Solar Energy and Battery Storage Market Set to Witness Huge Growth by 2027
The reliance on renewable energy sources is estimated to benefit the solar energy and battery storage market trends 2020. The renewable energy reports are produced by Market Research Future, which features market options for expansion. A CAGR of 8.89% is predicted to bolster the global solar energy and battery storage market size in the forecast period.
The surging demand for electricity is estimated to guide the development of the market in the upcoming forecast period. The ground breaking vendors and project developers are projected to motivate the market for the solar energy and battery storage system market in the imminent period.
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The segmental study of the global solar energy and battery storage system market has been conducted on the basis of battery type, connection type, application, solar technology, end-user, and region. Based on the end-user, the market is segmented into industrial & commercial, utility, and residential. Based on the battery type, the market is segmented into lead-acid, lithium-ion, sodium sulfur, and others. On the basis of solar technology, the market is segmented into concentrated solar power (CSP) and solar photovoltaic (P.V.). Based on the connection type, the market is bifurcated into off-grid and on-grid. The application basis of segmenting the market consist of peak shaving, load leveling, power demand, and others.
Detailed Regional Analysis
The regional assessment of the solar energy and battery storage system market is carried out on the basis of North America, Europe, Asia Pacific, and the rest of the regions in the world. The intensifying investments in smart solar power plants and the progress in solar capacity and installations in the region are estimated to promote the global solar energy and battery storage market growth. The increasing energy demand and rising environmental concerns are the two central parameters that will drive the evolution of the market in the APAC region. The European region controls the solar energy and battery storage system market. Several solar power projects are under construction in the region of Europe, thus, boosting the market. The Asia Pacific region is projected to develop at the maximum CAGR throughout the forecast period. The North American region is another crucial market for solar energy and battery storage system. The U.S. is a foremost revenue generator for the global as well as the North American solar energy and battery storage system market, due to the collective support of the U.S. government towards the setup of smart solar projects.
The market is also expected to emphasize on innovation to amplify the development scope in the global solar energy and battery storage system market forecast. The need to integrate is projected to become even more prominent in the market in the upcoming period. The market is in a stage that requires careful and strategic planning to ensure that the growth achieved thus far is not compromised. The government role is estimated to be pronounced in the near term as their backing is essential to get the growth of regional markets on track. The market is expected to revitalize its options for development as it overcomes this period of uncertainty in a careful and calibrated manner, the enhancement of the supply chains is estimated to focus on the incorporation of robotic assets so as to broaden the scope of supply that can be expected from the market on the whole. The competition in the market is estimated to be focused on mitigating the effect of external forces rather than exclusively dealing with internal competition.
The strategic contenders of the solar energy and battery storage system market are L.G. Chem, Ltd. (South Korea), Samsung SDI Co., Ltd (South Korea), Tesla, Inc. (U.S.), EVERGREEN SOLAR INC. (U.S.), Abengoa S.A. (Spain), ABB Ltd. (Switzerland), BrightSource Energy, Inc. (U.S.), General Electric Company (U.S.), AEG Power Solutions (Germany), eSolar Inc. (U.S.), ACCIONA, S.A. (Spain), and Alpha Technologies (U.S.).
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