Solar Storage Batteries Market Scope
Solar storage batteries are specially built batteries that can be used to store energy generated by solar and photovoltaic panels. The batteries can be used in solar panel installations for residential, commercial, and industrial purposes. Currently, there are several market companies providing batteries for solar energy systems and projects. The batteries increase the systems' self-sufficiency, allow for grid integration, and provide power backups, among other benefits.
The Solar Storage Batteries market study is segmented by Type (Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Sodium Nickel Chloride, Flow Batteries and Others), by Application (Residential, Commercial and Industrial) and major geographies with country level break-up.
Mergers and acquisitions, expansions, investments, new service launches, and collaborations are some of the companies' preferred market-exploration strategies. The company is contributing its share to increasing the company’s growth. The solar energy management business Apparent, the California Energy Commission, and the Los Angeles Department of Transportation signed an agreement in November 2021 for a project to employ a solar plus storage microgrid to power the city's electric buses. The microgrid will include 1.5 MW of rooftop and bus canopy-mounted solar PV, a 4.5 MWh battery energy storage system, five 1.5 MW fleet chargers, and 104 remote EV charge devices, as well as five 1.5 MW fleet chargers.
Bluenova (South Africa), Byd (China), Carnegie Clean Energy (Australia), Enersys (United States), Kokam (South Korea), Leclanche (Switzerland), Lg Electronics (South Korea), Maxwell Technologies, Inc. (United States), Primus Power (United States) and Samsung Sdi Co., Ltd. (South Korea) are some of the key players that are part of study coverage.
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 total available market.
Segmentation Overview
AMA Research has segmented the market of Global Solar Storage Batteries market by Type, Application and Region.
On the basis of geography, the market of Solar Storage Batteries 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).
In Jan 2022, SAMSUNG SDI Co., Ltd.'s new PRiMX battery brand gives consumers quality, performance, and a proven advantage, which translates to user convenience thanks to the company's exclusive technology. In Korea and Europe, the brand has been trademarked, and it will be submitted in the United States soon. and In Dec 2021, LG Energy Solutions Co., Ltd., and Siemens AG have signed a Memorandum of Understanding (MoU) for partnership in the field of battery manufacturing, specifically in the digitization of the manufacturing process. LG Energy Solutions Co., Ltd. created smart battery manufacturing methods at its factories using innovative technology as a result of this strategic relationship.
Market Trend
- Increasing Demand for Technology of Choice for Solar-based ESS
Market Drivers
- Growing Demand for Grid Energy Storage Systems Owing to Ongoing Grid Modernization
- Increasing Peak Energy Demand and Favourable Police Framework
- Increasing energy demand across isolated areas
Opportunities
- Increase In the Number of Rural Electrification Initiatives around the World
- Increase Investment for Beginning Manufactures
- Increasing Installation of Battery Energy Storage Projects in Developing Countries
Restraints
- High Capital Expenditure Required
- High Initial Investment Cost
Challenges
- Stringent government regulations
Key Target Audience
Industry Association, Downstream Vendors, Marketing & Consulting firms, Venture Capitalists, Government & Regulatory Bodies and Investors