Press release
Solar Energy Storage Market Report on the Untapped Growth Opportunities in the Industry
According to the latest research by InsightAce Analytic, the Global Solar Energy Storage Market is valued at US$ 45.63 Bn in 2022, and it is expected to reach US$ 154.30 Bn by 2031, with a CAGR of 14.7% during a forecast period of 2023-2031.
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solar energy is derived from sunlight and heat emitted by the sun. It presents an abundant, clean, secure, and cost-free energy source that can be harnessed and reserved for future needs. Solar energy storage is capturing and storing energy generated from solar panels or solar photovoltaic (PV) systems for later use. The expansion of the population, urban areas, and industries, coupled with increasing public awareness regarding the economic and environmental advantages of solar energy-such as its pollution-free nature and absence of greenhouse gas emissions-contribute to decreasing reliance on fossil fuels, delivering returns on investment, reducing maintenance expenses, generating employment opportunities, fulfilling high energy demands, and more. These factors collectively drive the demand for solar energy storage systems.
Additionally, innovations in technology, including developments like Building Integrated Photovoltaics, Floating Photovoltaic Solar Panels, Thin-Film Solar Cells, and Photovoltaic Noise Barriers, along with advancements in lithium-ion (Li-Ion) batteries for electric vehicle (EV) applications, are anticipated to have a favourable impact on the market. However, large-scale solar energy storage systems, especially those involving battery arrays, can demand significant physical space for installation. This can be a constraint in densely populated urban areas.
List of Prominent Players in the Solar Energy Storage Market:
• Samsung SDI Co Ltd
• ABB
• General Electric Company
• Tesla, Inc
• AEG Power Solutions
• eSolar Inc.
• Abengoa S.A.
• BrightSource Energy, Inc.
• ACCIONA, S.A. (Spain)
• EVERGREEN SOLAR INC.
• Alpha Technologies
• Solor Poer Rocks LLC
• Helio power
• MA Solar Technology
• SolarEdge Technologies,
• Primus Power,
• Maxwell Technologies,
• Siemens Energy,
• Schneider Electric
• LG Electronics,
• Leclanché,
• EnerSys,
• Fluence,
• Saft,
• Uniper,
• Johnson Controls,
• Honeywell International,
• Toshiba Corporation
• Huawei Technologies
• Others
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Market Dynamics:
Drivers-
Anticipated demand from emerging economies is poised to augment industry expansion. The growth of solar energy storage is set to gain momentum through the electrification of transportation and heating sectors, the digitalization of modern economies, and the proliferation of electronically connected devices. Industries' adoption of electric motor systems is another driver, propelling the industry's growth.
Challenges:
Solar energy generation is highly dependent on sunlight, available only during the day and can be affected by weather conditions and geographic location. This intermittency leads to challenges in maintaining a consistent energy supply, especially during cloudy days or nighttime. The field of energy storage is rapidly evolving, and new, more efficient technologies are continually being developed. This can make it challenging for consumers. However, several factors influence market growth, including energy loss during transmission, substantial installation expenses, the requirement for significant space, challenges posed by cloudy days and lower energy production during winter, and the absence of sunlight at night.
Regional Trends:
The North American green chemicals market is expected to register a major market share. Due to swift advancements and heightened adoption of renewable energy sources, urbanization, technological progress, and initiatives by the US government, such as tax incentives, North America emerges as the second-leading region in the market.
Besides, Asia Pacific had a coniderable share of the market. The global market in this region is allured by factors such as an expanding population, heightened energy demand, environmentally friendly attributes, greenhouse emission reduction, and more. Notably, significant endeavours by countries like China and India drive the promotion of solar energy utilization in this area.
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Recent Developments:
• In July 2022, GE Vernova's Solar & Storage Solutions division and Fortune Electric entered into a Memorandum of Understanding (MoU) with the objective of providing Battery Energy Storage System solutions in Taiwan. The activation of Taiwan's energy storage sector was facilitated by the contributions of GE Vernova and Fortune Electric, hence facilitating the provision of cleaner energy to the population of 23 Bn individuals in the region.
• In Sept. 2021, Fluence and ESB recently disclosed their collaboration on a project involving the implementation of an energy storage system in several locations in Europe. The project consists of two facilities, one with a capacity of 75 MW and a storage capacity of 150 MWh, situated at ESB's plant at Poolbeg, Dublin. The second facility, located in South Wall, Dublin, has a capacity of 30 MW and a storage capacity of 60 MWh. This project facilitated the company in broadening its project pipeline and bolstering its market standing within the solar energy storage industry.
Segmentation of Solar Energy Storage Market-
By Composition
• Lead-Acid
• Lithium-Ion
By Capacity
• ≤50 kw
• 51 to 250kw
• 251 to 500kw
• 501 to 1000kw
• 1001 to 2500kw
• 2501 to 5000kw
• 5001 to 10000kw
• >100000
By Installation
• Off-grid
• On-grid
By Application
• Residential
• Industrial & Commercial
• Utility
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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