Solar Energy Storage Market Size, Share, Leading Players and Analysis up to 2026

The market research report, entitled Solar Energy Storage Market shows good possibilities in the Solar Energy Storage Market during the next five-year period and ensures more information regarding market trends. The following summary will give an overview of the drivers, challenges and key players in the market.

Global Solar Energy Storage Market Forecast:

Solar Energy Storage Market is likely to witness an impressive CAGR of 35.7% during the forecast period. Major factors such as increasing concern toward environmental problems and stringent governments’ regulations to reduce carbon emission and energy conservation are likely to contribute to the growth of the market. Furthermore, growing utilization of non-conventional energy sources, increasing demand for electricity, competition for lower cost energy, etc.

will stimulate the growth of the solar energy storage market during the forecast period.

Key Players:

The following are some of the key players in the Solar Energy Storage Market:

• BMW
• BYD
• Kokam
• Carnegie Clean Energy
• Primus Power
• Maxwell Technologies
• Samsung
• LG Chem
• EnerSys
• Leclanche
• BAE
• Saft
• FIAMM
• Vionx
• Adara Power
• Aquion
• Ecoult.

COVID-19 Impact on Global Solar Energy Storage Market

Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

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Solar Energy Storage Market Segmentation:

Solar Energy Storage Market Share: By Composition Type

Based on the composition type, the market is segmented as

lead acid, lithium ion, flow battery, and others. The lead acid battery storage segment is expected to witness significant growth rate in the market during the forecast period owing to its good cost-performance ratio across a broad range of applications. Furthermore, lead acid batteries are the first rechargeable batteries to be deployed in wide-scale uses, thereby driving the growth of the segment.

Solar Energy Storage Market Share: By Capacity Type

Based on the capacity type, the market is segmented as up to 50kW, 51 to 250 kW, 251 to 500 kW, 501 to 1000 kW, 1001 to 2500 kW, 2501 to 5000 kW, 5001 to 10000 kW, and >10000 kW. The >10000 kW capacity type is expected to register high growth rate in the market owing to the increasing support of governments from large number of countries for variable renewable energy. Unification of

ancillary services to grids will stimulate the market growth.

Solar Energy Storage Market Share: By Installation Type

Based on the installation type, the market is segmented as on-grid and off-grid. Off-grid installation is estimated to account for the major share of the market during the forecast period on account of being a cost-effective solution fulfilling the demand for electricity. Due to low technological cost, this installation is developing rapidly. Optimistic outlook of the industry owing to positive response from consumers for sustainable energy usage will boost the market growth.

Solar Energy Storage Market Share: By Region

In terms of regions, Asia-Pacific is expected to lead the market during the forecast period. The region’s market is

driven by rising environmental concerns and growing energy demand, which being the two crucial parameters expected to drive the growth of the market in the Asia-Pacific region. China and India are the growth engines of the region. In addition, Japan is contributing enormously to the solar energy battery storage system market. The government of Japan is

aiming to make the local companies capable of holding ~50% share of the world’s battery storage market by 2020. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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