Commercial Solar Storage Market Scope
Commercial Solar Storage is a device that stores energy for later consumption and is powered by a solar system. The stored electricity is used after sundown, during peak energy demand, or during a power outage. Solar Storage Systems allow to store the electricity generated by solar panels and use it later in the evening or at a later stage. Adding a solar battery system is an excellent way to increase grid independence by utilizing renewable energy. The global increase in power consumption, as well as the increasing demand for sustainable electricity generation, drive market growth. Commercial Solar storage is a rapidly growing market in the United States.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | ABB (Switzerland), Tesla, Inc. (United States), LG Chem Ltd. (South Korea), Sonnen (Germany), SunPower Corporation (United States), EvoEnergy (United States), Centrica plc (United Kingdom), Energy Matters (United States), KMB Design Group, LLC (United States), Solar Technologies (United States), Sovereign Solar (Australia) and Latitude51 Solar Inc. (Canada) |
CAGR | % |
The market for Commercial Solar Storage is highly competitive with several global as well as local players in the market. The global players are trying various strategies such as product innovation and using various marketing strategies to gain a higher market share. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Commercial Solar Storage market throughout the predicted period.
ABB (Switzerland), Tesla, Inc. (United States), LG Chem Ltd. (South Korea), Sonnen (Germany), SunPower Corporation (United States), EvoEnergy (United States), Centrica plc (United Kingdom), Energy Matters (United States), KMB Design Group, LLC (United States), Solar Technologies (United States), Sovereign Solar (Australia) and Latitude51 Solar Inc. (Canada) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are iGreenEnergy (Australia) and Solar Spirit (Australia).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Commercial Solar Storage market by Type , by Application (Government Agencies, Enterprises, Retail, Automotive, Hospitality and Other) and Region with country level break-up.
On the basis of geography, the market of Commercial Solar 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).
region held largest market share in the year 2021.
On 10 February 2022, TotalEnergies announced it has signed a definitive agreement with SunPower Corp.'s to purchase its Commercial & Industrial Solutions (CIS) business. TotalEnergies is the majority shareholder of SunPower, a leading solar technology and energy services provider. This acquisition is another step in TotalEnergies' roadmap to develop its distributed generation business
Influencing Trend:
Technological Advancement In Commercial Solar Storage System and Increasing Investment In Research And Development Among Players
Market Growth Drivers:
Surge In Power Consumption Across The Globe and Increasing Demand For Sustainable Electricity Generation
Challenges:
Short Lifespan of Batteries and Regular Maintenance Cost and Intense Competition Among Players
Restraints:
High Cost Associated With Commercial Solar Storage System
Opportunities:
Government Initiatives Toward Renewable Energy Generation Leads the Demand for Market and The Growth Opportunities From Emerging Economies
Key Target Audience
New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others