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Solar Energy Storage Market by End-user, and Geography - Forecast and Analysis 2022-2026

  • Published: Oct 2022
  • Pages: 145
  • SKU: IRTNTR74658
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The Solar Energy Storage Market is projected to grow by USD 539.54 million with a CAGR of 11.1% during the forecast period 2021 to 2026.

This solar energy storage market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the solar energy storage market segmentation by end-user (commercial and industrial, utilities, and residential) and geography (APAC, North America, Europe, the Middle East and Africa, and South America). The solar energy storage market report also offers information on several market vendors, including ABB Ltd., Abengoa SA, Acciona SA, Adara Power, AEG Power Solutions BV, Alpha Tech Energy Solutions India Pvt. Ltd., Aura Power Developments Ltd., BrightSource Energy Inc, BYD Co. Ltd., E Solar, EnerSys, Evergreen Solar, General Electric Co., Helios New Energy Technology Australia Pty. Ltd., Leclanche SA, LG Chem Ltd., Saft Groupe SAS, Samsung SDI Co. Ltd., SMA Solar Technology AG, and Tesla Inc. among others.

What will the Solar Energy Storage Market Size be During the Forecast Period?

Solar Energy Storage Market Size

Download Report Sample to Unlock the Solar Energy Storage Market Size for the Forecast Period and Other Important Statistics

 

Solar Energy Storage Market: Key Drivers, Trends, and Challenges

Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the global solar energy storage market. During the COVID-19 pandemic, the demand for the solar energy storage market has been impacted significantly, but a holistic analysis of drivers will help in estimating exact demands and refining marketing strategies to gain a competitive advantage.

Key Solar Energy Storage Market Driver

The reduction in the cost of solar PV systems is a key factor driving the global solar energy storage market growth. Solar PV is regarded as one of the least expensive sources of power generation. In 2011, the Solar Energy Technologies Office (SETO) of the US DoE launched the SunShot Initiative, which aims to reduce the cost of solar PV systems in the US, thereby boosting solar power generation. The US DoE plans to achieve the set targets by 2020 to make solar power generation technology as cost-competitive as other sources of power generation. However, with the declining costs of solar PV systems owing to government initiatives and subsidies, as well as competitive bidding processes, there has been substantial growth in solar PV installations globally. Boosted by the demand for clean and sustainable energy, the demand for solar PV is expected to grow, particularly in the US, India, and China. Economies of scale will further pull down these costs. Hence, the reduction in the cost of solar PV systems is expected to boost solar power generation. This will drive the growth of the global solar energy storage market during the forecast period.

Key Solar Energy Storage Market Trend

The rising adoption of clean energy technologies will fuel global solar energy storage market growth. Owing to rapid urbanization and industrialization around the world, there has been substantial growth in electricity demand globally. According to the IEA, fossil fuels, including coal, natural gas, and oil, accounted for a major share of the global electricity mix in 2021. Coal and natural gas-fired power generation are increasing considerably and resulting in an increase in CO2 emissions from the power sector. Global energy-related carbon dioxide emissions rose by 6% in 2021 to 36.3 billion tons. Thus, efforts are being undertaken to reduce carbon emissions, which is boosting the adoption of clean energy technologies, such as renewables and nuclear power. Moreover, solar PV is expected to help countries meet their Sustainable Development Scenario target, which requires solar electricity generation using solar PV to grow from 570.80 TWh in 2018 to more than 3,268 TWh by 2030. Hence, with the rising adoption of clean energy technologies, solar power generation is expected to grow, boosting the growth of the market in focus during the forecast period.

Key Solar Energy Storage Market Challenge

The stringent regulations on lead pollution are the major challenge to the global solar energy storage market growth. The improper disposal of lead-acid batteries in landfills can lead to the leakage of sulfuric acid and lead into groundwater resources and result in the contamination of the drinking water supply. Moreover, toward the end of their lifecycle, the efficiency of lead-acid batteries declines and they become unusable. These unusable batteries are classified as hazardous waste. Therefore, the use of lead-acid batteries mandates the adoption of stringent waste management techniques to avoid harmful effects on the environment and human health. As recycling lead-acid batteries reduce the amount of solid waste disposed of in landfills, governments across the world have enforced stringent regulations on recycling such hazardous wastes. As per the US Code of Federal Regulations, Title 40 - Protection of Environment, Part 273 - Standards for Universal Waste Management, all used lead-acid batteries should be managed as universal waste. This increases the operational costs associated with the use of batteries as additional costs are incurred in the disposal and recycling of batteries in compliance with the regulations. Therefore, stringent regulations on lead pollution can become a major challenge for the growth of the global solar energy storage market during the forecast period

This solar energy storage market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global solar energy storage market as a part of the global renewable electricity market within the global independent power and renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the solar energy storage market during the forecast period.

