Allied Market Research

2024

Solar Energy And Battery Storage Market

Solar Energy and Battery Storage Market Size, Share, Competitive Landscape and Trend Analysis Report, by Battery Type, by Connectivity, by Application and, by Ownership : Global Opportunity Analysis and Industry Forecast, 2023-2032

EP : Green/Alternative/ Renewable Energy

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Author's: | Eswara Prasad
Publish Date:

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Solar energy is the sunlight which comes from the sun and it is converted into electrical form of energy with the help of solar cells in solar panels. Then stored into battery for the further usage for both at small and large scale. The reason for behind booming solar energy and battery storage market is the growing awareness about the environment among people and concern of government towards environment that is why adaptation of green sources of energy is highly in demand. Worldwide plants are being set up to use solar energy and because of that demand for batteries have been also been increasing. There has been improvement in the capacity land life span of battery which will drive the battery market in future. The global solar energy and battery storage market has experienced growth in past few years and expected to boom in upcoming period.
.  COVID-19 Impact analysis

  • Because of the outbreak of coronavirus the battery energy storage market has not been growing as it was expected. The global lockdown, and ban on travelling and other factors affected supplies of the batteries. The market has gone down not only for the battery storage market but several other industries like ecommerce, non-essentials like shopping, electronics and others. The disturbed supply chain resulted in insufficient supply of raw materials for the battery production. Strict regulations on the gathering of people resulted in manpower shortage due to which industries have been running their manufacturing units at minimum capacity. The demand for batteries from automobile sector also decreased because of low sales affecting the buying behavior of the consumer. Most importantly the lithium ion batteries and its major components are manufactured and supplied from china. The current image of china has effected its trade reaction globally because of virus origin in china.

Top Impacting Factors
Solar and wind energy are those which will be in maximum use in production of electricity. Their power generation may fluctuate varying on the speed of wind and cloud in atmosphere and sky. Batteries help them to store the energy and supply at a constant speed, which has increased the adaptation of batteries specially lithium battery. But compared to other batteries like acid battery the lithium batteries are costly and have high installation cost as they have higher performance and light weight. But in future their prices are expected to decline. The improvement in performance of grid storage batteries for maintaining smooth electric flow during fluctuation of power and other reason driving the market are development of batteries for long and short term usage. The government’s support for green projects in Asia Pacific region.  The problem with the battery market is the high installation cost of advanced batteries such as lithium-ion and flow batteries.
Market Trends

  • There has been increase in the use of batteries at power grid because of their increased capacity and quick charging they are able to support the integration of power generation from green sources of energy. Their increased performance and low installation cost, and maintenance has created opportunity for market players. The government is also encouraging use of batteries by making favorable policies as they help in reducing carbon emission.
  • In countries like Africa where billions of people do not have still access to electricity. The global human development bodies like World Bank have been trying to provide electricity in such countries because they are technologically backward. The installation of solar power plants are greater investment here. It will let people access for cheaper price.  Because of high fuel pieces people are not able to afford other means of electricity there. Also countries from Middle East have been investing into it creating opportunities for the market players.
  • In automobile sector the making of hybrid and electric vehicles is the biggest emerging segment. Companies like tesla have adopted this and they are making only electric cars followed by others. These cars have Lithium battery installed in them which provide quite good range once charged. To encourage the use of these vehicles government in countries like India and China which are the biggest automobiles market are giving relief on tax to reduce the usage of fossil fuels.

Key Benefits of the Report

  • This study presents the analytical depiction of the Solar Energy and Battery Storage Market industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Solar Energy and Battery Storage Market share.
  • The current market is quantitatively analyzed to highlight the Solar Energy and Battery Storage Market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed Solar Energy and Battery Storage Market analysis based on competitive intensity and how the competition will take shape in coming years

Solar Energy and Battery Storage Market Report Highlights

Aspects Details
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By Battery Type
  • Lithium-Ion Battery
  • Lead Acid Battery
  • Flow Battery
  • Others
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By Connectivity
  • Off-Grid
  • On-Grid
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By Application
  • Residential
  • Non-Residential
  • Utility
  • Others
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By Ownership
  • Customer-Owned
  • Third-Party Owned
  • Utility-Owned
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Italy, Germany, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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Key Market Players

Tesla, Inc., Samsung SDI Co., Ltd, LG Chem, Ltd, ACCIONA, S.A., , Abengoa S.A, Alpha Technologies, eSolar Inc., ABB Ltd, AEG Power Solutions, BrightSource Energy, Inc, EVERGREEN SOLAR INC, General Electric Company

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Solar Energy and Battery Storage Market

Global Opportunity Analysis and Industry Forecast, 2023-2032