Global Batteries for Solar Energy Storage Market Overview:
A device that stores energy for later use and is charged by a solar system attached to it. After dusk, during energy demand peaks, or during a power outage, the stored electricity is consumed. Solar manufacturers see this as a major source of disruption and innovation. Furthermore, the government's focus on renewable energy has aided market growth. The global Batteries for Solar Energy Storage market is expected to rise in demand as innovations in renewable energy production become more prevalent. Several solar projects have been successful in Europe over the previous decade, which has resulted in appealing potential in the energy industry. Because of the factors mentioned above, the Global Batteries for Solar Energy Storage market is expected to grow at a rapid pace.
As per latest study released by AMA Research, the Global Batteries for Solar Energy Storage market is expected to see growth rate of 6.6%Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Growing Demand for Smart Devices
Market Growth Drivers:
High Requirement for Lithium Batteries from Consumer Electronics and Surge in Demand for Eco-Friendly and Cost-Effective Energy Solutions for Industrial and Commercial Energy Storage
Challenges:
Lack of Infrastructure for installing Battery Energy Storage Systems at Islands or in Remote Areas and Stringent Government Regulations regarding Solar Energy Market
Restraints:
High Initial Installation Cost and Maintenance Cost of Solar Battery
Opportunities:
Increase Adoption in New Applications due to Declining Prices of Lithium Batteries and Investments in Automation by End User Industries
Competitive Landscape:
The demand for batteries for solar energy storage is increasing with each passing day. The businesses in this industry facing major competition with leading players of the market that includes Samsung SDI, Enphase Energy Inc, Shell Plc and others. Many international as well as regional providers are also participants in the industry and directly compete with leaders. It has been identified that market leading players are investing heavily in growth strategies such as technological development, resource utilization to enhance their market position. The market leaders such as Samsung SDI, Enphase Energy Inc, Shell Plc demonstrate a market-defining vision of how batteries for solar energy storage can help top-line business executives achieve their business objectives. Leaders have the ability to execute against that vision through both products and services. They have demonstrated solid business results in the form of revenue and earnings.
Some of the key players profiled in the report are AEG Power Solutions (Netherlands), Abengoa S.A (Spain), Acciona S.A (Spain), Samsung SDI (South Korea), General Electric Company (United States), Tesla, Inc. (United States), Enphase Energy Inc (United States), Shell plc (United Kingdom), TotalEnergies (France), EnerSys (United States) and BYD Company (China). Additionally, following companies can also be profiled that are part of our coverage like Maxwell Technologies (United States), Saft (France), BAE Batterien GmbH (Germany) and Leclanche (Switzerland). Analyst at AMA Research see United States Manufacturers to retain maximum share of Global Batteries for Solar Energy Storage market by 2030. Considering Market by Installation, the sub-segment i.e. On-grid will boost the Batteries for Solar Energy Storage market. Considering Market by Capacity, the sub-segment i.e. Below 100 MWh will boost the Batteries for Solar Energy Storage market.
Latest Market Insights:
In December 2021 Shell New Energies US LLC, a subsidiary of Shell Plc had announced the acquisition of Savion LLC. The acquisition of Savion strengthens Shell's strategy to build an integrated power business as it strives to become a zero-emissions energy company by 2050. Shell's existing solar and energy storage portfolio will be expanded as a result of Savion's acquisition. Shell intends to sell more than 560 terawatt hours of power globally per year by 2030 as part of this strategy.
In June 2021 Enphase Energy Inc, had announced the launch of Encharge battery storage system in Germany. The Encharge battery storage system is available in sizes ranging from 3.5kWh to 42kWh, with the option to upgrade and expand over the system's lifetime. The addition of battery storage to Enphase's existing micro inverter business in Germany will help meet the needs of installers and homeowners seeking a safe and dependable all-in-one solution.
What Can be Explored with the Batteries for Solar Energy Storage Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Batteries for Solar Energy Storage Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Batteries for Solar Energy Storage
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Batteries for Solar Energy Storage market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Batteries for Solar Energy Storage market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture and Capitalist, New entrants/investors, Analysts and Strategic Business Partners, Government & Regulatory Bodies, Traders/Suppliers & Distributors, Solar Energy Storage Batteries Manufactures, Raw Material Suppliers, End-use industries and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.