Solar Energy Storage Market

Introduction of Solar Energy Storage Market Report

Solar energy storage is a device that is used to store energy for later consumption and is charged by a connected solar system. The stored electricity is consumed when the demand for energy is on peak, especially after sundown or during a power outage. Nowadays, it is commonly used in commercial or residential buildings. Solar energy storage is used to manage, generate, and store affordable and clean solar energy.

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The significant factors propelling the growth of the global solar energy storage market include the growing environmental concern, along with strict regulations to reduce emissions through the conjunction of effective energy conservation measures. Moreover, upgradation and various advancements are being done in several industries to create a cost-competitive business scenario. Most of the solar projects have succeeded over the past decade, which is influencing different industries. The increasing usage of electric vehicles to reduce transportation costs and decrease carbon emission, has encouraged many companies to install solar integrated EV charging station. These drivers are expected to increase the growth of the global solar energy storage market.

The increasing adoption of solar energy to eliminate the usage of fossils fuels, is having a positive impact on the market. There has been a rise in concern related to the changing environmental conditions due to the depletion of major natural resources that are used to generate power. This factor has motivated the government agencies and large businesses to opt for different renewable power sources, thus boosting the market’s demand.

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Based on the composition, the market is segmented into lead acid, lithium Ion, flow battery, and others. Lead acid segment is expected to grow at a higher CAGR in the global solar energy storage market during the forecast period owing to the increasing deployment of lead acid batteries driven by the numerous remarkable advantages offered by it such as large current capability, tolerant of overcharging, and are available in a wide range of sizes and specifications.

Based on the capacity, the market is segmented into Up to 50 KW, 51 to 250 KW, 251 to 500 KW, 501 to 1000 KW, 1001 to 2500 KW, 2501 to 5000 KW, 5001 to 10000 KW, and > 10000 KW. Capacity below 1000 KW is expected to dominate the global solar energy storage market due to an increase in BES integration, supported by implementation of small-scale photovoltaics to the batteries and reducing costs. Other factors that are responsible for the growth of this segment are regulators inclining towards self-consumption and response to incentives from distribution companies and grid operators to manage grid feed-in. Moreover, >10000 KW segment is anticipated to witness a faster CAGR over the forecast period. Growing demand for clean energy and reducing tariff prices are the reasons due to which the government is highly using >10000 KW capacity storage to meet the energy demand.

Based on the installation, the market is segmented into off-grid and on-grid. The off-grid segment is projected to grow at a higher CAGR during the forecast period. The off-grid energy storage system is a highly cost-effective solution that provides access to electricity. There has been constant focus on reforms, schemes, and extension & development of plans to favor the grid-scale solar implementations by the regulators worldwide, thus driving the growth of the off-grid segment. There are few steps taken by regulators across regions such as clean energy drives, portfolio standards, renewable certificates, and green bonds concerned with renewable implementation. These key factors are responsible for the growth of the off-grid segment in the global solar energy storage market.

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Based on the region, Asia-Pacific is expected to grow at a higher CAGR during the forecast period as many countries have targeted to reduce emissions and have linked these aspirations to partial decarbonization. The growth of solar energy storage in APAC countries is favored by regulatory policies and existing fiscal incentives across the nations. Moreover, prompting medium to long-term policies for embracing renewable growth in overall energy portfolio by many countries is also a reason for the growth of the solar energy storage market in Asia-Pacific.

Various notable players operating in the global solar energy storage market include BYD Company Limited, Carnegie Clean Energy Ltd., Maxwell Technologies, Inc., Samsung SDI Co., Ltd., EnerSys, BAE Batterien GmbH, Saft Batteries, Vionx Energy Corporation, FIAMM Energy Technology Ss.p.A., Adara Power, among others. 

Key Developments: 

• • In 2020, ENACT Systems, the leading global software platform to manage and deploy solar projects, acquired Adara Power to expand capabilities for energy storage and smart energy management.
  • In 2018, Carnegie Clean Energy Ltd. revealed their plans to build 10 MW solar photovoltaic (PV) plant with up to 10 MWh storage of battery in Western Australia and it also announced new financing for its Garden Island microgrid project.

The global solar energy storage market has been segmented on basis of composition, capacity, installation, and regions. Based on composition, the market is segmented into lead acid, lithium ion, flow battery, and others. Based on Capacity, the market is segmented into up to 50 KW, 51 to 250 KW, 251 to 500 KW, 501 to 1000 KW, 1001 to 2500 KW, 2501 to 5000 KW, 5001 to 10000 KW, and > 10000 KW. Based on installation, the market is segmented into on-grid and off-grid. Based on the regions, the global solar energy storage market has been segmented into Asia-Pacific, Europe, North America, and RoW.

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Key questions answered in this research report:

• • At what pace is global solar energy storage market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in global solar energy storage market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global solar energy storage market?
  • Which composition generated maximum revenues in 2019 and identify the most promising composition during the forecast period?
  • What are the various capacities of global solar energy storage market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Composition, By Capacity, By Installation, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	BYD Company Limited, Carnegie Clean Energy Ltd., Maxwell Technologies, Inc., Samsung SDI Co., Ltd., EnerSys, BAE Batterien GmbH, Saft Batteries, Vionx Energy Corporation, FIAMM Energy Technology S.p.A., Adara Power, among Others; A total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Solar Energy Storage Market by Composition

• • Lead Acid
  • Lithium Ion
  • Flow Battery
  • Others

Global Solar Energy Storage Market by Capacity

• • Up to 50 KW
  • 51 to 250 KW
  • 251 to 500 KW
  • 501 to 1000 KW
  • 1001 to 2500 KW
  • 2501 to 5000 KW
  • 5001 to 10000 KW
  • > 10000 KW

Global Solar Energy Storage Market by Installation

• • On-Grid
  • Off-Grid

Global Solar Energy Storage Market by Region

• • North America Solar Energy Storage Market (Option 1: As a part of the free 25% customization)
    • North America Market by Composition
    • North America Market by Capacity
    • North America Market by Installation
    • US Market All-Up
    • Canada Market All-Up
  • Europe Solar Energy Storage Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Composition
    • Europe Market by Capacity
    • Europe Market by Installation
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Solar Energy Storage Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Composition
    • Asia-Pacific Market by Capacity
    • Asia-Pacific Market by Installation
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Solar Energy Storage Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Composition
    • RoW Market by Capacity
    • RoW Market by Installation
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Solar Energy Storage Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • BYD Company Limited
  • Carnegie Clean Energy Ltd.
  • Maxwell Technologies, Inc.
  • Samsung SDI Co., Ltd.
  • EnerSys
  • BAE Batterien GmbH
  • Saft Batteries
  • Vionx Energy Corporation
  • FIAMM Energy Technology S.p.A.
  • Adara Power