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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players 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.