Pune, India, July 25, 2023 (GLOBE NEWSWIRE) -- The global solar energy storage battery market size was valued at USD 3.33 billion in 2022. The market size is projected to grow from USD 4.40 billion in 2023 to USD 20.01 billion by 2030, exhibiting a CAGR of 24.2% during the forecast period. The solar energy storage battery is a crucial component of renewable energy systems. It allows for the efficient capture and storage of excess electricity generated by solar panels for use during periods of low or no sunlight. Fortune Business Insights™ mentioned this in a report titled “Solar Energy Storage Battery Market, 2023-2030.”
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Market Drivers & Restraints-
National Policy Framework across Key Countries Support Market Growth
Additional opportunities for battery storage providers are arising from national policies to further various strategic objectives. Many countries see renewable plus storage as a new way to lessen their dependence upon energy imports, fill gaps in their generation mix, enhance the reliability and resiliency of their systems, and move toward environmental goals and de-carbonization targets. The costs are usually too high for a particular application and are not always economical, which could hamper market growth.
COVID-19 Impact-
Disturbances in Supply Chain in Commercial Sectors Reduced Market Growth
The COVID-19 pandemic has positively and negatively impacted the solar energy storage battery industry. Moreover, the impact of COVID-19 has highlighted the importance of resilient & reliable energy systems, propelling interest in solar systems and battery storage systems. Although COVID-19 primarily presented challenges, it also created opportunities for the solar energy battery storage industry to innovate, adapt, and contribute to a more sustainable and resilient energy future.
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Segmentation of Market-
Below 10kWh to Dominate Market Share Due to Wide Adoption in Commercial Application
On the basis of capacity, the market segments include below 10kWh, 10-19kWh, 20-29kWh, and above 30kWh. Solar energy battery storage with a capacity of up to 10 kWh and 10-19 kWh holds the dominant global solar energy storage battery market share due to their wide adoption in the commercial and residential sectors.
Commercial Application Dominates Market Size Due to the Increasing Installation
Based on application, the market can be segmented into commercial, industrial, and residential applications. Commercial application segment to dominate the global solar energy storage battery market. Factors that are driving the market growth are the increasing focus of businesses to reduce energy costs, achieve long-term energy savings, and store energy from emergency cases is propelling the segmental global solar energy storage market trend.
Regional Insights-
Asia Pacific to Dominate the Market Owing to the Increasing Demand for Solar Energy Battery
Asia Pacific dominates the solar energy storage market with economies like South Korea, China, and India. Factors such as the increase in demand for solar energy battery storage driven by the growing adoption of solar power projects, grid reliability concerns, growing energy needs, and government initiatives promoting renewable energy and energy storage technologies result in regional dominance.
Europe focuses on energy generation from renewable sources, favorable policies, energy independence goals, grid stability, and incentives most likely to promote the adoption of solar and storage solutions.
Competitive Landscape-
Prominent Players Concentrate on Augmenting their Product Capabilities to Fulfill Customer Demand
The competitive landscape of the solar energy storage battery industry is evolving and dynamic. Various established companies and evolving players are competing for market share. Technology differentiation, product quality, cost-effectiveness, market reach, and customer support influence companies to drive market growth.
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Key Industry Developments:
October 2022: Tesla (TSLA) declared that its energy storage division delivered a record number of batteries in Q3 2022. Tesla Energy is the company’s energy division that installs solar panels, stationary energy storage products, and solar roofs, like Powerwall and Megapacks.
List of Key Players Present in the Report:
- Tesla (U.S.)
- LG Energy Solution (South Korea)
- Sonnen (Germany)
- Huawei (China)
- BYD (China)
- Panasonic (Japan)
- SENEC (Germany)
- Enphase Energy (U.S.)
- VARTA AG (Germany)
- E3/DC Corporation (Germany)
- BMZ Group Corporation (Germany)
- Pylontech (China)
- Generac (U.S.)
- AlphaESS (Singapore)
- Solax Power (China)
- SimpliPhi Power Corporation (U.S.)
- Victron Energy (Netherlands)
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions & Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Porters Five Forces Analysis
4.5. Impact of COVID-19 on Solar Energy Storage Battery Market
5. Global Solar Energy Storage Battery Market Analysis (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2030
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast – By Capacity
5.2.1. Below 10kWh
5.2.2. 10-19kWh
5.2.3. 20-29kWh
5.2.4. Above 30kWh
5.3. Market Analysis, Insights and Forecast – By Application
5.3.1. Residential
5.3.2. Commercial
5.3.3. Industrial
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1. North America
5.4.2. Europe
5.4.3. Asia Pacific
5.4.4. Latin America
5.4.5. Middle East & Africa
6. North America Solar Energy Storage Battery Market Analysis (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2030
6.1. Key Findings
6.2. Market Analysis, Insights and Forecast – By Capacity
6.2.1. Below 10kWh
6.2.2. 10-19kWh
6.2.3. 20-29kWh
6.2.4. Above 30kWh
6.3. Market Analysis, Insights and Forecast – By Application
6.3.1. Residential
6.3.2. Commercial
6.3.3. Industrial
Continued…
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