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Solar Energy Storage Market: Industry Growth, Competitive Analysis, Future Prospects and Forecast 2025

Author : Ronak Bora | Published Date : 2020-08-21 

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.

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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 industry 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 industry 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.

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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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 4    Global Solar Energy Storage Market, By Composition

4.1    Global Solar Energy Storage market share by composition, 2018 & 2025

4.2    Lead acid

4.2.1    Global market from lead acid, 2014 – 2025

4.2.2    Global market from lead acid, by region, 2014 - 2025

4.3    Lithium ion

4.3.1    Global market from lithium ion, 2014 – 2025

4.3.2    Global market from lithium ion, by region, 2014 - 2025

4.4    Flow battery

4.4.1    Global market from flow battery, 2014 – 2025

4.4.2    Global market from flow battery, by region, 2014 - 2025

4.5    Others

4.5.1    Global market from others, 2014 – 2025

4.5.2    Global market from others, by region, 2014 - 2025

Chapter 5    Global Solar Energy Storage Market, By Capacity

5.1    Global solar energy storage market share by capacity, 2018 & 2025

5.2    Up to 50 kW

5.2.1    Global market from up to 50 kW, 2014 – 2025

5.2.2    Global market from up to 50 kW, by region, 2014 - 2025

5.3    51 to 250 kW

5.3.1    Global market from 51 to 250 kW, 2014 – 2025

5.3.2    Global market from 51 to 250 kW, by region, 2014 - 2025

5.4    251 to 500 kW

5.4.1    Global market from 251 to 500 kW, 2014 – 2025

5.4.2    Global market from 251 to 500 kW, by region, 2014 - 2025

5.5    501 to 1000 kW

5.5.1    Global market from 501 to 1000 kW, 2014 – 2025

5.5.2    Global market from 501 to 1000 kW, by region, 2014 - 2025

5.6    1001 to 2500 kW

5.6.1    Global market from 1001 to 2500 kW, 2014 – 2025

5.6.2    Global market from 1001 to 2500 kW, by region, 2014 - 2025

5.7    2501 to 5000 kW

5.7.1    Global market from 2501 to 5000 kW, 2014 – 2025

5.7.2    Global market from 2501 to 5000 kW, by region, 2014 - 2025

5.8    5001 to 10000 kW

5.8.1    Global market from 5001 to 10000 kW, 2014 – 2025

5.8.2    Global market from 5001 to 10000 kW, by region, 2014 - 2025

5.9    > 10000 kW

5.9.1    Global market from > 10000 kW, 2014 – 2025

5.9.2    Global market from > 10000 kW, by region, 2014 - 2025

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.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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