Solar Energy Storage Market Forecast Analysis

Market Insights

Solar Energy Storage Market was estimated to grow from USD 416.4 million in 2021 to USD 3528.33 million in 2028. And this market witnessed an impressive CAGR of 35.7% during the forecast period.

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What is solar energy storage?

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

Key Players

Some of the key players in the solar energy storage market are-

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

Market Dynamics

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

Furthermore, 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 market is segmented as lead acid, lithium-ion, flow battery, and others. The lead acid battery storage segment is expected to witness 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 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 high growth rate in the market owing to the increasing support of governments from large number of countries for variable renewable energy. Unification of ancillary services to grids will stimulate the market growth.

By Installation Type

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. Optimistic outlook of the industry owing to positive response from consumers for sustainable energy usage will boost the market growth.

By Region

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 being 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 the 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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Segmentation

The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

Segment-wise analysis:

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 
• Europe
• Asia-Pacific
• Rest of the World

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Research Methodology

This report offers high-quality insights and is the outcome of 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 book, press release, journals, investor presentation, 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 the 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. The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization

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 at sales@stratviewresearch.com.