Mammoth Demand for Uninterrupted Power Supply Promoting Solar Energy and Battery Storage Market. Booming Industrial Development Activity to Foster the Solar Energy and Battery Storage Market. As per a detailed analysis by Market Research Future (MRFR), the global solar energy and battery storage market is anticipated to register a CAGR of 8.89% during the forecast period (2017-2023). The surging demand for electricity globally is promoting the growth of the solar energy and battery market. Energy storage is a technology which offers a source of power, and when needed without backsliding to conventional energy sources. These systems are effective and can be used whenever required.
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The prominent players operating in the global solar energy and battery storage market comprises LG Chem, Ltd. (South Korea), ABB Ltd. (Switzerland), General Electric Company (U.S.), Samsung SDI Co., Ltd (South Korea), AEG Power Solutions (Germany), Tesla, Inc. (U.S.), Abengoa S.A. (Spain), eSolar Inc. (U.S.), ACCIONA, S.A. (Spain), BrightSource Energy, Inc. (U.S.), Alpha Technologies (U.S.), and EVERGREEN SOLAR INC. (U.S.).
Market Potential and Pitfalls
The solar energy and battery storage market is stealing the spotlight across the globe mainly due to the surging demand for electricity across the globe. The government supportive policies are considered one of the crucial drivers promoting the growth of the market across the globe. Solar energy policies constitute of international treaties, legislation, and incentives for investment like financial incentives especially in the U.S. In economies like Germany, India, and the U.K., policies like Renewable Portfolio Standard (RPS), Feed-in-Tariff (FIT), pricing laws, tax credits, quota requirements, production incentives, trading systems are developed and implemented in order to promote the use of solar energy. This is likely to trigger the demand for solar energy and battery storage market across the globe. With the mammoth demand for uninterrupted power supply with subsequent growth in power demand, the market is anticipated to foster in the foreseeable future. Moreover, the boom in urbanization and industrial development activity is further creating path for solar energy and battery storage market.
On the contrary, the high capital investment is considered to restrict the growth of the market during the assessment period.
Solar Energy and Battery Storage Market: Segmental Analysis
The solar energy and battery storage market has been segmented based on battery type, connection type, solar technology, end-user, and application.
By mode of battery type, the solar energy and battery storage market has been segmented into lithium ion (Li-ion), lead-acid, sodium sulfur, and others. Among these, the Li-ion is likely to dominate the segment as they are highly efficient and offers improved energy to density ratio. Due to this there will be mammoth demand for Li-ion batteries in order to overcome power interruptions.
By mode of end-users, the market comprises industrial & commercial, utility, and residential. Among these, the utility segment is likely to acquire the largest market share and has experienced growth in both mature and new markets. Regions of North America and Europe has contributed to the growth of the utility solar energy and battery storage system market which is further driven by innovative vendors, regulations, and project developers. Meanwhile, the residential segment is likely to experience a steady momentum due to increasing electricity prices and surging demand for residential energy consumption.
The connection type includes on-grid and off-grid. Among these, the on-grid segment is likely to contribute to growth of the market. The on-grid battery energy storage systems are directly linked to the utility grid and use utility grids for delivering electricity to the consumers. Peak shaving, load leveling, and power demand management are some of the major applications of on-grid connected battery energy storage system.
The solar technology segment constitutes of concentrated solar power (CSP) and solar photovoltaic (PV). Among these, the solar PV is considered an integral segment and had the highest installed capacity of 306.5 GW till 2016.
Regional Frontiers:
Geographically, the solar energy and battery storage market has been studied under regions namely, Europe, North America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, the European region is likely to dominate the global market and has a cumulative energy storage capacity of 30 GW. Solar energy is considered one of the major renewable energy sources in the countries of the region and contributed around 6.4% of the overall energy production. Several power projects in this region are under construction which fuels the growth in this region.
The Asia Pacific region is anticipated to expand at the highest CAGR in the foreseeable future due to the growing concerns related to the environment coupled with the surging demand for energy. Japan is likely to contribute a substantially as the government in this country is aiming towards making the local companies capable of acquiring a 50% share of the world’s battery storage market. Some of the industry bigshots like Mitsubishi, Hitachi, Panasonic, NEC, and Toshiba are offering batteries for solar energy storage system, which is further contributing to the growth of the market.
Industry Updates
May 20, 2019: Regulators based in Ohio have recently approved two projects that will sum up to 470 MW of solar power capacity in the state along with battery storage. It was approved by the Ohio Power Siting Board.
Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Bargaining Power Of Suppliers
3.1.4 Threat Of Substitutes
3.1.5 Segment Rivalry
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
5 Global Solar Energy And Battery Storage System Market, By Battery Type
5.1 Introduction
5.2 Lead-Acid
5.2.1 Market Estimates & Forecast, 2017-2023
5.2.2 Market Estimates & Forecast By Region, 2017-2023
5.3 Lithium Ion
5.3.1 Market Estimates & Forecast, 2017-2023
5.3.2 Market Estimates & Forecast By Region, 2017-2023
5.4 Sodium Sulfur
5.4.1 Market Estimates & Forecast, 2017-2023
5.4.2 Market Estimates & Forecast By Region, 2017-2023
5.5 Others
5.5.1 Market Estimates & Forecast, 2017-2023
5.5.2 Market Estimates & Forecast By Region, 2017-2023
6 Global Solar Energy And Battery Storage System Market, By Solar Technology
6.1 Introduction
6.2 PV
6.2.1 Market Estimates & Forecast, 2017-2023
6.2.2 Market Estimates & Forecast By Region, 2017-2023
6.3 CSP
6.3.1 Market Estimates & Forecast, 2017-2023
6.3.2 Market Estimates & Forecast By Region, 2017-2023
7 Global Solar Energy And Battery Storage System Market, By Connection Type
7.1 Introduction
7.2 On-Grid
7.2.1 Market Estimates & Forecast, 2017-2023
7.2.2 Market Estimates & Forecast By Region, 2017-2023
7.3 Off-Grid
7.3.1 Market Estimates & Forecast, 2017-2023
7.3.2 Market Estimates & Forecast By Region, 2017-2023
8 Global Solar Energy And Battery Storage System Market, By Application
8.1 Introduction
8.2 Load Leveling
8.2.1 Market Estimates & Forecast, 2018-2023
8.2.2 Market Estimates & Forecast By Region, 2018-2023
8.3 Power Demand
8.3.1 Market Estimates & Forecast, 2018-2023
8.3.2 Market Estimates & Forecast By Region, 2018-2023
8.4 Peak Shaving
8.4.1 Market Estimates & Forecast, 2018-2023
8.4.2 Market Estimates & Forecast By Region, 2018-2023
8.5 Peak Shaving
8.5.1 Market Estimates & Forecast, 2018-2023
8.5.2 Market Estimates & Forecast By Region, 2018-2023
9 Global Solar Energy And Battery Storage System Market, By End-Use
9.1 Introduction
9.2 Residential
9.2.1 Market Estimates & Forecast, 2017-2023
9.2.2 Market Estimates & Forecast By Region, 2017-2023
9.3 Commercial & Industrial
9.3.1 Market Estimates & Forecast, 2017-2023
9.3.2 Market Estimates & Forecast By Region, 2017-2023
9.4 Utility
9.4.1 Market Estimates & Forecast, 2017-2023
9.4.2 Market Estimates & Forecast By Region, 2017-2023
Continued…
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