One of the main drivers for the growth of solar energy is the vital part played by the government supportive policies. Solar energy policies comprise legislation, international treaties, and incentives for investment, such as financial incentives in the U.S. In several countries, such as India, Germany, and the U.K, policies such as Feed-in-Tariff (FIT), Renewable Portfolio Standard (RPS), tax credits, pricing laws, production incentives, quota requirements, and trading systems have been developed and implemented to promote the use of solar energy, thus, driving the growth of the market. Moreover, growing need for an uninterrupted power supply with a substantial increase in power demand throughout the world is driving the global solar energy and battery storage system market. The global growth in industrial development activity and urbanization is making a path for the solar energy and battery storage market. However, high capital investments are restraining the market.
Scope of the Report:-
This study provides an overview of the global solar energy and battery storage system market, tracking five market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC), and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the solar energy and battery storage system market by its battery type, solar technology, connection type, application, end-user and region.
Industry Major Key Players:-
- ABB Ltd
- LG Chem, Ltd.
- Samsung SDI Co., Ltd
- General Electric Company
- Tesla, Inc.
- AEG Power Solutions
- eSolar Inc.
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Based on end-user, the market has been segmented into utility, industrial & commercial, and residential. The utility segment accounted for the largest share. The utility solar energy and battery storage system has experienced significant growth in both mature and new markets, where technology has just begun to make an impact. Europe and North America have considerably contributed towards the growth of utility solar energy and battery storage system market, driven by regulations, innovative vendors, and project developers.
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. The European region dominates the global solar energy and battery storage system market. Europe currently has a cumulative energy storage capacity of approximately 30 GW. Solar energy is one of the prime renewable energy sources in the EU countries, and as per the Eurostat, in 2015 it contributed to 6.4% of the total primary energy production. In Europe, currently, many of the solar power projects are under construction. This is driving the growth of the market.
Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Rising environmental concerns and growing energy demand are the two crucial parameters that will drive the growth of the market in the APAC region. In the region, Japan is contributing hugely to the solar energy battery storage system market. The government of Japan is targeting to make the local companies capable of holding ~50% share of the world’s battery storage market by 2020. Some of the major battery manufacturers providing batteries for the solar energy storage system are Hitachi, Mitsubishi, NEC, Panasonic, and Toshiba for lithium ion; GS Yuasa and Shin-Kobe Electric Machinery for lead-acid batteries; NGK Insulators for sodium sulfur batteries; and Sumitomo Electric for redox flow batteries. North America is another major market for global solar energy and battery storage system. This is mainly attributed to the growing investments in smart solar power plants and the growth in solar capacity and installations in the region. The U.S. is a major revenue generator for global as well as North America solar energy and battery storage system market, owing to the increasing support of the U.S. government towards the installation of smart solar projects.
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