Solar energy and battery storage market is expected to project at USD 113.4 million and range to USD 360.4 million during the forecast period of 2019 to 2027. It projects at a CAGR of 15.5% during the forecast period of 2022-2030. The solar battery is in high demand as it is used for storing solar power and also discharges the power according to the requirement. This lithium-ion or lead-acid is rechargeable and is also used for storing energy in the solar system. The solar battery is widely used in various appliances like solar charging stations, power plants, and off-grids used as storage systems. It was marked that in the year 2020, Italy got a contract of 95MW solar battery storage for delivering it starting from 2022 till 2030.
Globally the solar energy and battery storage market was greatly disrupted during COVID. Due to the rise in social distance, manpower decreased which in turn affected the market growth. It led to the delay in the installations of the solar systems and also led to the cancellation of new contracts. Consumer expenditure was highly affected during the pandemic. COVID imposed many restrictions which led to the disruption in the downstream and upstream supply chains. India was largely dependent on China for the import of solar panels. So highly depending on China for solar systems particularly during the COVID period affected the manufacturing and supply.
Moreover, the government has imposed the use of masks and gloves. If the people do not wear masks and gloves, then strict action was taken against them.
Regionally, the countries of the United Kingdom and Portugal have become popular for manufacturing storage batteries in huge numbers. Asia Pacific region is expected to occupy the most dominant solar energy and battery storage market share in 2019. The government of this region is investing much sum in the establishment of the solar system all across the required areas of this region. China has been regarded to be the largest region for carrying out the export business of these systems. Some other regions of India and South Korea are using renewable energy storage, moreover, solar batteries are in huge demand in these regions thus driving the market.
There are some of the market players who carry out different advancing marketing strategies to be present on the top position. They merge to build a partnership for expanding their business to a wide area and cover a major portion of the solar energy and battery storage market share. These competitors sustain intense market competition. Some of the major key players are ABB Ltd of Switzerland, LG Chem Ltd of South Korea, Samsung SDI Co Ltd present in South Korea, General Electric Comp[any of United States, Tesla Inc. of the United States, AEG Power Solution present in Germany, eSolar Inc of United States, Abengoa SA of Spain, Brightsource Energy Inc of United States, ACCIONA SA present in Spain and many more.
Globally it is marked that the report provides an in-depth assessment of the industrial participants. It gives a good analysis of the competitive and the market scenario of the industry. It summarizes the solar energy and battery storage market trends and the factors that drive the growth, certain opportunities that helped in the expansion of the industry. Standardization of the product along with the advanced innovative research was also carried out to manufacture more innovative goods. The report also gives information about the market research studies, technologies, applications, the end-users, and the key players operating at the regional and global levels.
|CAGR||15.5% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Battery Type, End-User, Solar Technology, Connection Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.), Abengoa S.A. (Spain), BrightSource Energy, Inc. (U.S.), ACCIONA, S.A. (Spain), EVERGREEN SOLAR INC. (U.S.), and Alpha Technologies (U.S.)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||Increasing demand for electricity across the globe|
Frequently Asked Questions (FAQ) :
The European region is generating a higher Solar Energy and Battery Storage Market share for the forecast period.
The global Solar Energy and Battery Storage Market have estimated to achieve an 8.89% CAGR for the forecast period.
The global Solar Energy and Battery Storage Market have been classified into connection type, region, end-user, solar technology, battery type, and application.
The lithium-ion segment acquired a large solar energy and battery storage market share.
First of all, what matters to attain a stable position is a competitive strength and operating various skillful strategies.
Covid had a great impact on the environment. It reduced the availability of raw materials and decreased component production. This led to the rising of costs of the products but lessening its demand. After the lockdown, the solar industry is expected to attain normalcy and regain its demand.
It includes photovoltaic, status, and dynamic segment. The connection type is categorized into on-grid and off-grid. The application division is categorized into power demand, peak shaving, and many others. It is also seen that the third-generation division is expected to increased size owing to R and D thus reducing the profitability of module manufacturers.