Farmington, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The Global Solar Energy And Battery Storages Market size was valued at USD 7.68 Billion in 2022 and is projected to reach USD 26.08 Billion by 2030, growing at a CAGR of 16.15% from 2022 to 2030. Solar cells are in high demand because they can store energy from the sun and release it when needed. This lithium-ion or lead acid can be charged again and again, and it is also used in the solar system to store energy. Solar batteries are used in a lot of different home appliances, like solar charging stations, power plants, and devices that are not connected to the grid. Italy won a contract in 2020 to provide 95 MW of storage for solar cells from 2023 to 2030.
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Recent Developments:
- In July 2021, a company called Lumea launched a 300 MW grid to store batteries in Victoria and Australia. The plan is to raise funds on its own without government assistance. Grids use energy in local and national markets.
- On June 25, Reliance kicked off with a US$10 billion investment. It used advanced technology to manufacture solar systems with photovoltaic cells.
Segment Analysis:
The market for solar energy and battery storage is growing because more people want to use renewable energy sources and the grid needs to be balanced. In 2018, the market for solar energy and battery storage is expected to be led by the lead-acid battery segment. Li-ion batteries, on the other hand, are expected to grow at a faster rate over the forecast period. This is because of how well they work, how long they last, and how little maintenance they need.
Regional Outlook:
England and Portugal became well-known in their areas for making a lot of accumulators. In 2019, most of the solar energy and battery storage market is expected to be in Asia and the Pacific. The local government is spending a lot of money to build solar systems in all the places that need them in the area. China was thought to be the biggest place where these systems were sold outside of the country. India and some other parts of South Korea use renewable energy storage, and solar cells are also in high demand in these areas, which is driving the market.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 16.15% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 7.68 Billion |
| Revenue Forecast by 2030 | USD 26.08 Billion |
| By Type | Lead-Acid Battery, Li-ion Battery, NaS Battery, Other |
| By End-use | Utility, Industrial & Commercial, Residential, Other |
| By Companies | 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.) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
Solar systems that are cheap and good for the environment are being used in more and more industrial and commercial settings. Increasing the use of these solar cells is a big part of how the solar energy and battery storage market is growing. This is because people want to use energy sources that don't harm the environment. When you use solar panels, your monthly electricity bill goes down, which raises the value of your home. The use of amorphous silicon cell segment and the use of copper indium gallium selenide panels help its business by following the trends of the world market.
Market Opportunity:
The use of artificial intelligence (AI) technology and the growth of energy trading through blockchain have driven the market by giving these new opportunities. This makes the owner want to export as much energy as possible and sell it at a fair price. The demand for energy is going up because of urbanisation, industrialization, and a growing population. This is creating great opportunities for growth. The demand has also been fueled by the rise in applications for roof installation and the growth of the construction industry.
Key Segments Covered:
Top Market Players:
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.), and others.
By Type
- Lead-Acid Battery
- Li-ion Battery
- NaS Battery
- Other
By Application
- Utility
- Industrial & Commercial
- Residential
- Other
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
Check out more related studies published by Contrive Datum Insights:
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- Lithium Metal Polymer (LPM) Battery Market - The Global Lithium-Metal-Polymer Battery Market Is Expected To Grow At A CAGR Of 7.9% From 2022 To 2030. Asian companies control most of the battery business. European and American companies are racing to win this arms race, which they think will take added value away from Japan, China, and South Korea.
- Lithium Silicon Battery Market- The global lithium silicon battery market size is estimated to grow from USD 10 Million in 2022 to USD 247 Million by 2030, at a CAGR of 48.4% from 2022 to 2030. The lithium silicon battery market is likely to be led by North America and Europe. North America and Europe both spend a lot of money to help research and development.
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