The Solar Energy Storage Market in the year 2018 was valued at U.S. $170 million and is predicted to witness gains of more than 35 percent by 2025, according to Global Market Insights report “Solar Energy Storage Market Size By Composition, Capacity, Installation, Industry Analysis Report, Regional Analysis, Application Potential, Price Trend, Competitive Market Share & Forecast 2025.” The reasoning in the report is as follows:
Strict regulatory norms in line with rising environmental concerns to reduce emissions through the installation of effective energy conservation measures will boost the industry’s growth. Moreover, ongoing technological advancements and upgrades to provide a cost-competitive business outlook will augment the industry’s dynamics.
Favorable government norms, on the account of self-consumption and subsidies from grid operators and distribution companies with an aim to achieve grid feed-in, will augment the solar energy storage market’s potential. The industry is anticipated to gain momentum on the account of PV installation on small scale systems and substantial growth potential across applications behind the meters. Furthermore, BES integration will increase, owing to declining costs, along with batteries retrofitting with small scale photovoltaics, which are the key factors driving energy storage demand.
Off-grid conventional energy solutions, including mini-grids and stand-alone systems, to provide access to energy have appeared as a prominent, cost-competitive solution. A growing inclination toward research and development has decreased technology costs, which favor the innovation in financing catering and delivery models, including local entrepreneurs, private sectors and communities. Positive consumer tendencies, along with positive industry and regulatory outlook to incorporate a sustainable energy scenario, will complement the solar energy storage market outlook.
The Asia-Pacific solar energy storage market is anticipated to exceed 40% by 2025. Stringent government norms, coupled with public and private investments in renewable energy solutions across the region, inculcating partial decarbonization activities, will positively influence business outlook. Growing investor inclination toward new renewable projects after the post-COP21 agreement has witnessed a rapid expansion of the conventional bond industry.
Large scale investments have benefited the lithium-ion segment on account of their deployment across a wide range of applications. The rapid inclination toward cost reduction potential through an increase in competitive supply chains, material improvements and scale of production capacity will positively influence the product demand. In addition, large scale technological development of EVs, favored by ongoing solar integration, will augment the industry’s dynamics.
Prominent solar energy storage market players include Carnegie Clean Energy, BMW, Kokam, BYD, Primus Power, Samsung, Maxwell Technologies, EnerSys, LG Chem, Leclanche, FIAMM, Vionx BAE, Saft, Adara Power, Ecoult and Aquion.
Product flexibility, competitive pricing, reliability and brand value are a few key factors to validate the solar energy storage market’s competitiveness.
— Solar Builder magazine
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