Press release
Batteries for Solar Energy Storage Market to Reach US$ 9,478.56 Million by 2028
Batteries for Solar Energy Storage Market
The batteries for solar energy storage market growth is primarily attributed to an increase in investment in the renewables industry and solar energy generation capacity, a surge in industrialization and urbanization, the commencement of new electrification projects, and initiatives taken for grid strengthening. In March 2022, China planned to target 30 GW of battery storage by 2025 as battery energy storage system output grows by 150%. According to the National Development and Reform Commission (NDRC) and the National Energy Administration, the deployment is part of an initiative to boost renewable power consumption and ensure grid stability. The solar Investment Tax Credit (ITC) is one of the most crucial federal policy mechanisms to accelerate the growth of solar energy in the US. The ITC is expected to provide ~26% tax credit for systems installed during 2020-2022 and 22% for systems installed in 2023. As per the industry statistics 4.2 GW of battery storage capacity was added to the US grid in 2021. The US developers planned to bring online 5.3 GW of battery power capacity at new and existing generation plants in 2022. Further, a drop in the prices of lithium-ion batteries, which has contributed the most to the cost reduction of the batteries, is mainly attributed to public-funded research, primarily in chemistry and materials science. Thus, such growth prospects are augmenting the market size in coming years which offers lucrative growth opportunity to the leading players.
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Key Players : BYD Company Ltd; ENERSYS; SolarEdge Technologies Inc; sonnenGroup; and SAMSUNG SDI CO.,LTD are among the key players profiled during the study on the batteries for solar energy storage market. In addition, various other important market players were analyzed and studied during the course of this market research study to get a holistic view of the global batteries for solar energy storage market and its ecosystem.
The batteries for solar energy storage market has been carried out on the basis of battery type, application, and connectivity. Based on battery type, the market is further segmented into lead acid, lithium-ion, nickel cadmium, and others. On the basis of application, the batteries for solar energy storage market is segmented into residential, commercial, and industrial. Based on connectivity, the market is segmented into off-grid and on-grid.
With the growing concerns about the effects of global warming and climate change, many key innovator companies are developing advanced solutions to make their products greener. In February 2022, the UK Government announced funding for new renewable energy storage technologies. It awarded US$ 7.97 million in total to 24 projects based across the UK. The first round of funding, worth US$ 80.92 million, was awarded through the Longer Duration Energy Storage competition. Thus, the elevating investments in augmenting the renewable energy generation capacities are anticipated to drive the batteries for solar energy storage market growth in the coming years.
The batteries for solar energy storage market has been carried out on the basis of battery type, application, and connectivity. Based on battery type, the market is further segmented into lead acid, lithium-ion, nickel cadmium, and others. On the basis of application, the batteries for solar energy storage market is segmented into residential, commercial, and industrial. Based on connectivity, the market is segmented into off-grid and on-grid.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Food and Beverages, Consumers and Goods, Chemicals and Materials.
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