January 29, 2020
According to the research report titled ‘Solar Energy Storage Market Size By Composition (Lead Acid, Lithium Ion, Flow Battery, Others), 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), By Installation (On-grid, Off-grid), Industry Analysis Report, Regional Analysis (U.S., Canada, Germany, France, Italy, Spain, UK, China, Japan, India, South Korea, Australia, Rest of World), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019-2025’, available at MarketStudyReport.com, the global solar energy storage market was worth USD 170 million in 2018 and is expected to expand with a CAGR of 35% during the period of 2019-2025.
Increasing awareness and strict government regulations pertaining to environmental conservation are major factors driving the solar energy storage market growth. BES integration with photovoltaics due to declining costs and rising installation rates of PV are further aiding the market expansion. Moreover, advancements in technology pertaining to solar energy storage are stimulating the industry outlook.
Development of off-grid conventional energy systems such as stand-alone and mini grids systems have emerged to be a cost-competitive solution. Rising R&D activities have decreased the costs of such technologies. Growing inclination towards sustainable sources of energy is thus stimulating the industry outlook.
In terms of composition, lithium ion segment is expected to register substantial growth during the forecast period. Escalating investments have enhanced the adoption of lithium ion batteries since they are deployed across a variety of applications. Moreover, advancements in EV technology due to solar integration are facilitating the business scenario.
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As per the regional landscape, Asia-Pacific solar energy storage industry is presumed to expand by 40% by the year 2025. Strict government regulations in tandem with private and public investments in sustainable energy solutions are augmenting the demand for solar energy storage products across the region.
The prominent companies operating in the solar energy storage market are Ecoult, Aquion Energy, Adara Power, Vionx Energy, FIAMM Energy Technology S.p.A., Saft Batteries, BAE BAtterien, Leclanche, EnerSys, LG Chem, Samsung SDI, Maxwell Technologies Inc., Primus Power, Carnegie Clean Energy, Kokam Co., BYD Co., and BMW Group.
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