Who are the Major Solar Energy Storage Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

  • ABB Ltd.
  • Abengoa SA
  • Acciona SA
  • Adara Power
  • AEG Power Solutions BV
  • Alpha Tech Energy Solutions India Pvt. Ltd.
  • Aura Power Developments Ltd.
  • BrightSource Energy Inc
  • BYD Co. Ltd.
  • E Solar
  • EnerSys
  • Evergreen Solar
  • General Electric Co.
  • Helios New Energy Technology Australia Pty. Ltd.
  • Leclanche SA
  • LG Chem Ltd.
  • Saft Groupe SAS
  • Samsung SDI Co. Ltd.
  • SMA Solar Technology AG
  • Tesla Inc.

This statistical study of the solar energy storage market encompasses successful business strategies deployed by the key vendors. The solar energy storage market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • abb.com - The company offers solar energy storage solutions, such as the SACE Tmax PV range.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The vendor profiles are designed to help clients improve their market position, and information on production and sustainability along with this report provides a detailed analysis of several leading Companies.

Solar Energy Storage Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain and parent market of the solar energy storage market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.

The value chain of the global renewable electricity market  includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Solar Energy Storage Market?

Solar Energy Storage Market Share by Geography

For more insights on the market share of various regions Request PDF Sample now!

58% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for solar energy storage market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The reduction in the cost of solar PV systems will facilitate the solar energy storage market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID-19 Impact and Recovery Analysis

The outbreak of COVID-19 hindered the growth of the solar energy storage market in APAC in 2020. Countries such as China, India, Nepal, Pakistan, South Korea, Malaysia, Sri Lanka, and the Philippines were under partial or full lockdowns owing to the COVID-19 pandemic. Lockdowns and stringent social distancing norms led to a halt in the production operations of manufacturing industries in APAC. This reduced the demand for solar energy storage systems from the commercial and industrial sectors during the first half of 2020. All these factors negatively affected the growth of the solar energy storage market in APAC in 2020. However, in the second half of 2020, operations in the commercial and industrial sectors resumed. This helped the market to recover in countries such as China and India. Thus, the solar energy storage market in APAC is expected to witness growth during the forecast period.

What are the Revenue-generating End-user Segments in the Solar Energy Storage Market?

Solar Energy Storage Market Share

To gain further insights on the market contribution of various segments Request a PDF Sample

The solar energy storage market share growth in the commercial and industrial segments will be significant during the forecast period. With rising energy demand from the commercial and industrial sectors, the use of renewables, such as solar PV, has been rising to reduce carbon emissions and boost efficiency. Thus, the rapid adoption of solar power in the commercial and industrial sectors has been propelling the growth potential of the market in focus. New state-level energy goals and innovative utility program offerings are being developed to address challenges, such as grid constraints, fluctuating electricity prices, and environmental concerns. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the solar energy storage market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Solar Energy Storage Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 11.1%

Market growth 2022-2026

$539.54 million

Market structure

Fragmented

YoY growth (%)

