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Solar Energy Storage Market 2020: Overview and Share Forecast To 2025

Author : Ronak Bora | Published Date : 2020-09-07 

The global solar energy storage market size is expanding at an unprecedented pace owing to the increased adoption of renewable energy sources by various sectors of the economy to replace the traditional forms of energy usage. Additionally, numerous initiatives of businesses and government agencies to explore sustainable and efficient power sources and their storage has contributed to the enhancement of solar energy storage market share.

The demand for electric batteries to reduce the fuel cost has also witnessed a considerable growth mainly due to the proliferation of electric vehicles, which has driven companies to integrate storage units that are performance oriented. Consequentially, the usage of lithium ion battery storage systems across various business verticals is increasing. Apparently, these batteries are gradually replacing their substitutes for solar storage in grid connection.

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Asia Pacific solar energy storage market is anticipated to exceed 40% by 2025. Stringent government norms coupled with public and private investments in renewable energy solutions across the region inculcating partial decarbonization activities will positively influence the business outlook. Growing investor inclination toward new renewable projects after post-COP21 agreement has witnessed a rapid expansion of the conventional bond industry. The existing regulatory policies and fiscal incentives across the region favor these prospects. Moreover, solar is a relatively abundant and effective energy source which enhances its penetration in many countries inducing long-term policies to emphasize renewable growth in their overall conventional energy portfolio.

According to a study by India Brand Equity Foundation, the installed renewable power generation capacity in India recorded a CAGR of 19.78% between the year 2014 and 2018. Similarly, in order to boost the adoption of solar energy, the government is levying tax credits to people who install solar panels for commercial or residential purposes. In fact, according to the Ministry of New and Renewable Energy, the government pays 30% of the installation cost as a subsidy.

Apart from India, China has emerged as a leading producer, installer, and exporter of renewable energies like solar and wind power along with related technologies like electric vehicles and batteries. As of 2016, China has over 15,000 renewable energy patents and has a clear lead in terms of underlying technology. According to the National Energy Administration (NEA), in the first quarter of 2019, China added 5.2 GW of solar power capacity driven by new project launches in northern and eastern part of the country.

Solar Energy Storage Market in 2018 valued over USD 170 million and is predicted to grow over 35% CAGR by 2025. Strict regulatory norms in line with rising environmental concerns to reduce emissions through the installation of effective energy conservation measures will boost the solar energy storage market growth. Moreover, ongoing technological advancements & upgrades to provide a cost-competitive business outlook will augment the industry dynamics.

Favorable government norms on account of self-consumption and subsidies from grid operators & distribution companies with an aim to achieve grid feed-in will augment the business potential. Moreover, the solar energy storage market is anticipated to gain momentum on account of PV installation on small scale systems and substantial growth potential across applications behind the meters. Furthermore, BES integration will increase owing to declining costs along with batteries retrofitting with small scale photovoltaics are the key factors driving energy storage demand.

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Prominent solar energy storage market players include Carnegie Clean Energy, BMW, Kokam, BYD, Primus Power, Samsung, Maxwell Technologies, EnerSys, LG Chem, Leclanche, FIAMM, Vionx BAE, Saft, Adara Power, Ecoult and Aquion.

Table of Contents (ToC) of the report:

