Solar Energy Storage Market Research Report - Forecast to 2029 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Solar Energy Storage Market 
Industry / Sector Trends

Solar Energy Storage Market size exceeded USD 170 million in 2018 and is anticipated to grow at over 35% CAGR from 2019 to 2025.

Rising environmental concerns in conjunction to strict regulatory mandates to curtail emissions through the integration of effective energy conservation measures will drive the global solar energy storage market growth. Moreover, ongoing enhancements & upgrades with an aim to entail a cost-competitive business scenario will positively influence industry dynamics. Moreover, harnessing the synergy among intermittent renewable power and demand side electrification is the key factor influencing the technological adoption.

Market Segmentation, Outlook & Regional Insights: Solar Energy Storage Market

Solar Energy Storage Market, By Composition

Lead acid batteries have been among the first and widely deployed rechargeable battery in terms of technology, based on the number of installations and cumulated installed capacity. The technology feature good cost-performance ratio across a wide range of applications complementing its adoption across the market. However, low energy density, heavy structure, poor deep discharging response adhered by lead composition are few parameters restraining the business growth.

Lithium ion segment has benefitted from large scale investments on account of their versatility enabling their deployment across a wide tandem of applications. The chemistry possesses comprehensive cost reduction potential through an increase in scale of production capacity, material improvements, and competitive supply chains. In addition, large scale development of EVs favoured by ongoing stationary solar integration will further complement the industry outlook.

Solar Energy Storage Market, By Capacity

< 1000 kW solar energy storage market will gain momentum on account of significant growth potential across applications behind the meter, primarily in small scale systems associated with PV installation. Regulatory inclination towards self-consumption and further response to incentives from distribution companies and grid operators with an aim to manage grid feed-in will positively influence the business potential. Furthermore, as BES integration increase favoured by declining costs, retrofits of the batteries with small scale photovoltaics is anticipated to emerge as a factor driving energy storage demand.   Solar Energy Storage Industry Size By Capacity, 2018 & 2025 (MW)   > 10000 kW solar energy storage market will grow with several nations identifying the imperative reforms required to support rising variable renewable energy (VRE) shares. Integration of ancillary services to the grid and the characterization of granular markets to remunerate individual services including primary & secondary frequency reserves, firm capacity and others. In terms of BES services, behind the meter storage economics will positively sway the industry dynamics.

Solar Energy Storage Market, By Installation

Off-grid renewable energy solutions, including stand-alone systems & mini-grids, have emerged as a prominent, cost-competitive solution to provide access to electricity. Rapid progress has been made as technology costs have plummeted favoured by innovation in delivery models & financing catering a diverse set of stakeholders including communities, local entrepreneurs & the private sector. Henceforth, positive industry and regulatory outlook favoured by positive consumer tendencies to integrate a self-aggregated sustainable electric scenario will comprehensively foster the market share.

Regulators across the globe have continuously been focussed towards the extension and development of plans, reforms, and schemes to support grid-scale solar deployments. Portfolio standards, clean energy drives, green bonds, and renewable certificates are a few regulatory measures concerned with renewable deployment across the respective regions. Although, the regulatory and industrial prospects pose a significant growth potential, the market continues to witness a modest growth subject to the persisting financial impediments.

Solar Energy Storage Market, By Region

Asia Pacific solar energy storage market is anticipated to grow over 40% by 2025. Nations across the region have committed to emission reduction and have further linked these aspirations to partial decarbonization. The post-COP21 period has witnessed a rapid expansion of the green bond industry, signalling higher investor inclination toward new renewable projects. The existing fiscal incentives and regulatory policies available across the region favour these prospects. As solar is a relatively abundant energy source, many countries have induced medium to long-term policies to reinforce renewable growth in their overall energy portfolio.

Europe Solar Energy Storage Market Size By Country, 2025 (USD Million)

Deprivation of effective grid electricity has compelled a considerable percentage of the population to rely on traditional hazardous flame-based light source across Africa. The off-grid solar industry has gained an upsurge in the recent years with over 100 companies focusing on stand-alone solar systems; however, the development has been asymmetric with Kenya, Ethiopia, and Tanzania leading the African solar industry. Furthermore, efforts of financial institutions including the World Bank along with activities of social enterprises will positively impact the market in the region.

Key Players, Recent Developments & Sector Viewpoints: Solar Energy Storage Market

Prominent market players include BMW, BYD, Kokam, Carnegie Clean Energy, Primus Power, Maxwell Technologies, Samsung, LG Chem, EnerSys, Leclanche, BAE, Saft, FIAMM, Vionx, Adara Power, Aquion, and Ecoult.

Competitive pricing, brand value, product flexibility and reliability are few parameters evaluated to validate industrial competitiveness. Moreover, adoption of flexible process implications including backward and forward integration across the value chain in coherence to integrated distribution channels, self-attained product patents and extensive R&D investments have further strengthened the business portfolio.

Industry Viewpoint

Energy storage provides for an integrated solution to the most critical energy requirements including electric grid modernization, reliability & resilience, sustainable mobility, flexibility for a diverse & secure electricity generation portfolio, enhanced economic competitiveness for remote communities and micro-grid solutions

Key Insights Covered: Exhaustive Solar Energy Storage Market

1. Market size (sales, revenue and growth rate) of Solar Energy Storage industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Solar Energy Storage industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Solar Energy Storage industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Solar Energy Storage industry.

Research Methodology: Solar Energy Storage Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.