Solar Energy Storage Market Analysis | 2022-2028

Market Insights

"The solar energy storage market was estimated at USD 0.416 billion in 2021 and is likely to grow at a CAGR of 35.7% during 2022-2028 to reach USD 3.528 billion in 2028".

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Market Dynamics

Introduction

Solar energy is stored in a battery by pumping solar energy into the battery to initiate a chemical reaction among the components of the battery.

Market Drivers

Major factors such as increasing concern toward environmental problems and stringent government regulations to reduce carbon emissions and energy conservation are likely to contribute to the growth of the market.

Furthermore, the growing utilization of non-conventional energy sources, increasing demand for electricity, competition for lower-cost energy, etc. will stimulate the growth of the market during the forecast period.

Segments Analysis

By Composition Type

"The lead acid battery storage segment is expected to witness a significant growth rate in the market during the assessment period".

• The market is segmented as lead acid, lithium-ion, flow battery, and others.
• The lead acid battery storage segment is expected to witness a significant growth rate in the market during the assessment period owing to its good cost-performance ratio across a broad range of applications. Furthermore, lead acid batteries are the first rechargeable batteries to be deployed in wide-scale uses, thereby driving the growth of the segment.

By Capacity Type

"The >10000 kW capacity type is expected to register a high growth rate in the market".

• The market is segmented as up to 50kW, 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.
• The >10000 kW capacity type is expected to register a high growth rate in the market owing to the increasing support of governments from a large number of countries for variable renewable energy. Unification of ancillary services to grids will stimulate market growth.

By Installation Type

"Off-grid installation is estimated to account for the major share of the market during the assessment period".

• The market is segmented as on-grid and off-grid.
• Off-grid installation is estimated to account for the major share of the market during the assessment period on account of being a cost-effective solution fulfilling the demand for electricity. Due to low technological cost, this installation is developing rapidly. The optimistic outlook of the industry owing to positive responses from consumers for sustainable energy usage will boost the market growth.

Regional Analysis

"Asia-Pacific is expected to lead the market during the forecast period".

• The region’s market is driven by rising environmental concerns and growing energy demand, which are the two crucial parameters expected to drive the growth of the market in the Asia-Pacific region. China and India are the growth engines of the region. In addition, Japan is contributing enormously to the solar energy battery storage system market. The government of Japan is aiming to make local companies capable of holding ~50% share of the world’s battery storage market by 2020.
• North America and Europe are also expected to offer substantial growth opportunities during the assessment period.

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Key Players

The following are the key players in the Solar Energy Storage Market (arranged alphabetically).

• Adara Power
• Aquion
• BAE
• BMW
• BYD
• Carnegie Clean Energy
• Ecoult
• EnerSys
• FIAMM
• Kokam
• Leclanche
• LG Chem
• Maxwell Technologies
• Primus Power
• Samsung
• Saft
• Vionx

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision making for the existing players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

The solar energy storage market is segmented into the following categories.

By Composition Type

• Lead Acid
• Lithium Ion
• Flow Battery
• Others

By Capacity Type

• Up to 50kW
• 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 Type

• On-grid
• Off-grid

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)

SWOT analysis of key players (up to 3 players)

• Segmentation
• Current market segmentation by any one of the capacity types by installation type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.