solar energy storage market
The solar energy storage market is expected to reach $20.9 billion by 2031, growing at a CAGR of 7.9% from 2022 to 2031.
PORTLAND, OREGON, USA, October 21, 2022 /EINPresswire.com/ — Rising demand for sustainable energy storage solutions is the major driver of market growth. As governments around the world promote sustainable energy sources, the demand for solar batteries is expected to increase over the forecast period.
Solar energy is stored in a battery by pumping solar energy into the battery to initiate a chemical reaction between battery components and discharge the energy as needed. It is made of lithium-ion or lead-acid. It is rechargeable and can usually be used in solar cell systems to store excess energy. Some of the major solar battery installations include solar charging stations, storage for power stations, and storage system for off-grid networks.
According to a new report published by Allied Market Research, titled “solar energy storage market“The Solar Energy Storage Market size was valued at USD 9.8 Billion in 2021 and is projected to reach USD 20.9 Billion by 2031, growing at a CAGR of 7.9% by 2022 to 2031.
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However, installments of solar energy storage systems in remote locations are difficult because they are difficult to reach. Remote sites typically include islands and off-grid remote sites, which face various challenges due to variable electricity generation and supply from renewable energy sources. Challenges can include natural calamities, temperature variations and others. This can be expected to hamper the growth of the solar energy storage market
Rising population, increasing disposable income, and growing residential activities have skyrocketed the demand for solar energy storage. Installing the solar battery can effectively reduce the demand for imported coal, oil and other fossil energy resources. Additionally, the implementation of solar battery storage systems will create new jobs, which can open up new investment opportunities in the economy.
The solar energy storage market analysis is segmented on the basis of type, facilities, and region. By type, the market is segregated into lead-acid, lithium-ion, flow battery, and others. The lithium-ion type segment led the global market, in terms of revenue in 2021, with 44% of the total share. This is attributed to increasing industrialization, urbanization, and growing consumer demand for various electric appliances and vehicles, as well as the growing importance of sustainable energy solutions.
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By installation, the market is fragmented into on-grid and off-grid. The on-grid installation segment dominated the global market, with 62% of the total share in 2021. This is attributed to increasing urbanization, advancement in technology in the field of electricity storage solar power and the increasing number of installments of on-grid solar power system in developed and developing economies such as the United States, China and India.
Regionally, the solar energy storage market forecast is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific solar energy storage market size is expected to grow at the highest CAGR over the forecast period and account for 35% of the solar energy market share in 2021, owing to rising concern from governments in emerging countries, such as China, India, and South Korea, over zero-emission standards, has increased the demand for solar energy storage batteries, thus, several manufacturers have put more focus on increasing solar energy storage battery production capacity in the region.
Key Players Operating in the Global Solar Energy Storage Market ADARA POWER, BASF SE, BMW, ENERSYS, Evonik Industries AG, KOKAM, Leclanché SA, LG CHEM, LG Electronics, MAXWELL TECHNOLOGIES, Owens Corning, PPG Industries, Inc. , PRIMUS POWER, SAMSUNG, Siemens AG, Sumitomo Chemical Co., Ltd and THE LUBRIZOL CORPORATION.
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Main results of the study
– In terms of type, the lithium-ion segment is estimated to show the highest growth rate, in terms of revenue, registering a CAGR of % from 2022 to 2031.
– In terms of installs, the on-net segment is expected to register the highest CAGR of 8.2% during the forecast period.
– By region, Europe had the highest share of 35% in 2021, in terms of revenue, with a CAGR of 8.6%.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as small and medium enterprises with unparalleled quality”Market research reportsand “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas.
Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior executives from leading companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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