Global Solar Energy Storage Market: Overview
The demand within the global solar energy storage market is expected to rise on account of advancements in the domain of renewable energy production. Researchers have been focusing on developing viable means for storing and utilizing solar energy. Several solar projects have tasted success over the past decade, and this factor has generated lucrative opportunities in the global energy sector. Solar energy storage has been proclaimed as the ultimate solution to mitigating the energy crisis that has hit the world. Considering the factors mentioned above, the global solar energy storage market is projected to grow by leaps and bounds.
Production of solar energy needs to be complemented with a strong backup for storing it. Hence, the relevance of solar energy storage technologies cannot be undermined. The vendors in the global solar energy storage market have realised the importance of capitalising the current need of the end-users. These vendors are expected to invest huge sums towards research and development.
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An important breakthrough in the solar energy storage domain could turn the fortunes of the global market. This is a major driver for disruptions and experimentation by vendors in the solar sector. Furthermore, the focus given on the renewable energy sector by government authorities has also aided market growth.
A report by Transparency Market Research (TMR) on the global solar energy storage market is an apt portrayal of the forces that have aided market growth. The global solar energy storage market can be segmented on the basis of the following parameters: type, capacity, installation, and region. Based on type, the demand for lithium ion batteries is expected to rise in the years to come.
Global Solar Energy Storage Market: Notable Developments
The global solar energy storage market has undergone key developments in the recent past. Some of these developments have been elucidated below:
- The dramatic changes that have offset within the renewable energy domain of General Electric (GE) has created ripples across the market. The company has set on a spree to develop projects for distribution of solar-storage technologies. Furthermore, BlackRock Real Assets has acknowledged the efforts of GE, and the former has agreed to invest in GE-bred technologies.
- Other leading vendors such as Primus Power and Maxwell Technologies are also expected to invest in research and development of new storage technologies. This strategy could give an impetus to the growth of these vendors.
Some of the notable players in the global solar energy storage market are LG Chem, Leclanche, EnerSys, FIAMM, BAE, and Saft.
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Global Solar Energy Storage Market: Growth Drivers
- Renewables are the Future of Energy Sector
The demand within the global solar energy storage market is projected to increase as renewable energy production gains popularity across the world. The advent of lithium ion batteries has generated hope for optimizing solar energy production and storage. Hence, the total volume of revenues in the global solar energy storage market is expected to increase by leaps and bounds in the following years.
- Advent of Smart Grids
The development of smart grids for storage and supply of electricity has played a key role in market growth. Focus on developing smart hubs and smart cities by governments has aided market growth.
Global Solar Energy Storage Market: Regional Outlook
On the basis of geography, the global solar energy storage market has been segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The solar energy storage market in Europe is expanding alongside advancements in the domain of solar manufacturing.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.