Solar Energy Storage Market Forecast:
The Solar Energy Storage Market size surpassed USD 170 Million in the year 2018. And it is projected to grow at a CAGR of 35% over the forecast period 2019 to 2025.
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This report provides historical data, forecasts as well as revenue growth at the global, regional and country levels. It also includes analysis, industry trends and consumption patterns details for each region, major country, and segment from 2019 to 2025.
The report on the global solar energy storage market consists of market trends, market drivers, restraints, opportunities, threats, and segment revenue and market strategies. It also shows market share contributions by each regional and country market. The report also includes an industry analysis, competitive landscape, financials of companies, and impact analysis.
This report provides a comprehensive view of the global solar energy storage market, along with market trends, changing dynamics, deep market and regional segmentation, analysis and evaluation, regional landscape, major investments, product launches, product offering, and detailing of historical, current, and projected revenues.
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The Global Solar Energy Storage Market Overview:
Solar Energy is light, and the sun’s heat is derived from it. It is a plentiful clean, safe, and free energy source that can be stored for later use. CSP or concentrated solar power (CSP) is a method that collects solar energy and converts it to heat. This heat can then be used immediately to generate electricity or stored to be used later. The three primary types that solar storage devices can be found include grid-tied, grid/hybrid, as well as off-grid. The stored energy can be utilized in solar charging stations as well as power generators, power plants, solar lighting, and so on. Growing the demand for sustainable energy as well as environmental issues are the main driving aspects for the market’s expansion. In the end, the solar storage market for energy is anticipated to grow to 215.16 Million in the forecast time.
The need in the global storage market for solar energy is anticipated to increase because of the advancements made in the field of solar energy generation. Researchers are focusing on the development of viable methods for using solar energy to store and use. A number of solar-powered projects have experienced successes over the last decade. This has led to huge opportunities for the energy industry. Storage for solar energy is believed to be the best solution to easing the current energy shortage that is affecting the globe. By examining the factors mentioned above, the solar energy storage market is expected to expand by leaps and bounds.
Solar energy production needs to be supported by an effective backup system for storing it. Thus, the significance of solar storage technology can’t be denied. The companies in the global marketplace for solar storage have realized how important it is to capitalize on the present needs of users. They are expected to spend enormous amounts of money on research and development.
Market Drivers and Market Trends for the Global Solar Energy Storage Market-
Renewables are the Future of the Energy Sector
The global demand for solar storage market for energy is expected to grow since renewable energy increases in recognition across the globe. The development of lithium-ion batteries has raised hopes for maximizing the production of solar energy and its storage. Therefore, the total amount of profits in the solar storage market for energy is predicted to grow by leaps and bounds over the years to come.
Advent of Smart Grids
The advancement of smart grids to store and distribution of electric energy has been an important part of the growth of markets. The focus on the development of smart cities and hubs by government agencies has helped the growth of markets.
Market Dynamics of the Global Solar Energy Storage Market:
The main factors driving the demand for solar energy storage are Population growth, industrialization, urbanization, awareness about the financial and environmental benefits, no greenhouse gas emission, low carbon footprint, lower maintenance cost, creation of jobs and meeting high energy demand.
The market is benefiting from U.S. Government initiatives such as the “Federal Investment Tax Credit (ITC),” to provide tax benefits and the “Modified Accelerated Crash Recovery System (MACRS), to encourage solar energy deployment. Also, India’s plan to increase its renewable energy capacity to 523 GW by 2030 will be a major contributor to market growth.
Technology advancements like Floating Photovoltaic Solar Panels, Building Integrated Photovoltaics, Photovoltaic Noise Barriers, lithium-ion (Li-Ion) batteries, Thin-Film Solar Cells to be used in E.V. applications are expected to impact the market significantly.
The main factors that influence the growth of the market are the reduction in energy used in transmission, the high cost of installation, the need for massive space, clouds, lower energy production during the winter months, and insufficient sunshine at night, etc.
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The Key Market Segmentation of the Global Solar Energy Storage Market:
Global Solar Energy Storage Market can be divided into Storage Material, Technology, End-User, Applications, and Geographical landscapes, etc.
Market Segmentation By Storage Material:
Water
Molten Salt
PCM
Others
Market Segmentation By Technology:
Sensible Heat
Latent Heat
Thermochemical
Others
Market Segmentation By Application:
Power Generation
District Heating and Cooling
Process Heating and Cooling
Market Segmentation By End-User:
Residential and Commercial
Industrial
Utility
Market Segmentation By Geographical Landscape:
North America
Europe
Asia Pacific
South America
Middle East and Africa
Major Key Players in the Global Market Are:
- ABB Ltd
- G. Chem Ltd
- Samsung SDI Co Ltd
- EVERGREEN SOLAR INC.
- Alpha Technologies
- Solor Poer Rocks LLC
- General Electric Company
- BrightSource Energy, Inc.
- Tesla, Inc
- AEG Power Solutions
- eSolar Inc.
- Abengoa S.A.
- ACCIONA, S.A. (Spain)
- Helio power
- SMA Solar Technology
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