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The market size for solar energy and battery storage was estimated at USD 0.11 billion in 2022. It is anticipated that the market for solar energy and battery storage will increase from USD 0.12 billion in 2023 to USD 0.40 billion in 2030, with a compound annual growth rate (CAGR) of 16.50% over the five-year projection period (2023–2030). The primary market drivers boosting the market growth include new product releases by major key players, R&D activities, and an increase in the demand for power globally.
The increased need for grid energy storage systems as a result of ongoing grid modernization is what is driving the market CAGR for solar energy and battery storage. Energy storage is a technology that offers the essential energy sources for several household, business, and industrial applications. These energy systems can be used whenever needed and are incredibly efficient. A rechargeable battery that stores and disperses energy from a power grid or solar array to several uses is known as a battery energy storage system.
A device that can securely, efficiently, and easily store different types of energy is known as an energy storage system. A steady supply of energy is guaranteed by ongoing technical development, and it is predicted that these energy storage systems will grow rapidly. The market for energy storage systems is also growing as a result of the ongoing promotion of renewable energy sources. The rise in energy use is mostly to blame for the increased focus on the production of renewable energy.
It is projected that market growth would be fueled by the exponential need for energy resources in both developing and developed countries, as well as the expansion of policies ensuring energy security. Additionally, there is a greater need for new grid systems with efficient standby and peak load characteristics due to the growing integration of new power production technologies and the modernisation of current infrastructures.
The primary factors influencing the Solar Energy and Battery Storage market revenue are the rise in population, urbanisation, industrialization, awareness of the economic and ecological benefits of solar energy, pollution-free and with no emissions of greenhouse gases, which helps to reduce reliance on fossil fuels, return on investment, low maintenance costs, job creation, and ability to meet high energy demand.
Leading market players are making significant R&D investments in order to diversify their product offerings, which will spur further market growth for solar energy and battery storage. Important market developments include new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organisations. Market participants are also engaging in a number of strategic initiatives to increase their presence. The solar energy and battery storage industries must provide affordable products if they are to grow and thrive in an increasingly competitive and challenging market environment.
One of the primary strategies utilised by manufacturers in the Solar Energy and Battery Storage sector to benefit customers and expand the market is local manufacturing to reduce operational costs. Some of the most important benefits to the energy sector have recently been provided by the solar energy and battery storage industries. ABB Ltd. (Switzerland), LG Chem Ltd. (South Korea), Samsung SDI Co. Ltd. (South Korea), General Electric Company (U.S.), and other significant industry participants are working to boost market demand by investing in research and development activities.
Report Coverage
Global Solar Energy and Battery Storage research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Solar Energy and Battery Storage report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Solar Energy and Battery Storage competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Solar Energy and Battery Storage market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Solar Energy and Battery Storage market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Solar Energy and Battery Storage market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ABB Ltd. (Switzerland), LG Chem Ltd. (South Korea), Samsung SDI Co. Ltd (South Korea), and others
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Solar Energy and Battery Storage market based on the below-mentioned segments:
Global Solar Energy and Battery Storage Market, By Type
Lead-Acid
Li-ion
NaS
Global Solar Energy and Battery Storage market, By Application
Load Leveling
Power Demand
Peak Shaving
Global Solar Energy and Battery Storage Market, By End User
Utility
Industrial & Commercial
Residential
Global Solar Energy and Battery Storage market, Regional Analysis
The increased need for grid energy storage systems as a result of ongoing grid modernization is what is driving the market CAGR for solar energy and battery storage. Energy storage is a technology that offers the essential energy sources for several household, business, and industrial applications. These energy systems can be used whenever needed and are incredibly efficient. A rechargeable battery that stores and disperses energy from a power grid or solar array to several uses is known as a battery energy storage system.
A device that can securely, efficiently, and easily store different types of energy is known as an energy storage system. A steady supply of energy is guaranteed by ongoing technical development, and it is predicted that these energy storage systems will grow rapidly. The market for energy storage systems is also growing as a result of the ongoing promotion of renewable energy sources. The rise in energy use is mostly to blame for the increased focus on the production of renewable energy.
It is projected that market growth would be fueled by the exponential need for energy resources in both developing and developed countries, as well as the expansion of policies ensuring energy security. Additionally, there is a greater need for new grid systems with efficient standby and peak load characteristics due to the growing integration of new power production technologies and the modernisation of current infrastructures.
The primary factors influencing the Solar Energy and Battery Storage market revenue are the rise in population, urbanisation, industrialization, awareness of the economic and ecological benefits of solar energy, pollution-free and with no emissions of greenhouse gases, which helps to reduce reliance on fossil fuels, return on investment, low maintenance costs, job creation, and ability to meet high energy demand.
Leading market players are making significant R&D investments in order to diversify their product offerings, which will spur further market growth for solar energy and battery storage. Important market developments include new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organisations. Market participants are also engaging in a number of strategic initiatives to increase their presence. The solar energy and battery storage industries must provide affordable products if they are to grow and thrive in an increasingly competitive and challenging market environment.
One of the primary strategies utilised by manufacturers in the Solar Energy and Battery Storage sector to benefit customers and expand the market is local manufacturing to reduce operational costs. Some of the most important benefits to the energy sector have recently been provided by the solar energy and battery storage industries. ABB Ltd. (Switzerland), LG Chem Ltd. (South Korea), Samsung SDI Co. Ltd. (South Korea), General Electric Company (U.S.), and other significant industry participants are working to boost market demand by investing in research and development activities.
Report Coverage
Global Solar Energy and Battery Storage research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Solar Energy and Battery Storage report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Solar Energy and Battery Storage competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Solar Energy and Battery Storage market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | ABB Ltd. (Switzerland), LG Chem Ltd. (South Korea), Samsung SDI Co. Ltd (South Korea), and others |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Solar Energy and Battery Storage Market from 2021 to 2030.
- Market Forecast for Solar Energy and Battery Storage Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Solar Energy and Battery Storage competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Solar Energy and Battery Storage
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Solar Energy and Battery Storage market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Solar Energy and Battery Storage market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ABB Ltd. (Switzerland), LG Chem Ltd. (South Korea), Samsung SDI Co. Ltd (South Korea), and others
Primary Target Market
- Market Players of Solar Energy and Battery Storage
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Solar Energy and Battery Storage market based on the below-mentioned segments:
Global Solar Energy and Battery Storage Market, By Type
Lead-Acid
Li-ion
NaS
Global Solar Energy and Battery Storage market, By Application
Load Leveling
Power Demand
Peak Shaving
Global Solar Energy and Battery Storage Market, By End User
Utility
Industrial & Commercial
Residential
Global Solar Energy and Battery Storage market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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