LONDON--(BUSINESS WIRE)--According to Technavio Research Report "Solar Energy Storage Market by end-user (commercial and industrial, utilities, and residential) and geography (APAC, Americas, EMEA) is witnessed to grow at 24.32 GW, at a CAGR of over 63% from 2019 to 2023.”
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Global Solar Energy Storage Market: Increasing investment in renewable energy sources
Owing to the global shift toward achieving a sustainable and less carbon-intensive environment, renewable energy sources are playing a crucial role. Renewables have grown dramatically in recent years, due to a sharp reduction in the cost of solar PV systems and wind power systems. In addition to electricity, renewables are expected to play a significant role in fulfilling energy demand from heat and transportation sectors through the rising adoption of EVs. To boost renewable power generation, substantial investments are being made by the government. The increase in solar PV installations will stimulate the demand for solar energy storage, thus boosting the growth of the market under review.
“Apart from the rise in global energy demand, the rising adoption of clean energy technologies is one other factor expected to boost market growth. Owing to rapid urbanization and industrialization around the world, there has been substantial growth in electricity demand globally. Efforts are being undertaken to reduce carbon emissions, which is boosting the adoption of clean energy technologies, such as renewables and nuclear power. 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,” says a senior research analyst at Technavio.
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Global Solar Energy Storage Market: Segmentation analysis
This market research report segments the global solar energy storage market by end-user (commercial and industrial, utilities, and residential) and geography (APAC, Americas, EMEA).
The APAC region led the market in 2018, followed by the Americas and EMEA, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the large-scale adoption of solar power and the increasing provisions of technologically advanced offerings in the region.
Global Solar Energy Storage Market: Rise in global energy demand
The global energy demand grew by over 2% in 2018, led by China, and the US. Global electricity demand has also witnessed rapid growth and is expected to grow two-fold compared with global energy demand. This growth in global electricity demand is driven by emerging economies, such as China and India. The digitalization of modern economies, electrification of transportation and heat sector, and growth in the number of electronically connected devices are among the factors boosting the electrification of global energy systems. The adoption of electric motor systems in industries is propelling the growth in energy demand from the industrial sector. With the increase in energy demand, solar energy production is expected to rise, boosting the growth of the global solar energy storage market during the forecast period.
Few Major Vendors in the Solar Energy Storage Market are:
- BYD Co. Ltd.
- Fluence Energy LLC
- LG Chem Ltd.
- Panasonic Corp.
- Samsung SDI Co. Ltd.
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