Solar Energy Storage Market: Emerging Opportunities, Trends and Forecast Analysis (2021-2027) by composation, installation, capacity and Region.

Solar Energy Storage Market was valued at US$ 116.2 Mn in 2020, with a CAGR of 9.2% for the period 2021-2027, thanks to the growing trend of Off-Grid segment use which has boosted demand for Global Solar Energy Storages Market.

Solar Energy Storage Market Overview:

Solar Energy is light and heat comes from the sun. It is an abundant, clean, safe, and free energy resource and can be stored for future use. Concentrated solar power (CSP) is a system that collects solar energy and converts it into heat, this heat can be immediately used to generate electricity or stored for later use. Three main types of solar energy storage systems are grid-tied, grid/hybrid, and off-grid. This stored energy can be used in solar charging stations, power plants, power generation, solar lightings, etc. Rising demand for renewable energy and environmental concerns are major driving factors for the market growth. As a result, the global solar energy storage market is expected to reach 215.16 Mn. during the forecast period. Solar Energy Storage Market To know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2015 to forecast the market through 2027. 2019 is considered a base year however 2020’s numbers are on real output of the companies in the market. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done good in lockdown also and specific strategic analysis of those companies is done in the report.

Solar Energy Storage Market Dynamics:

Growth of population, urbanization, industrialization, awareness of the people about financial and environmental benefits of solar energy, pollution-free, and no greenhouse gas emission, helps to reduce the dependency of fossil fuels, return on investment, less maintenance cost, employment creation, to meet high energy demand, etc are the major factors creating the demand for the solar energy storage system. US Government initiatives like the “Federal Investment Tax Credit(ITC)”, to provide tax benefit, the “Modified Accelerated Cost Recovery System (MACRS) to encourage solar energy deployment and plan of the Indian government to increase the renewable energy capacity of 523 GW by 2030 are adding an advantage to the market growth. Technological advancements such as Building Integrated Photovoltaics, Floating Photovoltaic Solar Panels, Thin-Film Solar Cells, Photovoltaic Noise Barriers, lithium-ion (Li-Ion) batteries for EV application are expected to boost the market positively. Some of the factors affecting the market growth are loss of energy in transmission, high installation cost, need huge space, presence of cloudy days and low energy production in winter, non-availability of sunlight at night, etc.

Solar Energy Storage Market Segmentation:

Based on Composation Type Segment, The global Solar Energy Storage market is segmented into Lead-Acid and lithium-on. The lead-acid segment dominates the global market and was valued at US$ 38.6 Mn in 2020. This battery consists of a negative electrode made of porous lead for formation and dissolution and positive electrode consist of lead oxide. It works on the oldest rechargeable battery technology and has a wide range of applications like power storage systems, the ignition power source for automobiles, etc. Because of its low cost, large current capability, tolerance to abuse, and tolerant to overcharging features, etc have a very high demand in the market. As a result, it is expected to grow at a CAGR of 3.8% during the forecast period. Solar Energy Storage Market 1 Based installation Segment, the global Solar Energy Storage market is segmented into off-grid and on-grid. Off-grid system dominates the global market and it held a share of 62% in 2020. These systems work independently of the grid and have batteries to store solar power. Some of the features like these are ideal for remote areas, supply of electricity in rural areas, cost-effective, power back up facility, etc are driving the growth of the global market positively. As a result, it is expected to grow at a CAGR of 8.2% during the forecast period. Solar Energy Storage Market 2 Based On Capacity Segment, the global Solar Energy Storage market is segmented into less than 1000 kW and more than 10000 kW. Less than 1000 kW segment dominates the market and it held a share of 52% in 2020. The main factors attributing its growth are low cost, high durability, and can production up to 5000 watts of energy. They are designed to give power supply for 8-10 hours which is sufficient for 3 BHK homes.

Solar Energy Storage Market regional insights:

Asia Pacific region dominates the market with a share of 58% in 2020. Growing population high demand for energy, environment-friendly characteristics, reduction in greenhouse emission, etc are the attracting factors of the global market in this region. Major initiatives taken by the countries like China and India in this region to promote solar energy usage are, according to “Renewable Energy Policy Network of the 21 century, in renewable energy sector china has invested US$ 360 Bn in 2020. The government of India aimed to become a global leader in the solar sector by deploying 20000 MW off-grid connected solar by 2022 through “National Solar Mission. North America is the second dominating region in the market because of rapid development and increased utilization of renewable energy resources, urbanization, technological advancement, and US govt initiatives such as tax benefits, an act to reduce the cost of electricity covered in “Public Utility Regulatory Act of 1978” and separate departments to regulate solar-related programmes boosted the global market. As a result, it is expected to reach a CAGR of 4.9 % during the forecast period. The objective of the report is to present a comprehensive analysis of the global Solar Energy Storage market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Solar Energy Storage market dynamics, structure by analyzing the market segments and projecting the Solar Energy Storage market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Solar Energy Storage make the report investor’s guide.

