Global Solar Energy Storage Market is expected to grow over 36% CAGR by 2027 due to the rising demand for solar energy. Solar energy has become popular in the global market due to its abundance and renewable nature. The dependence on conventional energy has become a threat to the environment. Various environmental issues like Global warming, climate change are evident that conventional energy is harming the environment.
The world has now recognized that clean energy is a possible solution to repair the damages done by the usage of conventional fuels. Solar energy is emerging as the most viable solution for reducing the emission of greenhouse gases. With the plunging cost of tariffs and advanced technologies in the solar panel system, the Solar energy market has gained enormous recognition. Moreover, governments around the world are encouraging alternate energy production like solar energy by providing subsidies. This has induced the growth of the solar energy market.
The demand for the solar energy market has resulted in advancements of technologies aiding the solar panels. Various developments are being made in Solar energy storage to provide users a cost-effective product. Solar energy storage comprises devices like batteries that stores the electricity produced which can be used later. The feature of backup has caught the attention of residential users. The solar energy storage batteries are widely used in residential houses fitted with rooftop solar panels. It gives the users the option to store the energy and use it in times of crisis. North American country the US is widely installing residential solar panels. The US government has formulated policies favorably to fit rooftop solar energy panels in residential areas.
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Global Solar Energy Storage market can be segmented based on Installation, Composition, Capacity, and Region.
By Installation, Solar Energy Storage market can be divided into On-grid and Off-grid. The off-grid solar energy storage market holds the largest share due to its stand-alone feature and cost-effective solutions. Many companies have leveraged this technology and constantly developing user-friendly off-grid solutions to consumers.
By Composition, Solar Energy Storage market can be categorized into Flow Battery, Lead Acid, Lithium-Ion, and others. Lead-acid batteries are leading with its large market share due to its low price. Low capacity and short life span are hindering the growth of this segment.
By Capacity, Solar Energy Storage market can be divided into Below 1000 kW, 1001 to 2501Kw, 2501 kW to 5000 kW, 5001 kW to 10000kw, Greater than 10000 kw. Below 1000 kW energy storage system is gaining momentum in recent years. Increasing self-consumption is the reason for the growth.
High capacity energy storage like greater than 10000 KW is increasingly used by the governments to meet the energy demand. Demand for clean energy and reducing tariff prices are the reasons for the growth of this segment.
By Region, Global Energy Storage Market can be divided into North America, South America, Europe, Asia-Pacific, Middle East and Africa.
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Regionally, the Asia-Pacific Solar energy market is dominating and it is expected to grow significantly during the forecasted period of 2020-27. Countries like China, South Korea and India are making huge efforts in expanding their solar energy capacity. Active interests of governments in reducing greenhouse gas emissions have resulted in recognizing clean energy like solar energy as viable alternative energy. The rising demand for solar energy and favorable government policies is expected to steer the growth of the solar energy storage market.
US Solar Energy storage market is significantly growing over the years. Increasing demand towards rooftop solar installations in the residential of the US has impacted the Solar energy storage market positively. Off-grid solar energy systems are installed in remote islands and particularly in disaster-prone areas of the US. Consumer acceptance of the Off-grid energy system and favorable government regulations on installing rooftop solar energy panels are contributing to the growth of the solar energy storage market.
The major players in the global solar energy market are Samsung SDI Co. Ltd., Aquion, BYD Co. Ltd.,Adara Power, LG Chem Ltd., Fluence Energy LLC, EnerSys, Panasonic Corp, Primus Power,Carnegie Clean Energy, Kokam, Maxwell Technologies, Leclanche, FIAMM, Saft, Vionx BAE, Ecoult.
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