About Batteries for Solar Energy Storage
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.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
CAGR | 6.6% |
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. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Batteries for Solar Energy 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.
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) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Maxwell Technologies (United States), Saft (France), BAE Batterien GmbH (Germany) and Leclanche (Switzerland).
Segmentation Overview
AMA Research has segmented the market of Global Batteries for Solar Energy Storage market by Type (Flow Battery, Lead Acid, Lithium-Ion and Other), Application (Industrial, Commercial and Residential) and Region.
On the basis of geography, the market of Batteries for Solar Energy 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 Installation, the sub-segment i.e. On-grid will boost the Batteries for Solar Energy Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Capacity, the sub-segment i.e. Below 100 MWh will boost the Batteries for Solar Energy Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
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
Market Leaders and their expansionary development strategies
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.
Key Target Audience
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
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.