Press release
Solar Storage System Market Analysis, Trends and Dynamic Demand by Forecast 2023 to 2032
The global solar energy storage market size was valued at $9.8 billion in 2021, and is projected to reach $20.9 billion by 2031, growing at a CAGR of 7.9% from 2022 to 2031.Batteries used for energy storage are a common component of solar energy storage systems for surplus solar energy. Inverter and solar battery are typically installed together. It can be used in solar panel systems and is rechargeable. Solar batteries can be used in conjunction with other renewable energy sources, such as hydropower and wind power, for industrial applications. Future sustainable energy solutions will be provided through the usage of solar batteries in combination with other renewable energy sources. Solar charging stations, power plant storage, and off-grid storage systems are a few of the significant solar battery deployments.
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The demand for more affordable and environmentally friendly energy solutions for industrial and commercial energy storage installation is anticipated to fuel market expansion for solar energy storage. Moreover, installing solar batteries can significantly lower carbon footprints. The use of solar energy storage batteries can help a country become more energy independent and less reliant on foreign imports of fossil fuels. Also, industry players' increased interest in renewable energy storage options is anticipated to expand investment opportunities throughout the course of the projected period. For instance, nations like the UK and Portugal are promoting solar battery storage capacity auctions as an alternative to traditional energy storage systems. Such developments are anticipated to have a favourable effect on market expansion.
The initial installation expense, however, is a strain for small and medium-sized businesses. Selling assets to aggregators is currently necessary for solar project financing in order to keep enough liquid funds on hand to fund the next project and pay for administrative costs. Together, these elements can have a detrimental effect on market growth for solar energy storage.
However the growing popularity of energy trading using AI and block chain technologies created new business prospects. The owner of solar battery and solar PV systems will now have the chance to export excess energy and resell it for a profit. This is predicted to increase demand for solar energy storage, opening up lucrative business potential.
The lithium ion segment, which generated the most revenue in 2021, is expected to expand at a CAGR of 8.6% over the course of the projection period. Lithium ions go from the negative to the positive electrode in a lithium ion battery, a form of rechargeable battery. Due to increased industrialization, urbanisation, consumer desire for more electric-based products, automobiles, and the growing importance of sustainable energy solutions, lithium ion batteries are now used more frequently in the electrical sector, which increases the market's potential sales. Also, compared to other solar batteries, the lithium ion battery has a much higher energy density and efficiency. These elements are anticipated to the market for lithium ion-based solar energy storage will see a surge in demand.
Market Segmentation
Global Solar Storage System Market: Segmentations
Global Solar Storage System Market: By Types
Li-ion
Lead-Acid
Global Solar Storage System Market: By Applications
Residential
Non-Residential
Global Solar Storage System Market: Major Players
East Penn Manufacturing
LG Chem
BYD
Panasonic
Tesla
Samsung SDI
Sonnen
Saft
A123 Systems
Enphase Energy
E-On Batteries
HOPPECKE Batterien
Exide Technologies
Fronius International
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Global Solar Storage System Market: By Regions
North America (United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Australia, and Rest of Asia-Pacific)
South America (Brazil, Argentina, Rest of South America)
Middle East & Africa (Turkey, Saudi Arabia, UAE, Rest of Middle East & Africa)
Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter's five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
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