Solar Energy and Battery Storage Market Growth, Demand, Trends, Future Scope, Industry Insights, Forecast By 2032

Solar Energy and Battery Storage Market Overview:

Solar Energy and Battery Storage Market is expected grow at 15.50% during forecast period 2023-2032, due to increasing demand for electricity across the globe.

As per the analysis by Market Research Future Reports (MRFR), The Global Solar Energy and Battery Storage System market are expected to expand at 15.50% CAGR during the review period. One major factor for the expansion of solar energy and battery storage market 2020 is the supportive regulations implemented by the government. Solar energy policies consist of international treaties, legislation, incentives for investment, such as fiscal incentives in the U.S.

In various countries, such as Germany, India, and the U.K, regulations such as Renewable Portfolio Standard (RPS), Feed-in-Tariff (FIT), pricing laws, tax credits, quota requirements, production incentives, and trading systems have been advanced and enforced to promote the usage of solar energy, hence, bringing an impact on the growth of the market.

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Furthermore, the rising need for a continuous power supply with a considerable rise in power demand across the globe is affecting the solar energy and battery storage system market. The worldwide expansion in industrial development activity and urbanization is making a path for the solar energy and battery storage market. However, higher capital investments are obstructing the market.

Key Players:

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.)

Alpha Technologies (U.S.)

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Market Segmentation:

The global solar energy and battery storage system market has been segregated on the basis of solar technology, connection type, application, end-user, battery type, and region.

On the basis of sola technology, the market is divided into concentrated solar power and solar photovoltaic.

On the basis of connection type, the market is divided into off-grid and on-grid.

On the basis of application, the market is divided into power demand, peak shaving, load leveling, and others.

On the basis of end-user, the market has been divided into industrial & commercial, utility, and residential. The utility vertical acquired the largest solar energy and battery storage system market share. The utility solar energy and battery storage system has witnessed a considerable expansion in both new and established markets, where technology has taken the first step to making an impression.

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On the basis of battery type, the market is segregated into lithium-ion (Li-ion), lead-acid, sodium-sulfur, and others. Li-ion leads the battery type vertical of the market. Li-ion batteries are highly effective and offer better energy to density ratio, owing to which there will be a high demand for Li-ion batteries to cross the hurdle of power interruptions. This, in turn, will lead to the expansion of this market vertical during the review period.

On the basis of region, the market is segregated into the Asia Pacific, North America, Europe and the Rest of the World (Row).

Regional Analysis

On the basis of geography, the market has been divided into Asia Pacific, Europe, North America, the Rest of the World (RoW). The European market leads the global solar energy and battery storage system market. Today, Europe has an accruing energy storage capacity of approximately 30 GW. Solar energy is one of the major renewable energy sources in the European countries.

As per Eurostat, in 2015 it devoted to 6.4% of the total primary energy production. In Europe, several solar power projects are under the process of construction. This is affecting the expansion of the market. Europe and North America have made important contributions towards the expansion of utility solar energy and battery storage system market, expert and innovative vendors, project developers, driven by regulations.

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