- On the basis of sola technology, the market is divided into concentrated solar power and solar photovoltaic.
- On the basis of connection type, the market is divided into off-grid and on-grid.
- On the basis of application, the market is divided into power demand, peak shaving, load leveling, and others.
- On the basis of end-user, the market has been divided into industrial & commercial, utility, and residential. The utility vertical acquired the largest solar energy and battery storage system market share. The utility solar energy and battery storage system has witnessed a considerable expansion in both new and established markets, where technology has taken the first step to making an impression.
- On the basis of battery type, the market is segregated into lithium-ion (Li-ion), lead-acid, sodium-sulfur, and others. Li-ion leads the battery type vertical of the market. Li-ion batteries are highly effective and offer better energy to density ratio, owing to which there will be a high demand for Li-ion batteries to cross the hurdle of power interruptions. This, in turn, will lead to the expansion of this market vertical during the review period.
- On the basis of region, the market is segregated into the Asia Pacific, North America, Europe and the Rest of the World (Row).
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Regional Analysis
On the basis of geography, the market has been divided into Asia Pacific, Europe, North America, the Rest of the World (RoW). The European market leads the global solar energy and battery storage system market. Today, Europe has an accruing energy storage capacity of approximately 30 GW. Solar energy is one of the major renewable energy sources in the European countries. As per Eurostat, in 2015 it devoted to 6.4% of the total primary energy production. In Europe, several solar power projects are under the process of construction. This is affecting the expansion of the market. Europe and North America have made important contributions towards the expansion of utility solar energy and battery storage system market, expert and innovative vendors, project developers, driven by regulations.
Asia Pacific region is estimated to expand at the highest CAGR during the review period. Increasing environmental concerns and rising energy demand are the two important standards that will affect the expansion of the market in the APAC region. In APAC, Japan is playing the most crucial role in contributing to the solar energy battery storage system market. The Japanese government is aiming to make the local organization capable of acquiring a 50% share of the world’s battery storage market by 2020. Some of the important battery manufacturers manufacturing batteries for the solar energy storage system are NEC, Mitsubishi, Panasonic, Sumitomo Electric for redox flow batteries, Hitachi, and Toshiba for lithium-ion; NGK Insulators for sodium-sulfur batteries, Shin-Kobe Electric Machinery and GS Yuasa for lead-acid batteries. North America is another potent land for worldwide solar energy and battery storage system market. This is primarily accredited to the rising investments in smart solar power plants and the expansion in solar capacity and installations in the region. The U.S. is a major revenue producer for North America solar energy and battery storage system market, due to the rising support of the U.S. government concerning the installation of smart solar projects.
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Key Players
The major players of the global solar energy and battery storage system market are
- LG Chem Ltd. (South Korea)
- S.A. (Spain)
- ABB Ltd. (Switzerland)
- General Electric Company (U.S.)
- Samsung SDI Co. Ltd (South Korea) AEG Power Solutions (Germany)
- eSolar Inc. (U.S.)
- Abengoa S.A. (Spain)
- BrightSource Energy Inc. (U.S.)
- Tesla Inc. (U.S.)
- ACCIONA
- EVERGREEN SOLAR INC. (U.S.)
- Alpha Technologies (U.S.)
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