Solar Energy Storage Market’s leading Manufacturers:

· BYD Company Limited

· Carnegie Clean Energy Ltd.

· Maxwell Technologies, Inc.

· Samsung SDI Co., Ltd.

· EnerSys

· BAE Batterien GmbH

· Saft Batteries

· Vionx Energy Corporation

· FIAMM Energy Technology S.p.A.

· Adara Power

Solar Energy Storage Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)

Key Drivers

The increasing environmental concern, followed by the stringent regulations to decrease emissions through effective energy conservation measures, are the key drivers surging the growth of the solar energy storage market size. Furthermore, up-gradation and several advancements are being made in numerous sectors to bring cost-competitive business scenarios. In the past few decades, many solar projects have succeeded, which is fuelling the growth of the various sectors. The growing use of electric vehicles to decrease transportation costs and reduce carbon emission has promoted multiple organizations to install a solar integrated EV charging station. All these factors are projected to boost the growth of the global solar energy storage market.

The strong adoption of solar energy to reduce the use of fossils fuels is another factor that will positively influence the market's demand. The rising concern regarding the fundamentally changing environmental conditions has encouraged government agencies and huge businesses to adopt various renewable power sources, thereby propelling the market demand.

Installation Segment Drivers

Based on the installation, the market is segmented into off-grid and on-grid. The off-grid is expected to rise at a faster CAGR over the coming years due to the increased cost-effective solution that offers access to electricity. The rapid emphasis on schemes, reforms, and an increasing number of plans to support grid-scale solar implementations by the regulators at a global level thereby bolstered the market's growth. Regulators took various steps across regions, including renewable certificates, portfolio standards, clean energy drives, and green bonds involved with renewable implementation. These factors are projected to augment the market growth.

Regional Drivers

Based on the region, Asia-Pacific is predicted to rise at a faster rate over the coming years as various economies are targeting to decrease emissions and have linked these aspirations to partial decarbonization. Regulatory policies and fiscal incentives worldwide support the increasing solar energy storage in APAC countries. In addition to this, they are encouraging medium to long-term policies for incorporating renewable growth in the energy portfolio by different countries, which will further contribute to the growth of the market.

Solar Energy Storage Market Segmentation:

Segmentation by Composition:

· Lead Acid

· Lithium Ion

· Flow Battery

· Others

Segmentation by Capacity:

· Up to 50 KW

· 51 KW to 250 KW

· 251 KW to 500 KW

· 501 KW to 1000 KW

· 1001 KW to 2500 KW

· 2501 KW to 5000 KW

· 5001 KW to 10000 KW

· > 10000

Segmentation by Installation:

· On-Grid

· Off-Grid

Segmentation by Region:

· North America

o United States of America

o Canada

· Asia Pacific

o China

o Japan

o India

o Rest of APAC

· Europe

o United Kingdom

o Germany

o France

o Spain

o Rest of Europe

· RoW

o Brazil

o South Africa

o Saudi Arabia

o UAE

o Rest of the world (remaining countries of the LAMEA region)

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