Press release
Solar Energy Battery Storage Market to Undertake Strapping Growth by the End 2023
One of the main drivers for the growth of solar energy is the vital part played by the government supportive policies. Solar energy policies comprise legislation, international treaties, and incentives for investment, such as financial incentives in the U.S. In several countries, such as India, Germany, and the U.K, policies such as Feed-in-Tariff (FIT), Renewable Portfolio Standard (RPS), tax credits, pricing laws, production incentives, quota requirements, and trading systems have been developed and implemented to promote the use of solar energy, thus, driving the growth of the market. Moreover, growing need for an uninterrupted power supply with a substantial increase in power demand throughout the world is driving the global solar energy and battery storage system market. The global growth in industrial development activity and urbanization is making a path for the solar energy and battery storage market. However, high capital investments are restraining the market.
The Global Solar Energy and Battery Storage System market is estimated to grow at 8.89% CAGR during the forecast period.
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Market Research Analysis
Global solar energy and battery storage system market has been segmented based on battery type, solar technology, connection type, application, end-user, and region. Based on connection type, the market is segmented into on-grid and off-grid. The on-grid battery energy storage systems are linked to the utility grid. They use utility grids for delivering electricity to consumers. Load leveling, peak shaving, and power demand management are the key applications of any on-grid connected battery energy storage system installed with electrical grids. These factors contribute to the growth of the market for on-grid battery energy storage systems.
The off-grid segment is expected to contribute significantly to the market during the forecast period. An off-grid battery energy storage system, also called stand-alone system, works independently and is not connected to the electricity distribution system. On the basis of solar technology, the market is segmented into solar photovoltaic (PV) and Concentrated Solar Power (CSP). Among these, the solar PV is an important segment of the market. Solar PV had the highest installed capacity of 306.5 GW, till 2016, and many solar PV projects are under construction. On the basis of battery type, the market is segmented into lead-acid, lithium ion (Li-ion), sodium sulfur, and others. Li-ion segment will account for the major market share and dominate this market by the end of the forecast period.
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Key Players
The key players of global solar energy and battery storage system market are ABB Ltd. (Switzerland), LG Chem, Ltd. ( South Korea) , Samsung SDI Co., Ltd (South Korea), General Electric Company (U.S.), Tesla, Inc. (U.S.), AEG Power Solutions (Germany), eSolar Inc. (U.S.), Abengoa S.A. (Spain), BrightSource Energy, Inc. (U.S.), ACCIONA, S.A. (Spain), EVERGREEN SOLAR INC. (U.S.), and Alpha Technologies (U.S.).
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