Solar Energy Storage Market Scope: Inquire before buying

Solar Energy Storage Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $  116.2 Mn.
Forecast Period 2021 to 2027 CAGR: 9.2% Market Size in 2027: US $  215.16 Mn.
Segments Covered: by Composition • Lead-Acid • Lithium-Ion
by Installation • Off-grid • On-grid
by Capacity • Less than 1000 kW • More than 10000 kW

Solar Energy Storage Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Solar Energy Storage Market Key Players

ABB Ltd • LG Chem Ltd • Samsung SDI Co Ltd • 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 • SMA Solar Technology

Frequently Asked Questions:

1. Which region has the largest share in Solar Energy Storage Market? Ans: Asia-Pacific held the largest share in 2020. 2. What is the growth rate of the Solar Energy Storage Market? Ans: The Solar Energy Storage Market is growing at a CAGR of 9.2 % during the forecasting period 2021-2027. 3. What segments are covered in Solar Energy Storage Market? Ans: Solar Energy Storage Market is segmented into composition, installation and capacity. 4. Who are the key players in Solar Energy Storage Market? Ans: ABB Ltd, LG Chem, Ltd, Samsung SDI Co., Ltd, General Electric Company, Tesla, Inc, AEG Power Solutions, eSolar Inc., Abengoa S.A., BrightSource Energy, Inc., ACCIONA, S.A. (Spain), EVERGREEN SOLAR INC., and Alpha Technologies, Solor Poer Rocks LLC, Helio power, SMA Solar Technology. 5. What is the study period of this market? Ans: The Solar Energy Storage Market is studied from 2020 to 2027.
1. Global Solar Energy Storage Market: Research Methodology 2. Global Solar Energy Storage Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Solar Energy Storage Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Solar Energy Storage Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Solar Energy Storage Market Segmentation 4.1 Global Solar Energy Storage Market, by Composition type (2020-2027) • Lead-Acid • Lethium-Ion 4.2 Global Solar Energy Storage Market, by Installation (2020-2027) • Off-Grid • On-Grid 4.3 Global Solar Energy Storage Market, by Capacity (2020-2027) • Less than 1000 kW • More than 10000 kW 5. North America Solar Energy Storage Market (2020-2027) 5.1 Global Solar Energy Storage Market, by Composition type (2020-2027) • Lead-Acid • Lethium-Ion 5.2 Global Solar Energy Storage Market, by Installation (2020-2027) • Off-Grid • On-Grid 5.3 Global Solar Energy Storage Market, by Capacity (2020-2027) • Less than 1000 kW • More than 10000 kW 5.4 North America Solar Energy Storage Market, by Country (2020-2027) • United States • Canada • Mexico 6. Asia Pacific Solar Energy Storage Market (2020-2027) 6.1. Asia Pacific Solar Energy Storage Market, by Composition type (2020-2027) 6.2. Asia Pacific Solar Energy Storage Market, by Installation (2020-2027) 6.3. Asia Pacific Solar Energy Storage Market, by Capacity (2020-2027) 6.4. Asia Pacific Solar Energy Storage Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Solar Energy Storage Market (2020-2027) 7.1 Middle East and Africa Solar Energy Storage Market, by Composition type (2020-2027) 7.2. Middle East and Africa Solar Energy Storage Market, by Installation (2020-2027) 7.3. Middle East and Africa Solar Energy Storage Market, by Capacity (2020-2027) 7.4. Middle East and Africa Solar Energy Storage Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Solar Energy Storage Market (2020-2027) 8.1. Latin America Solar Energy Storage Market, by Composition type (2020-2027) 8.2. Latin America Solar Energy Storage Market, by Installation (2020-2027) 8.3. Latin America Solar Energy Storage Market, by Capacity (2020-2027) 8.4. Latin America Solar Energy Storage Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 9. European Solar Energy Storage Market (2020-2027) 9.1. European Solar Energy Storage Market, by Composition type (2020-2027) 9.2. European Solar Energy Storage Market, by Installation (2020-2027) 9.3. European Solar Energy Storage Market, by Capacity (2020-2027) 9.4. European Solar Energy Storage Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1. ABB Ltd 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 LG Chem Ltd 10.3 Samsung SDI Co Ltd 10.4 General Electric Company 10.5 Tesla, Inc 10.6 AEG Power Solutions 10.7 eSolar Inc. 10.8 Abengoa S.A. 10.9 BrightSource Energy, Inc. 10.10 ACCIONA, S.A. (Spain) 10.11 EVERGREEN SOLAR INC. 10.12 Alpha Technologies 10.13 Solor Poer Rocks LLC 10.14 Helio power 10.15 SMA Solar Technology

About This Report

Report ID83252
Category Energy & Power
Published DateFebruary 2021
Updated DateDec 2021
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