Solar Energy & Battery Storage Market Scope
Solar energy and battery storage allow storing surplus solar generation for use at any time. It not only increases electricity bill savings but also offers additional backup power in case of a blackout. Solar energy and battery storage are gaining significant popularity across the globe owing to its benefits such as reduce exposure to rising energy prices and generate additional revenues from renewable energy. Moreover, these systems also reduce the load on the environment as well as on electrical power generation. Furthermore, by installing these systems, schools, factories, petrol stations, and other commercial buildings can maximize their energy independence and reduce grid power demand.
The market study is being classified, by Application (Load Leveling, Power Demand and Peak Shaving) and major geographies with country level break-up.
Research Analyst at AMA predicts that United States, South Korean, and Spanish Manufacturers will contribute to the maximum growth of Global Solar Energy & Battery Storage market throughout the predicted period.
ABB Ltd (Switzerland), LG Chem, Ltd. (South Korea), Samsung SDI Co., Ltd (South Korea), General Electric Company (United States), Tesla Inc. (United States), AEG Power Solutions (Netherlands), ESolar Inc. (United States), Abengoa S.A. (Spain), BrightSource Energy, Inc. (United States) and ACCIONA, S.A. (Spain) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are EVERGREEN SOLAR INC (United States) and Alpha ESS Co., Ltd. (China).
AdvanceMarketAnalytics has segmented the market of Global Solar Energy & Battery Storage market by Type, Application and Region.
On the basis of geography, the market of Solar Energy & Battery Storage has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Solar Technology, the sub-segment i.e. PV will boost the Solar Energy & Battery Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Connection Type, the sub-segment i.e. On-Grid will boost the Solar Energy & Battery Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Battery Type, the sub-segment i.e. Lead-Acid will boost the Solar Energy & Battery Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Residential will boost the Solar Energy & Battery Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On 15 May 2019, NeoVolta Inc. has received approval from the California Energy Commission to connect its NV14 home energy storage system to California’s state-regulated electricity grid. Approval immediately opens NeoVolta’s energy storage solutions to California’s existing 940,000 solar installations that generate nearly 17 percent of all of California’s electricity. By storing energy instead of sending it back to the grid, consumers can protect themselves against blackouts and avoid expensive nighttime ‘peak’ rates charged by the utility companies when solar isn’t producing.
On 5 Oct 2018, ACCIONA receives the world’s first grid-scale energy storage certificate by DNV GL. CCIONA’s energy storage plant in Barasoain (Spain) is the first in the world to undergo comprehensive system-level certification. DNV GL certificate demonstrates the safety, performance, and reliability of the grid-scale energy storage system. The certification was carried out in line with the GRIDSTOR Recommended Practice
- Battery Energy Storage Manufacturing Capacity is Growing Fast
- Lithium-ion is becoming the Technology of Choice for Solar-based ESS
- Asia is On Track to Become the World Leader in Energy Storage
- Rising Electricity Rates across the Globe
- Increasing Demand for High-Performance Energy Storage System Installations
- Government Incentives for Energy Storage are Driving Growth
- The Growth Opportunities from Emerging Economies
- Opportunities for Financing Battery Storage on a Project Basis are increasing
Key Target AudienceSolar Energy and Battery Storage Manufacturers, Solar Energy and Battery Storage Sub Component Manufacturers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Others
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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