Chapter 1    Methodology & Scope

1.1    Methodology

1.2    Market definitions & abbreviations

1.2.1    Definition

1.2.2    Abbreviations

1.3    Market estimates & forecast parameters

1.4    Data sources

1.4.1    Primary

1.4.2    Secondary

1.4.2.1    Paid sources

1.4.2.2    Public sources

Chapter 2    Executive Summary

2.1    Global solar energy storage market 3600 synopsis, 2014 – 2025

2.1.1    Business trends

2.1.1.1    Electricity storage needs in the energy transition

2.1.2    Composition trends

2.1.3    Capacity trends

2.1.4    Installation trends

2.1.5    Regional trends

Chapter 3    Global Solar Energy Storage Market Insights

3.1    Industry segmentation

3.2    Industry landscape, 2014 – 2025 (USD Million)

3.3    Industry ecosystem analysis

3.3.1    Lithium Ion

3.3.2    Lead Acid

3.3.3    Vendor Matrix

3.4    Regulatory landscape

3.4.1    Europe

3.4.1.1    EU Battery Directive

3.4.1.2    Secondary European Legislation on Batteries:

3.4.1.3    UK

3.4.1.4    Northern Ireland

3.4.1.5    Scotland

3.4.2    U.S.

3.4.2.1    Electronic Code of Federal Regulations

3.4.3    China

3.4.3.1    China RoHS Directive

3.4.4    Japan

3.4.5    International Battery Standards and Testing

3.4.5.1    General Battery Standards

3.4.5.2    Safety Standards

3.4.5.3    Quality Standards

3.5    Innovation and technology landscape

3.5.1    Saft Batteries

3.5.2    BYD

3.5.3    EnerSys

3.5.4    Primus Power

3.6    Price trend (USD/Watt)

3.7    Solar energy storage projects landscape

3.8    Electricity storage services

3.9    Global energy storage power capacity shares by main-use case, 2018

3.10    Application suitability of storage technologies

3.10.1    Grid services

3.10.2    Behind the meter

3.10.3    Off-grid

3.11    Lithium ion battery manufacturing landscape

3.11.1    Critical Raw Material (CRM) landscape

3.11.1.1    Cobalt

3.11.1.2    Natural Graphite

3.11.1.3    Silicon Metal

3.11.1.4    Lithium

3.11.2    Cell component manufacturing landscape

3.11.2.1    Cathode active materials

3.11.2.1.1    Aluminum Foil

3.11.2.1.2    Cathode

3.11.2.2    Anode active materials

3.11.2.2.1    Copper Foil

3.11.2.2.2    Anode

3.11.2.3    Electrolyte

3.11.2.4    Separators

3.12    Comparative analysis of batteries

3.13    Used Lead Acid Battery (ULAB) recycling initiatives

3.13.1    North America

3.13.1.1    U.S.

3.13.2    Europe

3.13.3    Asia Pacific

3.13.3.1    Australia

3.13.4    Africa

3.13.4.1    South Africa

3.13.4.1.1    e-Waste Association of South Africa (eWASA)

3.13.5    Latin America

3.13.5.1    Colombia

3.13.6    Flow Chart Depicting Lead Acid Battery Recycling Process

3.14    TCO Analysis

3.14.1    Battery attributes

3.14.2    Assumptions

3.14.3    Capital expenses

3.14.4    Operational expense

3.14.5    TCO calculation

3.15    Industry impact forces

3.15.1    Growth drivers

3.15.1.1    Global

3.15.1.1.1    Declining Battery Costs

3.15.1.2    North America & Europe

3.15.1.2.1    Positive clean energy outlook

3.15.1.2.2    Favourable regulatory inclination towards sustainable energy

3.15.1.3    Asia Pacific

3.15.1.3.1    Large-scale renewable integration

3.15.1.3.2    Growing energy demand across isolated areas

3.15.1.4    Middle East & Africa

3.15.1.4.1    Restructuring & revamping of existing electrical infrastructure

3.15.1.4.2    Large scale renewable integration prospects

3.15.1.5    Latin America

3.15.1.5.1    Integration of a sustainable energy infrastructure

3.15.2    Industry pitfalls & challenges

3.15.2.1    Stringent government regulations

3.16    Entry barrier

3.17    Customer Group Requirement

3.17.1    Price

3.17.2    Capacity

3.17.3    After Sales Service

3.17.4    Product Accreditation

3.17.5    Size

3.17.6    Maintenance

3.17.7    Transportation & disposal regulations

3.18    Growth potential analysis

3.19    Porter’s Analysis

3.20    Competitive landscape, 2018

3.20.1    Strategy dashboard

3.20.1.1    BYD Company

3.20.1.1.1    BYD & Armex

3.20.1.1.2    Partnership

3.20.1.1.3    Joint Venture

3.20.1.2    Primus Power

3.20.1.2.1    Partnership

3.20.1.2.2    Agreement

3.20.1.2.3    Primus Power & Microsoft

3.20.1.2.4    Primus power in South Africa

3.20.1.3    LG Chem

3.20.1.4    EnerSys

3.20.1.5    Leclanché

3.20.1.5.1    Leclanché and Exide industries

3.20.1.5.2    Leclanché, Enel and Enertag

3.20.1.6    Saft Batteries

3.20.1.6.1    Saft Batteries & GO Electric Inc.

3.20.1.6.2    Innovation

3.20.1.6.3    Saft Batteries & Rolls Royce Marine

3.20.1.7    Adara Power

3.20.1.7.1    Partnership

3.21    PESTEL Analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/solar-energy-storage-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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