Solar Energy and Battery Storage System Market Share, Size, Trends, Supply, Demand, Growth Research Report Forecast To 2023

Solar Energy and Battery Storage System Market Overview:-

The global solar energy and battery storage system market has been segmented based on battery type, solar technology, connection type, application, end-user, and region. Based on battery type, the market is segmented into lead-acid, lithium ion (Li-ion), sodium sulfur, and others. Li-ion dominated the battery type segment of the market. Li-ion batteries are highly efficient and provide an improved energy to density ratio, due to which there will be a high demand for Li-ion batteries to overcome power interruptions. This, in turn, will drive the growth of Solar Energy and Battery Storage System Market segment during the forecast period.

 

Industry News:-

In February 2017, Utility San Diego Gas and Electric (SDG&E), and U.S-based storage provider AES Energy Storage, a subsidiary of AES Corporation, have completed the world’s largest lithium-ion battery energy storage facility in California.

 

Top Key Players:-

• General Electric Company


• Tesla, Inc. 


• ABB Ltd


• LG Chem, Ltd.


• Samsung SDI Co., Ltd 


• AEG Power Solutions


• eSolar Inc. 

 

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Global Solar Energy and Battery Storage System Market Segmentations:-

On the basis of region, the market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. The European region dominates the global solar energy and battery storage system market. Europe currently has a cumulative energy storage capacity of approximately 30 GW. Solar energy is one of the prime renewable energy sources in the EU countries, and as per the Eurostat, in 2015 it contributed to 6.4% of the total primary energy production. In Europe, currently, many of the solar power projects are under construction. This is driving the growth of the market.

 

Regional Analysis

The European region is the largest region for the solar energy and battery storage system. The EU mandate, which states that 20% of the region's energy consumption should be from renewables by 2020, is expected to support the market growth. The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The market in Asia Pacific is largely driven by the increasing demand for electrical power supply and growth of the manufacturing industries in the region. China has developed a non-profit industry association called China Energy Storage Alliance (CNESA) dedicated to promoting energy storage technology in China.   

 

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