Increasing demand for sustainable energy storage solutions is the major factor driving the market growth. As governments across the globe are promoting sustainable energy sources, the demand for the solar battery is expected to increase over the projected timeframe
Solar energy is stored in a battery by pumping solar energy
into the battery to initiate a chemical reaction among the component of the
battery and discharge the power as per requirement. It is made of lithium-ion
or lead acid. It is rechargeable and can be generally used in solar cell
systems to store excess energy. Some of the major installations of solar
battery include solar charging stations, storage for power plants, and storage
system for off-grids.
According to a new report published by Allied Market
Research, titled, “Solar Energy Storage Market," The solar energy storage
market size was valued at $9.8 billion in 2021, and is estimated to reach $20.9
billion by 2031, growing at a CAGR of 7.9% from 2022 to 2031.
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However, the installments of solar energy storage systems in
remote locations are difficult as they are difficult to reach. The remote
locations usually include islands and off-grid remote locations, which face
various challenges owing to variable generation and supply of power from
renewable energy sources. Challenges may include natural calamity, temperature
variation, and others. This may be anticipated to hinder the solar energy
storage market growth
The rise in population, increase in disposable income, and
growing residential activities have surged the demand for solar energy storage.
The installation of the solar battery can effectively reduce the demand for
coal, oil, and other imported fossil energy resources. Additionally, the
implementation of solar battery storage systems will provide new employments,
which can open new investment opportunities in the economy.
The Solar energy storage market analysis is segmented on the
basis of type, installations, and region. By type, the market is segregated into
lead-acid, lithium-ion, flow battery, and others. The lithium-ion type segment
dominated the global market, in terms of revenue in 2021, with 44% of the total
share. This is attributed to the fact that rise in industrialization,
urbanization, and growing consumer demand for various electric-based devices,
vehicles, and the growing prominence of sustainable energy solutions.
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By installation, the market is fragmented into on-grid and
off-grid. On-grid installation segment dominated the global market, with 62% of
the total share in 2021. This is attributed to the rise in urbanization, advancement
in technology in the field of solar energy storage, and increase in the number
of installments of the on-grid solar energy system in both developed and
developing economies such as the U.S., China, and India.
Region-wise, 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 projected to grow at the
highest CAGR during the forecast period, and accounted for 35% of the solar
energy market share in 2021, owing to a rise in concern from governments across
emerging nations, such as China, India, and South Korea, regarding
zero-emission norms has increased the demand for solar energy storage
batteries, thus, several manufacturers have put more emphasis on increasing the
production capacities for solar energy storage batteries 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, Siemen AG, Sumitomo Chemical Co., Ltd,
and THE LUBRIZOL CORPORATION.
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Key findings of the study
- In terms of type, the lithium-ion segment is estimated to
display the highest growth rate, in terms of revenue, registering a CAGR of %
from 2022 to 2031.
- In terms of installation, the on-grid segment is anticipated to register the
highest CAGR of 8.2% during the forecast period.
- By region, Europe garnered the highest share of 35% in 2021, in terms of
revenue, growing at a CAGR of 8.6%.
About Us
Allied Market Research (AMR) is a full-service market
research and business-consulting wing of Allied Analytics LLP based in
Portland, Oregon. Allied Market Research provides global enterprises as well as
medium and small businesses with unmatched quality “Market Research
Reports” and “Business Intelligence Solutions.” AMR has a targeted view to
provide business insights and consulting to assist its clients to make
strategic business decisions and achieve sustainable growth in their respective
market domains.
Pawan Kumar, the CEO of Allied Market Research, is leading
the organization toward providing high-quality data and insights. We are in
professional corporate relations with various companies and this helps us in
digging out market data that helps us generate accurate research data tables
and confirms the utmost accuracy in our market forecasting. Each and every data
presented in the reports published by us is extracted through primary
interviews with top officials from leading companies of the domain concerned.
Our secondary data procurement methodology includes deep online and offline
research and discussion with knowledgeable professionals and analysts in the
industry.
David Correa
Allied Analytics LLP
+1 503-894-6022
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