8.44

Regional analysis

APAC, North America, Europe, the Middle East and Africa, and South America

Performing market contribution

APAC at 58%

Key consumer countries

US, China, Japan, India, and Germany

Competitive landscape

Leading companies, Competitive Strategies, Consumer engagement scope

Key companies profiled

ABB Ltd., Abengoa SA, Acciona SA, Adara Power, AEG Power Solutions BV, Alpha Tech Energy Solutions India Pvt. Ltd., Aura Power Developments Ltd., BrightSource Energy Inc, BYD Co. Ltd., E Solar, EnerSys, Evergreen Solar, General Electric Co., Helios New Energy Technology Australia Pty. Ltd., Leclanche SA, LG Chem Ltd., Saft Groupe SAS, Samsung SDI Co. Ltd., SMA Solar Technology AG, and Tesla Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Solar Energy Storage Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive solar energy storage market growth during the next five years
  • Precise estimation of the solar energy storage market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the solar energy storage industry across APAC, North America, Europe, the Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of solar energy storage market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)
    • 5.2 Comparison by End-user
      • Exhibit 26: Chart on Comparison by End-user
      • Exhibit 27: Data Table on Comparison by End-user
    • 5.3 Commercial and industrial - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Commercial and industrial - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Commercial and industrial - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Commercial and industrial - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Commercial and industrial - Year-over-year growth 2021-2026 (%)
    • 5.4 Utilities - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Utilities - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Utilities - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Utilities - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Utilities - Year-over-year growth 2021-2026 (%)
    • 5.5 Residential - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Residential - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Residential - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Residential - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Residential - Year-over-year growth 2021-2026 (%)
    • 5.6 Market opportunity by End-user
      • Exhibit 40: Market opportunity by End-user ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 42: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 44: Chart on Geographic comparison
      • Exhibit 45: Data Table on Geographic comparison
    • 7.3 APAC - Market size and forecast 2021-2026
      • Exhibit 46: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.4 North America - Market size and forecast 2021-2026
      • Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.5 Europe - Market size and forecast 2021-2026
      • Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.6 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.7 South America - Market size and forecast 2021-2026
      • Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.8 China - Market size and forecast 2021-2026
      • Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.9 US - Market size and forecast 2021-2026
      • Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.10 Japan - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.11 India - Market size and forecast 2021-2026
      • Exhibit 78: Chart on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on India - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on India - Year-over-year growth 2021-2026 (%)
    • 7.12 Germany - Market size and forecast 2021-2026
      • Exhibit 82: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 86: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 87: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 89: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 90: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 91: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 92: Matrix on vendor position and classification
            • 10.3 ABB Ltd.
              • Exhibit 93: ABB Ltd. - Overview
              • Exhibit 94: ABB Ltd. - Business segments
              • Exhibit 95: ABB Ltd. - Key news
              • Exhibit 96: ABB Ltd. - Key offerings
              • Exhibit 97: ABB Ltd. - Segment focus
            • 10.4 Abengoa SA
              • Exhibit 98: Abengoa SA - Overview
              • Exhibit 99: Abengoa SA - Product / Service
              • Exhibit 100: Abengoa SA - Key news
              • Exhibit 101: Abengoa SA - Key offerings
            • 10.5 Acciona SA
              • Exhibit 102: Acciona SA - Overview
              • Exhibit 103: Acciona SA - Business segments
              • Exhibit 104: Acciona SA - Key news
              • Exhibit 105: Acciona SA - Key offerings
              • Exhibit 106: Acciona SA - Segment focus
            • 10.6 AEG Power Solutions BV
              • Exhibit 107: AEG Power Solutions BV - Overview
              • Exhibit 108: AEG Power Solutions BV - Product / Service
              • Exhibit 109: AEG Power Solutions BV - Key offerings
            • 10.7 BrightSource Energy Inc
              • Exhibit 110: BrightSource Energy Inc - Overview
              • Exhibit 111: BrightSource Energy Inc - Product / Service
              • Exhibit 112: BrightSource Energy Inc - Key offerings
            • 10.8 E Solar
              • Exhibit 113: E Solar - Overview
              • Exhibit 114: E Solar - Product / Service
              • Exhibit 115: E Solar - Key offerings
            • 10.9 General Electric Co.
              • Exhibit 116: General Electric Co. - Overview
              • Exhibit 117: General Electric Co. - Business segments
              • Exhibit 118: General Electric Co. - Key news
              • Exhibit 119: General Electric Co. - Key offerings
              • Exhibit 120: General Electric Co. - Segment focus
            • 10.10 LG Chem Ltd.
              • Exhibit 121: LG Chem Ltd. - Overview
              • Exhibit 122: LG Chem Ltd. - Business segments
              • Exhibit 123: LG Chem Ltd. - Key news
              • Exhibit 124: LG Chem Ltd. - Key offerings
              • Exhibit 125: LG Chem Ltd. - Segment focus
            • 10.11 Samsung SDI Co. Ltd.
              • Exhibit 126: Samsung SDI Co. Ltd. - Overview
              • Exhibit 127: Samsung SDI Co. Ltd. - Business segments
              • Exhibit 128: Samsung SDI Co. Ltd. - Key offerings
              • Exhibit 129: Samsung SDI Co. Ltd. - Segment focus
            • 10.12 Tesla Inc.
              • Exhibit 130: Tesla Inc. - Overview
              • Exhibit 131: Tesla Inc. - Business segments
              • Exhibit 132: Tesla Inc. - Key offerings
              • Exhibit 133: Tesla Inc. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 134: Inclusions checklist
                • Exhibit 135: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 136: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 137: Research methodology
                • Exhibit 138: Validation techniques employed for market sizing
                • Exhibit 139: Information sources
              • 11.5 List of abbreviations
                • Exhibit 140: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
              Interested in this report?
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              Solar Energy Storage market growth will increase by $539.54 million during 2022-2026.
              The solar energy storage market is expected to grow at a CAGR of 11.1% during 2022-2026.
              Technavio has segmented the solar energy storage market by end-user (commercial and industrial, utilities, and residential) and geographic (APAC, North America, Europe, Middle East and Africa, and South America).
              ABB Ltd., Abengoa SA, Acciona SA, Adara Power, AEG Power Solutions BV, Alpha Tech Energy Solutions India Pvt. Ltd., Aura Power Developments Ltd., BrightSource Energy Inc, BYD Co. Ltd., E Solar, EnerSys, Evergreen Solar, General Electric Co., Helios New Energy Technology Australia Pty. Ltd., Leclanche SA, LG Chem Ltd., Saft Groupe SAS, Samsung SDI Co. Ltd., SMA Solar Technology AG, Tesla Inc. are a few of the key vendors in the solar energy storage market.
              APAC will register the highest growth rate of 57.87% among the other regions. Therefore, the solar energy storage market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the solar energy storage market growth are:
              • Reduction in costs of solar PV systems
              • Rising adoption of clean energy technologies
              The solar energy storage market vendors should focus on grabbing business opportunities from the commercial and industrial segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
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              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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