LONDON--(BUSINESS WIRE)--The global solar energy storage market size is poised to grow by 24.32 GW during 2019-2023, according to a new report by Technavio, progressing at a CAGR of over 63% during the forecast period. Request Free Sample Pages
Read the 126-page research report with TOC on "Solar Energy Storage Market Analysis Report by end-users (commercial and industrial, utilities, and residential) and geography (the Americas, APAC, and EMEA).
The market is driven by a rise in global energy demand. Also, the increasing investments in renewable energy sources are anticipated to boost the growth of the solar energy storage market.
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, driven by emerging economies. The digitalization of modern economies, electrification of transportation and heat sector, and growth in the number of electronically connected devices are a few 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.
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Major Five Solar Energy Storage Companies:
BYD Co. Ltd.
BYD Co. Ltd. operates under three segments, namely rechargeable batteries and photovoltaic business; mobile headset components and assemble service; and automobiles and related products. The company provides PV+ storage, which is aimed at eliminating bottlenecks in traditional PV power generation and meeting diverse market needs.
Fluence Energy LLC
Fluence Energy LLC offers battery-based solar energy storage solutions. In January 2018, the company launched a new platform, SunFlex Energy Storage, which improves and expands the capabilities of solar PV generation.
LG Chem Ltd.
LG Chem Ltd. has business operations under various segments, which include basic materials and chemicals, energy solutions, IT and electronic materials and advanced materials, and life sciences. The company provides optimal battery-based solar energy storage solutions for households using ESS that enables the use of solar power during the night and reduces electricity bills.
Panasonic Corp.
Panasonic Corp. operates under various categories, which include appliances, eco-solutions, connected solutions, and automotive and industrial systems, among others. The company’s key offerings include the Harbor Plus smart battery storage system and Harbor Flex smart battery storage system.
Samsung SDI Co. Ltd.
Samsung SDI Co. Ltd. has business operations under two segments, namely energy solutions and electronic material. The company offers lithium-ion battery-based ESS, which complements the intermittency of renewable energy produced by a solar power generation system to meet the various needs of users.
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Solar Energy Storage End-User Outlook (Revenue, USD Million, 2019 - 2023)
- Commercial and industrial
- Utilities
- Residential
Solar Energy Storage Regional Outlook (Revenue, USD Million, 2019 - 2023)
- Americas
- APAC
- EMEA
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