Solar Energy Battery Storage Global Market – Overview

The Global Solar Energy Battery Storage Market is projected to grow substantially during the forecast period. Solar energy battery storage is used to store the electrical energy in batteries due to intermittent nature of sunlight. Some of the major type of batteries used for storage include lithium-ion battery, sodium-sulphur battery and flow batteries. Generally, commercial and industrial applications are the major end users for the battery storage.

The Global Solar Energy Battery Storage Market is being driven by the substantial growth with the integration of renewable energy in various applications worldwide. The substantial rise in demand of the power generated from renewable energy, and its ambitious goals of achieving COP21 and curbing greenhouse gas emissions is expected to drive the growth of the market. Government organizations across the globe are offering various subsidies and have started various initiatives for commercial and residential sector for the use of solar energy, which is further driving the growth of the Global Solar Energy Battery Storage Market.

The Global Solar Energy Battery Storage Market is segmented based on solar technology, battery, connection type, application and end-use. Based on solar technology, the market is further segmented as photovoltaic and concentrated solar power. Based on battery the market is segmented as lithium ion, flow batteries, nickel cadmium, lead acid and others. Based on connection type the market is segmented as off-grid and on-grid. Based on Application the market is segmented as load levelling, peak shaving, power backup and others. Based on end-use the market is segmented as utilities, industrial & commercial and residential.

Geographically, the Global Solar Energy Battery Storage Market is segmented into North America, Europe, Asia Pacific and Rest of the World. Asia Pacific is expected to dominate the market during the forecast period due to rising demand of renewable power from China, India and Japan.

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Solar Energy Battery Storage Global Market – Segmentation

The scope of Global Solar Energy Battery Storage Market is segmented into five major segments which are explained below:

By Solar Technology

Photovoltaic
Concentrated solar power

By Battery

Lithium Ion
Flow Batteries
Nickel Cadmium
Lead Acid
Others

By Connection Type

Off-Grid
On-Grid

By Application

Load Levelling
Peak Shaving
Power Backup
Others

By End-Use

Utilities
Industrial & Commercial
Residential

Solar Energy Battery Storage Global Market - Competitive Analysis

The global market for battery storage is at a growing stage. All key players in the market are investing in research and development to expand their product base and introduce new products in the market. Market leaders are unceasingly looking for expansion opportunities by acquiring companies. Key players are seeking opportunities to work in Asia-Pacific, on account of growing development in the region.

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Industry News

In March, 2018 – ABB’s new react 2 inverter and energy storage solution included a high-voltage Li-ion battery with a long life and a storage capacity of up to 12 kWh.

In March, 2017 – ABB delivered its first successful urban battery storage solution in Denmark. Lithion-ion based battery energy storage system (BESS) which has been integrated with the local electricity grid to store the electrical energy.

In March, 2017 – AEG power solutions announced its new outdoor storage converter for on and off-grid energy storage to store or provide power according to the application such as frequency control, peak shaving, energy shifting or voltage control.