Solar Energy and Battery Storage System Market In-depth Study with Key Players, Types, and Forecast

Solar Energy and Battery Storage Market Research Report- Forecast to 2023

Solar Energy and Battery Storage System Market In-depth Study with Key Players, Types, and Forecast to 2023

Page|1

Copyright Š 2018 Market Research Future.

Solar Energy and Battery Storage Market Research Report- Forecast to 2023

1 Summary Energy storage can be defined as a technology that provides a source of power as and when required without backsliding to conventional energy sources. These energy systems are efficient and can be used whenever needed. According to MRFR analysis, the market for solar energy and battery storage system is increasing at a rapid pace and is projected to increase significantly over the forecast period, mainly due to increasing demand for electricity across the globe.

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.).

2

Market Overview

The global solar energy and battery storage system market has been segmented based on battery type, solar technology, connection type, application, end-user, and region. Based on battery type, the market is

Page|2

Copyright Š 2018 Market Research Future.

Solar Energy and Battery Storage Market Research Report- Forecast to 2023

segmented into lead-acid, lithium ion (Li-ion), sodium sulfur, and others. Li-ion dominated the battery type segment of the market. Li-ion batteries are highly efficient and provide an improved energy to density ratio, due to which there will be a high demand for Li-ion batteries to overcome power interruptions. This, in turn, will drive the growth of this market segment during the forecast period.

Segments

3 Market Research Analysis Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Rising environmental concerns and growing energy demand are the two crucial parameters that will drive the growth of the market in the APAC region. In the region, Japan is contributing hugely to the solar energy

Page|3

Copyright Š 2018 Market Research Future.

Solar Energy and Battery Storage Market Research Report- Forecast to 2023

battery storage system market. The government of Japan is targeting to make the local companies capable of holding ~50% share of the world’s battery storage market by 2020. Some of the major battery manufacturers providing batteries for the solar energy storage system are Hitachi, Mitsubishi, NEC, Panasonic, and Toshiba for lithium ion; GS Yuasa and Shin-Kobe Electric Machinery for lead-acid batteries; NGK Insulators for sodium sulfur batteries; and Sumitomo Electric for redox flow batteries.

North America is another major market for global solar energy and battery storage system. This is mainly attributed to the growing investments in smart solar power plants and the growth in solar capacity and installations in the region. The U.S. is a major revenue generator for global as well as North America solar energy and battery storage system market, owing to the increasing support of the U.S. government towards the installation of smart solar projects.

Page|4

Copyright Š 2018 Market Research Future.

Solar Energy and Battery Storage Market Research Report- Forecast to 2023

Page|5

Copyright Š 2018 Market Research Future.