Solar Energy and Battery Storage System Market World Technology, Developments Status, Industry Share and Size, Key Vendors Analysis, Business Strategies and Forecast to 2023

Market Research Future published a research report on “Global Solar Energy and Battery Storage System Market- Global industry Forecast To 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Solar Energy and Battery Storage System Market-Overview

Batteries normally refer to the technologies that are used for energy storage, which can be used during power shortages, blackouts, or during peak demand. Growing investment in solar power is driving the growth of the market. Growing population across the globe, booming industries in developing economies, and high growth in infrastructure development activities are all leading to a huge rise in the demand for electricity. Fossil fuels remain in great demand as their availability reduces and environmental concerns rise. All these factors, alongside the rise in environment protection guidelines across the globe, forces the power generation industry to shift to cleaner and environment-friendly energy resources, hence, driving the growth of the market. However, high capital investment is the major factor that may hamper the growth of the market.

The global Solar Energy and Battery Storage System Market is estimated to grow at a ~ 8.89% CAGR during the forecast period.

Competitive Analysis

The market is also expected to emphasize on innovation to amplify the development scope in the global market. The need to integrate is projected to become even more prominent in the market in the upcoming period. The market is in a stage that requires careful and strategic planning to ensure that the growth achieved thus far is not compromised. The government role is estimated to be pronounced in the near term as their backing is essential to get the growth of regional markets on track. The market is expected to revitalize its options for development as it overcomes this period of uncertainty in a careful and calibrated manner, the enhancement of the supply chains is estimated to focus on the incorporation of robotic assets so as to broaden the scope of supply that can be expected from the market on the whole. The competition in the market is estimated to be focused on mitigating the effect of external forces rather than exclusively dealing with internal competition.

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The strategic contenders of the solar energy and battery storage system market are L.G. Chem, Ltd. (South Korea), Samsung SDI Co., Ltd (South Korea), Tesla, Inc. (U.S.), EVERGREEN SOLAR INC. (U.S.), Abengoa S.A. (Spain), ABB Ltd. (Switzerland), BrightSource Energy, Inc. (U.S.), General Electric Company (U.S.), AEG Power Solutions (Germany), eSolar Inc. (U.S.), ACCIONA, S.A. (Spain), and Alpha Technologies (U.S.).

Segmental Analysis

The segmental study of the solar energy and battery storage system market has been conducted on the basis of battery type, connection type, application, solar technology, end-user, and region. Based on the end-user, the market is segmented into industrial & commercial, utility, and residential. Based on the battery type, the market is segmented into lead-acid, lithium-ion, sodium sulfur, and others. On the basis of solar technology, the market is segmented into concentrated solar power (CSP) and solar photovoltaic (P.V.). Based on the connection type, the market is bifurcated into off-grid and on-grid. The application basis of segmenting the market consist of peak shaving, load leveling, power demand, and others.

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Regional Analysis

The European region is the largest region for the solar energy and battery storage system. The EU mandate, which states that 20% of the region's energy consumption should be from renewables by 2020, is expected to support the market growth. The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The market in Asia Pacific is largely driven by the increasing demand for electrical power supply and growth of the manufacturing industries in the region. China has developed a non-profit industry association called China Energy Storage Alliance (CNESA) dedicated to promoting energy storage technology in China.

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