Solar Energy Storage Market by End-Users and Geography - Forecast and Analysis 2019-2023

The global solar energy storage market size will grow by 24.32 GW during 2019-2023. The research report provides a detailed analysis of the market by end-users (commercial and industrial, utilities, and residential) and geography (the Americas, APAC, and EMEA). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BYD Co. Ltd., Fluence Energy LLC, LG Chem Ltd., Panasonic Corp., and Samsung SDI Co. Ltd.

Global solar energy storage market is expected to witness a CAGR of 63.06% during the forecast period. Certain factors that are driving the market include reduction in costs of solar PV systems, rise in global energy demand, and growth in government support.

Key Insights on the Solar Energy Storage Market – Global Forecast & Analysis 2023

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Solar PV is regarded as one of the least expensive sources of power generation. The reduction in costs of solar PV systems will boost the solar power generation. The substantial growth in solar PV installation globally is due to the declining costs of solar PV systems, owing to government initiatives and subsidies, as well as competitive bidding processes. The demand for solar PV is expected to grow, particularly in the US, India, and China owing to the demand for clean and sustainable energy. Hence, the reduction in costs of solar PV systems is expected to boost solar power generation which in turn driving the growth of the solar energy storage market.

Industry Overview

The increasing investments in renewable energy sources is one of the key trends contributing to the growth of the solar energy market. The demand for renewable energy sources is increasing across the world to decarbonize the environment and make it more sustainable. Governments have been taking initiatives to reduce the cost of solar PV systems and wind power systems. As a result, investments in renewable power have been increasing, and the developers of distributed solar PV projects are gaining access to finance from capital markets. The rise in solar PV installations will increase the demand for solar energy storage systems. These factors will boost the growth of the solar energy storage market.

The rise in global energy demand is also one of the factors that will influence the growth of the solar energy market. The global electricity demand is expected to increase substantially in the coming years, primarily because of the growing population and economic activities in fast-growing countries such as India and China. To meet the high energy demand sustainably, governments are undertaking measures to encourage solar energy use for the electrification of industries. They have been lowering costs of solar PV systems, disseminating knowledge about solar energy and its storage, and engaging with solar and storage stakeholders to make the use of solar energy in the commercial and industrial sector easy. As a result of these factors, the solar energy market is expected to register a CAGR of over 63% over the forecast period.

Top Companies in the Solar Energy Storage Market

The solar energy storage market is moderately fragmented. The report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies. The review will help clients in improving their market positions. It also provides a detailed analysis of the upcoming solar energy storage market trends and challenges and how they influence the solar energy market growth. The market trend would help companies in creating effective strategies to leverage the upcoming solar energy market growth opportunities.

The report offers a detailed analysis of leading solar energy storage companies, including:

• BYD Co. Ltd.
• Fluence Energy LLC
• LG Chem Ltd.
• Panasonic Corp.
• Samsung SDI Co. Ltd.

Market Segmentation

Solar Energy Storage Market by End-users

• Commercial and industrial
• Utilities
• Residential

The commercial and industrial end-users held the highest solar energy market share in 2018, and the segment will remain the largest end-users until 2023. Commercial buildings and industries have energy-intensive devices. The use of fossil fuels has been a cost burden to the stakeholders of the sector and is also a cause of pollution. As a result, renewable energy sources such as solar power are being used to boost revenues in the sector by eliminating the need for utility facilities. Furthermore, the use of solar power is reducing carbon emissions. Governments are also providing tax benefits and subsidies for the adoption of solar energy to run operations in industries. This will increase the need for solar energy storage units and solutions in the commercial and industrial sectors during the forecast period.

Solar Energy Storage Market by Region

• Americas
• APAC
• EMEA

APAC was the largest market shareholder in 2018 and will maintain its market dominance until 2023. China, South Korea, and Japan are the primary revenue contributors to the solar energy storage market in APAC. China’s solar PV installed capacity has been growing exponentially owing to strong support from the government and declining technology costs. Also, India has a target to install 100 GW of solar power capacity by 2022. In Japan, solar PV systems are extensively being installed in the residential and utilities. These initiatives are focused on reducing carbon emissions and reducing cost on utilities. Governments will continue to introduce favorable regulations to adopt renewable energies such as solar power, which will contribute to the growth of the solar energy market size.  

Major Highlights of the Solar Energy Storage Market – Global Forecast 2019-2023

• CAGR of the market during the forecast period 2019-2023
• Detailed information on factors that will accelerate the growth of the solar energy storage market during the next five years
• Precise estimation of the global 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 the Americas, APAC, and EMEA
• A thorough analysis of the market’s competitive landscape and detailed information on several vendors
• Comprehensive details of factors that will challenge the growth of solar energy storage companies

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