About Solar Energy & Battery Storage
Solar energy and battery storage allow storing surplus solar generation for use at any time. It not only increases electricity bill savings but also offers additional backup power in case of a blackout. Solar energy and battery storage are gaining significant popularity across the globe owing to its benefits such as reduce exposure to rising energy prices and generate additional revenues from renewable energy. Moreover, these systems also reduce the load on the environment as well as on electrical power generation. Furthermore, by installing these systems, schools, factories, petrol stations, and other commercial buildings can maximize their energy independence and reduce grid power demand.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 15.6% |
The solar and battery storage market is expected to experience continued rapid growth in the coming years, driven by the factors mentioned above. The competitive landscape will likely become even more dynamic, with new technologies, business models, and players emerging. Companies that can innovate, adapt, and deliver value to customers will be well-positioned to thrive in this exciting market. Analyst at AMA Research estimates that United States, South Korean, and Spanish Manufacturers will contribute the maximum growth to Global Solar Energy & Battery Storage market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ABB Ltd (Switzerland), LG Chem, Ltd. (South Korea), Samsung SDI Co., Ltd (South Korea), General Electric Company (United States), Tesla Inc. (United States), AEG Power Solutions (Netherlands), ESolar Inc. (United States), Abengoa S.A. (Spain), BrightSource Energy, Inc. (United States) and ACCIONA, S.A. (Spain) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are EVERGREEN SOLAR INC (United States) and Alpha ESS Co., Ltd. (China).
Segmentation Overview
AMA Research has segmented the market of Global Solar Energy & Battery Storage market by , Application (Load Leveling, Power Demand and Peak Shaving) and Region.
On the basis of geography, the market of Solar Energy & Battery Storage has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Solar Technology, the sub-segment i.e. PV will boost the Solar Energy & Battery Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Connection Type, the sub-segment i.e. On-Grid will boost the Solar Energy & Battery Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Battery Type, the sub-segment i.e. Lead-Acid will boost the Solar Energy & Battery Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Residential will boost the Solar Energy & Battery Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Battery Energy Storage Manufacturing Capacity is Growing Fast, Lithium-ion is becoming the Technology of Choice for Solar-based ESS and Asia is On Track to Become the World Leader in Energy Storage
Market Growth Drivers:
Rising Electricity Rates across the Globe, Increasing Demand for High-Performance Energy Storage System Installations and Government Incentives for Energy Storage are Driving Growth
Restraints:
A High Installation Cost
Opportunities:
The Growth Opportunities from Emerging Economies and Opportunities for Financing Battery Storage on a Project Basis are increasing
Market Leaders and their expansionary development strategies
In February 2023, Canadian Solar's CSI Energy Storage division secured a 487 MWh battery supply agreement with Aypa Power, a Blackstone-backed company developing utility-scale renewable energy projects. This partnership aimed to support Aypa Power's expansion plans.
In May 2023, Tesla launched the Megapack 4.0, its next-generation large-scale battery storage solution offering increased energy density and modularity.
Key Target Audience
Solar Energy and Battery Storage Manufacturers, Solar Energy and Battery Storage Sub Component Manufacturers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.