Solar Energy and Battery Storage System Market Synopsis:
As per the analysis by Market Research Future Reports (MRFR), The global Solar Energy and Battery Storage System Market are expected to expand at 8.89% CAGR during the review period. One major factor for the expansion of solar energy and battery storage market 2020 is the supportive regulations implemented by the government. Solar energy policies consist of international treaties, legislation, incentives for investment, such as fiscal incentives in the U.S.
The strategic contenders of the solar energy and battery storage system market are L.G. Chem, Ltd. (South Korea), Samsung SDI Co., Ltd (South Korea), Tesla, Inc. (U.S.), EVERGREEN SOLAR INC. (U.S.), Abengoa S.A. (Spain), ABB Ltd. (Switzerland), BrightSource Energy, Inc. (U.S.), General Electric Company (U.S.), AEG Power Solutions (Germany), eSolar Inc. (U.S.), ACCIONA, S.A. (Spain), and Alpha Technologies (U.S.).
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In various countries, such as Germany, India, and the U.K, regulations such as Renewable Portfolio Standard (RPS), Feed-in-Tariff (FIT), pricing laws, tax credits, quota requirements, production incentives, and trading systems have been advanced and enforced to promote the usage of solar energy, hence, bringing an impact on the growth of the market. Furthermore, the rising need for a continuous power supply with a considerable rise in power demand across the globe is affecting the solar energy and battery storage system market. The worldwide expansion in industrial development activity and urbanization is making a path for the solar energy and battery storage market. However, higher capital investments are obstructing the market.
The segmental study of the Solar Energy and Battery Storage System Industry has been conducted on the basis of battery type, connection type, application, solar technology, end-user, and region.
Based on the end-user, the market is segmented into industrial & commercial, utility, and residential.
Based on the battery type, the market is segmented into lead-acid, lithium-ion, sodium sulfur, and others.
On the basis of solar technology, the market is segmented into concentrated solar power (CSP) and solar photovoltaic (P.V.).
Based on the connection type, the market is bifurcated into off-grid and on-grid.
The application basis of segmenting the market consist of peak shaving, load leveling, power demand, and others.
On the basis of region, the market is segregated into the Asia Pacific, North America, Europe and the Rest of the World (Row).
On the basis of geography, the market has been divided into Asia Pacific, Europe, North America, the Rest of the World (RoW). The European market leads the global solar energy and battery storage system market. Today, Europe has an accruing energy storage capacity of approximately 30 GW. Solar energy is one of the major renewable energy sources in the European countries. As per Eurostat, in 2015 it devoted to 6.4% of the total primary energy production. In Europe, several solar power projects are under the process of construction. This is affecting the expansion of the market. Europe and North America have made important contributions towards the expansion of utility solar energy and battery storage system market, expert and innovative vendors, project developers, driven by regulations.
Asia Pacific region is estimated to expand at the highest CAGR during the review period. Increasing environmental concerns and rising energy demand are the two important standards that will affect the expansion of the market in the APAC region. In APAC, Japan is playing the most crucial role in contributing to the solar energy battery storage system market. The Japanese government is aiming to make the local organization capable of acquiring a 50% share of the world’s battery storage market by 2020.
Some of the important battery manufacturers manufacturing batteries for the solar energy storage system are NEC, Mitsubishi, Panasonic, Sumitomo Electric for redox flow batteries, Hitachi, and Toshiba for lithium-ion; NGK Insulators for sodium-sulfur batteries, Shin-Kobe Electric Machinery and GS Yuasa for lead-acid batteries. North America is another potent land for worldwide solar energy and battery storage system market. This is primarily accredited to the rising investments in smart solar power plants and the expansion in solar capacity and installations in the region. The U.S. is a major revenue producer for North America solar energy and battery storage system market, due to the rising support of the U.S. government concerning the installation of smart solar projects.
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