Solar Energy Storage Market

Solar Energy Storage Market by Compositions (Lithium-ion, Lead Acid, Flow Batteries, and Others), Capacities (Up to 50 kW, 51 to 250 kW, 251 to 500 kW, 501 to 1000 kW, 1001 to 2500 kW, 2501 to 5000 kW, 5001 to 10000 kW, and Above 10000 kW), Installations (On-grid and Off-grid), and Regions (Asia Pacific, North America, Latin America, Europe and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: EP-484
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 1
  • No. Of Pages: 130
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The global solar energy storage market is anticipated to expand at a CAGR of 34.2% during the forecast period, 2021-2028. The growth of the market is attributed to increasing demand for renewable energy source due to environmental concerns and strict government regulations to limit emission of greenhouse gases across the globe. Moreover, the depletion in the fossil reserves globally is anticipated to propel the market growth.

Solar Energy Storage Market Key Takeaways

Solar energy storage refers to the storehouse for the energy produced by solar connected grid for future use. This storage device is also utilized for the generation and management of the solar energy reserved in its battery. The reserved energy can be used when there is shortage of energy or when the external power supply fails to meet the requirement of users. These devices are available in various capacities and compositions that offer different range of storage volume and battery capacities. Rapid introduction of advanced technology and rising R&D activities are creating opportunities for new entrants and emerging players to diverse their product portfolio.

One key aspect for the significant growth rate of the market is due to wide adoption of these storage devices in both commercial and residential sector over the years. Surge in electricity consumption globally present a key concern for environment regulators and the agencies have been encouraging users to shift their focus from conventional energy source to renewable energy. According to International Renewable Energy Agency (IREA), the solar photo voltaic (PV) is anticipated to fulfill 25% of the total electricity requirements. Over the recent years, the solar energy market is rapidly growing due to certain development especially due to the global environment regime change. As per the resolution of the COP21 or 2015 Paris Climate Conference, government across the globe have implemented policies to restrict carbon footprint, which resulted in the exponential growth of the green bond industry, increasing investment in the large scale renewable projects, and boosting the electrification of the automotive industry worldwide.

Market Trends, Drivers, Restraints, and Opportunities

  • Stringent environmental regulations and policies across the globe to curtail carbon emissions is anticipated to boost the market growth during the forecast period.
  • Growing demand for electric vehicles to reduce the transportation costs and prevent environment degradation has driven to raise the demand for energy storage units across the globe.
  • Rising investment from auto manufacturers and companies involved in building charging stations are integrating solar energy storage devices with electric charging stations, which is anticipated to foster the growth of the market in the coming years.
  • Rapid restructuring of the present-day energy infrastructure and integration of sustainable electrical infrastructure to boost the integrated energy conversion are expected to proliferate the market growth during the forecast period.
  • State government bodies initiatives to integrate the conventional electricity sources with solar power houses for residential use is another key driving factor for the growth of the market.
  • Lack of awareness about solar energy storage devices and slow transition process to renewable energy sources in emerging economies are expected to hinder the market growth.
  • Technological advancements and presence of government subsidiaries to establish a healthy competition between the solar producers are speculated to positively impact the industry.
  • Increasing number of players that offer various innovative energy storage solutions is expected to help in the expansion of the market.
  • Rising number of small and medium companies that are integrating energy storage devices to their existing solar power projects are creating lucrative opportunities for the market expansion.

Scope of the Report

The report on the global solar energy storage market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Solar Energy Storage Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Compositions (Lithium-ion, Lead Acid, Flow Batteries, and Others), Capacities (Up to 50 kW, 51 to 250 kW, 251 to 500 kW, 501 to 1000 kW, 1001 to 2500 kW, 2501 to 5000 kW, 5001 to 10000 kW, and Above 10000 kW), and Installations (On-grid and Off-grid)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Aquion, Adara Power, BMW, BAE BYD, Carnegie Clean Energy, ENACT Systems, Ecoult, EnerSys, FIAMM, Leclanche, Kokam, Primus Power, LG Chem, Maxwell Technologies, Samsung, Saft, and Vionx


