Solar Energy and Battery Storage System Global Market by Battery Type, by End-User, by Solar Technology, Connection Type, Application, & Region | Industry Anticipated to Expand at 8.89 % CAGR During the Forecast Period (2017-2023)
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Market Overview:-
According to a new report by Market Research Future (MRFR), the global solar energy and battery storage system market is expected to expand at 8.89 % CAGR over the review period (2017-2023). Increasing need for energy efficiency in electricity supply and global rise in energy consumption has led to the growth of the market. These energy systems are efficient and can be used whenever required.
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Competition Analysis:-
The prominent players operating the global market for solar energy and battery storage system are ABB Ltd. (Switzerland), LG Chem Ltd. (South Korea), Tesla, Inc. (U.S.), General Electric Company (U.S.), Samsung SDI Co. Ltd (South Korea), and others.
Industrial Developments:-
The Solar Energy Corporation of India (SECI) has issued a tender for developing two 1.5 MW solar power projects with Battery Energy Storage System at Tangtse and Durbuk in Leh district of Jammu & Kashmir. The tender has been issued by SECI on behalf of Military Engineer Services (MES).
Tesla will be implementing a virtual power plant project in South Australia which will be comprised of 50,000 residential homes equipped with solar panels and Powerwall 2 home batteries. This will be the world’s largest VPP system after its completion.
Global Solar Energy and Battery Storage System Market Segmentation:-
The market for global solar energy and battery storage market has been segmented on the basis of battery type, connection type, solar technology, application, region, and end-user.
The market has been segmented into sodium sulfur, lead acid, lithium ion (Li-ion), and others based on battery type. Among these, Li-ion dominated the market as they are highly efficient and offer an improved energy to density ratio. Due to this, there will be an increasing demand for Li-ion batteries to control power interruptions.
The market is segmented into commercial and industrial, utility, and residential based on end-users. Among these, the utility segmented has been accounted to hold the largest market share. The market for utility solar energy and battery storage system has experienced a significant growth rate both in new and mature markets. Besides, the residential segment is anticipated to showcase a significant growth rate over the review period. Due to the increasing price of electricity coupled with growing demand for energy consumption, there is a steady momentum in the residential solar energy battery storage systems. Presently, the residential solar energy market is highly concentrated in leading markets such as Japan, Australia, Germany, and the U.S.
Regional Analysis:-
Geographically, the global market for solar energy and battery storage system has been segmented into Europe, North America, Asia Pacific, and Rest-of-the-World.
Europe dominates the global market for solar energy and battery storage. Europe has a cumulative energy storage capacity of 30 GW and is one of the prime energy sources in European countries. Europe contributes to 6.4 % of the total energy production and has become one of the major driving regions.
Asia Pacific is expected to grow at the highest CAGR over the assessment period owing to the rising environmental concerns and increasing demand for energy.
North America is another major region driving the global market, owing to the increasing investment in smart solar power plants, growth in solar capacity, and installation.
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Source: MarketersMedia
Release ID: 384015
