Solar Energy and Battery Storage System Market Highlights:-
Batteries normally refer to the technologies that are used for energy storage, which can be used during power shortages, blackouts, or during peak demand. Growing investment in solar power is driving the growth of the market. Growing population across the globe, booming industries in developing economies, and high growth in infrastructure development activities are all leading to a huge rise in the demand for electricity. Fossil fuels remain in great demand as their availability reduces and environmental concerns rise. All these factors, alongside the rise in environment protection guidelines across the globe, forces the power generation industry to shift to cleaner and environment-friendly energy resources, hence, driving the growth of the market. However, high capital investment is the major factor that may hamper the growth of the market.
The global Solar Energy and Battery Storage System Market is estimated to grow at a 8.89% CAGR during the forecast period.
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.
Leading key players:-
The key players of the global solar energy and battery storage system market are ABB Ltd. (Switzerland), LG Chem, Ltd. (South Korea) , Samsung SDI Co., Ltd (South Korea), General Electric Company (U.S.), Tesla, Inc. (U.S.), AEG Power Solutions (Germany), eSolar Inc. (U.S.), Abengoa S.A. (Spain), BrightSource Energy, Inc. (U.S.), ACCIONA, S.A. (Spain), EVERGREEN SOLAR INC. (U.S.), and Alpha Technologies (U.S.).
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Scope of the Report:-
This study provides an overview of the global solar energy and battery storage system market, tracking five market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC), and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the solar energy and battery storage system market by its battery type, solar technology, connection type, application, end-user and region.
- Industrial & Commercial
- North America
- Asia Pacific
- Rest of the World
By Battery Type
- Lithium ion
- Sodium sulfur
By Solar technology
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
By Connection Type
- Load leveling
- Peak shaving
- Power demand
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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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