Solar Energy Storage Market Segment Insights

Lithium-ion segment to exhibit a high CAGR
Based on compositions, the market is segmented into lithium-ion, lead acid, flow batteries, and others. The lead acid segment accounted for a large market share in 2020 and is anticipated to grow at a robust CAGR during the forecast period. Wide adoption of the lead acid battery in both on-grid and off-grid energy systems present a key aspect for the segment growth. These batteries are extensively adopted across various industry verticals owing to certain benefits such as cost-effectiveness, substantial current capability, tolerant of overcharging, availability in wide range of specifications and sizes, and presence of many manufacturers. However, factors such as lower energy density, poor weight to energy ratio, toxic to the environment, and slow charging are some key challenges for the segment growth.

On the other hand, the lithium-ion segment is anticipated to exhibit a high CAGR during the forecast period owing to its rising demand from various industries. Lead acid batteries are increasingly getting replaced by lithium-ion batteries in wide range of applications due to certain advantages such as high energy density, low self-discharge rate, low maintenance, and considerable environmental benefits. For instance, in June 2019, Toyota deployed solar rooftops at its five facilities using lithium-ion battery solutions to extract maximum source of energy. Rising R&D activities in this segment is anticipated to reduce the cost of the lithium-ion batteries, which acts as a key driving factor for the segment growth. Increasing investment by major industry players to expand the production capacity and rapid growth of the electric vehicles (EVs) market are anticipated to create remunerative opportunities of the segment in the coming years.

Solar Energy Storage Market By Compositions

Above 10000 kW segment to account for a large market share
In terms of capacities, the solar energy storage market is divided into up to 50 kW, 51 to 250 kW, 251 to 500 kW, 501 to 1000 kW, 1001 to 2500 kW, 2501 to 5000 kW, 5001 to 10000 kW, and above 10000 kW. The combined 2501 to 5000 kW and 5001 to 10000 kW segments are anticipated to account for a significant market share owing to the high adoption of the storage capacities from number of small and medium enterprises for various solar energy utilities. Increasing number of incentive programs regarding the usage of solar energy systems to grid operators and distributors are driving the growth of the market segment. Additionally, the rising number of integrated battery energy storage (BES) owing to reducing costs of batteries, which allow the retrofitting of solar PV with solar energy storage are projected to boost the segment growth. On the other hand, the above 10000 kW segment is anticipated to account for a large market share owing to the growing adoption of the storage capacity from large enterprises and rising awareness about variable renewable energy (VRE) sources in emerging economies. Moreover, the availability of “behind-the-meter” energy storage is expected to foster the market segment growth. Various government bodies are working on building large scale renewable projects to reduce the dependency on depleting fossil reserves. Existing declining tariff rates of the storage type present a key factor that help raising demand for solar energy storage devices with capacity of more than 10000 kW.

Off-grid segment to exhibit a robust CAGR
On the basis of installations, the market is bifurcated into on-grid and off-grid. The off-grid segment is anticipated to exhibit a robust CAGR during the forecast period owing to the increasing investment in the development of technology that offer cost-effective deployment of stand-alone and mini grids. Rapid rise in the number of innovations to station of the off-grid systems pave several opportunities for small and medium investors to increase their portfolio. Growing awareness about the benefits of off-grid renewable energy solutions such as capability to store the solar power in batteries is driving the growth of the off-grid segment. On the other hand, the on-grid segment is anticipated to account for a large market share during the forecast period owing to rising preference for automatic integrated system for solar energy conversion.

Market in Asia Pacific to expand at a high CAGR
Based on regions, the market is categorized as North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The market in Asia Pacific to expand at a CAGR of more than 35.3% during the forecast period, 2021-2028 owing to several solar energy development projects and initiatives taken by various governments in the region. Rapid development of the automotive industry and establishment of several manufacturing units in the region are key driving factors for the regional market expansion. In February 2021, Nitin Gadkari, the Union Minister for Road Transport and Highways in India, announced that second phase of Faster Adoption and Manufacturing of Electric Vehicles (FAME) aimed to provide subsidies worth around USD 1.3 billion to over 1.5 million electric vehicles. Thus, such government initiatives and deployment of fiscal incentives to electric car manufacturers and solar power producers are anticipated to boost the regional market growth. Moreover, increasing implementation of strict regulatory policies for sustainable environment, especially in emerging economies such as India and China, that are fostering the market growth in Asia Pacific.

