The solar energy storage market which was valued over $170 million in 2018, is predicted to grow more than 35 per cent in compounded annual growth rate (CAGR) by 2025, according to a latest study by Global Market Insights, Inc.
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Strict regulatory norms in line with rising environmental concerns to reduce emissions through the installation of effective energy conservation measures will boost the industry growth. Moreover, ongoing technological advancements and upgrades to provide a cost-competitive business outlook will augment the industry dynamics.
Favourable government norms on account of self-consumption and subsidies from grid operators and distribution companies with an aim to achieve grid feed-in will augment the business potential.
Moreover, the industry is anticipated to gain momentum on account of PV installation on small scale systems and substantial growth potential across applications behind the meters.
Furthermore, BES integration will increase owing to declining costs along with batteries retrofitting with small scale photovoltaics are the key factors driving energy storage demand.
Off-grid conventional energy solutions, including mini-grids and stand-alone systems, to provide access to energy have appeared as a prominent, cost-competitive solution. Growing inclination toward research and development have decreased technology costs which favour the innovation in financing catering and delivery models including local entrepreneurs, private sector and the communities.
Henceforth, positive consumer tendencies along with positive solar energy storage market and regulatory outlook to incorporate a sustainable energy scenario will complement business outlook.
Asia Pacific solar energy storage market is anticipated to exceed 40 per cent by 2025. Stringent government norms coupled with public and private investments in renewable energy solutions across the region inculcating partial decarbonisation activities will positively influence the business outlook.
Growing investor inclination toward new renewable projects after post-COP21 agreement has witnessed a rapid expansion of the conventional bond industry. The existing regulatory policies and fiscal incentives across the region favour these prospects.
Moreover, solar is a relatively abundant and effective energy source which enhances its penetration in many countries inducing long-term policies to emphasise renewable growth in their overall conventional energy portfolio.
Large scale investments has benefitted lithium ion segment on account of their deployment across a wide range of applications. Rapid inclination toward cost reduction potential through an increase in competitive supply chains, material improvements and scale of production capacity will positively influence the product demand.
In addition, large scale technological development of EVs favoured by ongoing solar integration will augment the solar energy storage market dynamics.
Prominent solar energy storage market players include Carnegie Clean Energy, BMW, Kokam, BYD, Primus Power, Samsung, Maxwell Technologies, EnerSys, LG Chem, Leclanche, FIAMM, Vionx BAE, Saft, Adara Power, Ecoult and Aquion.
Product flexibility, competitive pricing, reliability and brand value are few key factors to validate solar energy storage market competitiveness.
Moreover, extensive R&D investments and self-attained product patents coupled with flexible process implications across the integrated distribution channels, have further augmented the business portfolio, it stated.
