The global solar energy and battery storage system market has been segmented based on battery type, solar technology, connection type, application, end-user, and region. Based on battery type, the market is segmented into lead-acid, lithium ion (Li-ion), sodium sulfur, and others. Li-ion dominated the battery type segment of the solar energy and battery storage system market. Li-ion batteries are highly efficient and provide an improved energy to density ratio, due to which there will be a high demand for Li-ion batteries to overcome power interruptions. This, in turn, will drive the growth of this market segment during the forecast period.
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.
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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. The residential segment is expected to contribute significantly to the market growth during the forecast period. There is a steady momentum in the residential solar energy battery storage systems due to rising electricity prices along with rising demand for residential energy consumption, and the desire to use clean & locally generated electricity. Currently, the residential solar energy storage market is greatly concentrated in selected leading markets such as in, Australia, Germany, Japan and the U.S.
Industry Top Key Players:-
- ABB Ltd. (Switzerland)
- LG Chem, Ltd. (South Korea)
- Samsung SDI Co., Ltd (South Korea)
- General Electric Company (U.S.)
- Tesla, Inc. (U.S.)
- AEG Power Solutions (Germany)
- eSolar Inc. (U.S.)
- BrightSource Energy, Inc. (U.S.)
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.
By Battery Type
- Lithium ion
- Sodium sulfur
By Solar technology
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
By Connection Type
- Load leveling
- Peak shaving
- Power demand
- Industrial & Commercial
- North America
- Asia Pacific
- Rest of the World
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.