Solar Storage System Market Scope
Solar Storage System is a device that stores energy for later use and is charged by a solar system connected to it. After sundown, during energy demand peaks or a power outage, the stored electricity is consumed. Solar Storage System allows you to store the electricity generated by your solar panels and use it later in the evening or at a later time. Adding a solar battery system is an excellent way to increase your independence from the grid by utilizing renewable energy.
|Unit||Value (USD Million)|
|Key Companies Profiled||Hitachi (Japan), Kokam (South Korea), LSIS (South Korea), SMA Solar Technology (Germany), NGK (Japan), General Electric (United States), Primus Power (United States), Panasonic (Japan), BYD (China) and Younicos (United States)|
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new product launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Solar Storage System market throughout the predicted period.
Hitachi (Japan), Kokam (South Korea), LSIS (South Korea), SMA Solar Technology (Germany), NGK (Japan), General Electric (United States), Primus Power (United States), Panasonic (Japan), BYD (China) and Younicos (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Samsung SDI (South Korea), LG Chem (South Korea), Fluence (United States) and Others.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
The study have segmented the market of Global Solar Storage System market and Region with country level break-up.
On the basis of geography, the market of Solar Storage System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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). region held largest market share in the year 2021.
Market Leaders and their expansionary development strategiesOn 21st April 2021, Atlas Renewable Energy, a leading renewable energy company in the Americas, announced that it has signed a Collaboration Agreement with Hitachi ABB Power Grids to develop and implement Solar Storage Systems at the utility-scale for Atlas' renewable projects. This agreement will enable Hitachi ABB Power Grids to help develop the best technical solutions for Solar Storage Systems and their interconnection during the development of a new project. Hitachi ABB Power Grids will be invited to participate in Atlas Renewable Energy's tenders for the Engineering Package of the projects.
On 1st June 2022, with the integration of two continuous monitoring solutions from Medtronic plc MicrostreamTM capnography (CO2) and INVOSTM regional oximetry (rSO2) technology for perioperative and ICU care on the GE Healthcare CARESCAPE precision monitoring platform – clinicians now can personalise care. The integration of these latest Medtronic patient monitoring technologies on the CARESCAPE platform has received FDA and CE Mark approval, completing the system's full suite of Medtronic patient monitoring technologies. The combined solution also includes GE Healthcare FlexAcuity, which allows clinicians all over the world to select care options based on patient acuity needs, assisting them in their goal of detecting patient deterioration earlier.
The Ministry of Power has issued guidelines to procure and utilize battery energy storage systems as part of the generation, transmission, and distribution assets, along with ancillary services. The guidelines aim to facilitate the growth of the battery storage sector and help establish a uniform framework for all the stakeholders. These guidelines are being issued under the provisions of Section 63 of the Electricity Act for procuring energy from BESS through competitive bidding, from grid-connected projects to be set up on a Build-Own-Operate or Build-Own-Operate-Transfer basis.
- Increasing Innovation and Integration of Lead-Acid Batteries in the Container Type ESS to Expand Applications
- Globally, the Number of Rural Electrification Projects Is Increasing
- High Installation of Solar Systems in the Remote Areas like Island, Plateau, Border Posts, Etc.
- Increasing Installation of Offshore Wind Plants in the United States is Likely to Create Significant Opportunities
- Installing Solar Storage Systems Necessitates A Significant Capital Outlay
- High Energy Consumption to Cool Entire Container and Some Disadvantages Associated with Lithium-Ion Batteries
- Installation of Solar storage systems on islands or in remote areas is complicated
- Short Lifespan of Batteries and Regular Maintenance Cost of Containerized Solar Storage System
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Solar Manufacturers, Solar Storage System Suppliers & Distributors, Government Bodies, End-Users and Others
Frequently Asked Questions (FAQ):
1. What are the key segments playing vital role in Solar Storage System Market?
The Solar Storage System study can be customized to meet your requirements. The market size breakdown by type , by end use application .
2. How big is the Solar Storage System Market?
The Solar Storage System Market is gaining popularity and expected to see strong valuation by 2027.
3. What are the key driving factors for the growth of the Solar Storage System Market?
- Growing Demand for Grid Energy Storage Systems As A Result Of Ongoing Grid Modernization
- Increasing Demand for Container Type Solar Storage System for Application at Marine and Ports
- High Growth of Renewable Energy Sector across the Globe will boost the Adoption of Container Type Solar Storage System