North America accounted for a large market share in 2020 and is projected to hold a large market share during the forecast period owing to early adoption of latest renewable energy technology that lead to the rapid expansion of the solar energy storage market. Increasing number of companies investing in the electric vehicles and solar voltaic systems are boosting the growth of the market in the region. In September 2019, the Los Angeles Department of Water and Power (LADWP) Board of Commission approved the policy to implement two large-scale solar systems that can capture and store energy to power more than 0.28 million houses. The tech giant, Apple announced a plan in April 2021 to build solar energy storage facility in California. The company claimed that the facility could store 240 MW of solar energy.

 Solar Energy Storage Market By Regions

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Solar Energy Storage Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Solar Energy Storage Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Solar Energy Storage Market - Supply Chain
  4.5. Global Solar Energy Storage Market Forecast
     4.5.1. Solar Energy Storage Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Solar Energy Storage Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Solar Energy Storage Market Absolute $ Opportunity
5. Global Solar Energy Storage Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Solar Energy Storage Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Solar Energy Storage Demand Share Forecast, 2019-2026
6. North America Solar Energy Storage Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Solar Energy Storage Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Solar Energy Storage Demand Share Forecast, 2019-2026
7. Latin America Solar Energy Storage Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Solar Energy Storage Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Solar Energy Storage Demand Share Forecast, 2019-2026
8. Europe Solar Energy Storage Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Solar Energy Storage Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Solar Energy Storage Demand Share Forecast, 2019-2026
9. Asia Pacific Solar Energy Storage Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Solar Energy Storage Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Solar Energy Storage Demand Share Forecast, 2019-2026
10. Middle East & Africa Solar Energy Storage Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Solar Energy Storage Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Solar Energy Storage Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Solar Energy Storage Market: Market Share Analysis
  11.2. Solar Energy Storage Distributors and Customers
  11.3. Solar Energy Storage Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Aquion
     11.4.2. Adara Power
     11.4.3. BMW
     11.4.4. BAE
     11.4.5. BYD
     11.4.6. Carnegie Clean Energy
     11.4.7. ENACT Systems
     11.4.8. Ecoult
     11.4.9. EnerSys
     11.4.10. FIAMM
     11.4.11. Leclanche
Segments Covered in the Report
The global solar energy storage market is segmented on the basis of

Compositions
  • Lithium-ion
  • Lead Acid
  • Flow Batteries
  • Others
Capacities
  • Up to 50 kW
  • 51 to 250 kW
  • 251 to 500 kW
  • 501 to 1000 kW
  • 1001 to 2500 kW
  • 2501 to 5000 kW
  • 5001 to 10000 kW
  • Above 10000 kW
Installations
  • On-grid
  • Off-grid
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • Aquion
  • Adara Power
  • BMW
  • BAE
  • BYD
  • Carnegie Clean Energy
  • ENACT Systems
  • Ecoult
  • EnerSys
  • FIAMM
  • Leclanche
  • Kokam
  • Primus Power
  • LG Chem
  • Maxwell Technologies
  • Samsung
  • Saft
  • Vionx

The major players of the market are Aquion, Adara Power, BMW, BAE, BYD, Carnegie Clean Energy, ENACT Systems, Ecoult, EnerSys, FIAMM, Leclanche, Kokam, Primus Power, LG Chem, Maxwell Technologies, Samsung, Saft, and Vionx.

Some of these major companies are focusing on building partnerships with government state bodies to build solar PV systems and energy storage devices to expand their market share. For instance, in 2018, Carnegie Clean Energy disclosed its plans to build 10MW solar PV plant in Western Australia. On the other hand, some of them are engaging in various market strategies including acquisitions, mergers, and partnership to leverage their market position. In February 2020, ENACT Systems acquired Adara Power to expand its energy storage and smart energy management offerings.

 Solar Energy Storage Market By Key Players

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