Global Solar Energy Storage Market: Overview
The demand within the global solar energy storage market is expected to rise on account of advancements in the domain of renewable energy production. Researchers have been focusing on developing viable means for storing and utilizing solar energy. Several solar projects have tasted success over the past decade, and this factor has generated lucrative opportunities in the global energy sector. Solar energy storage has been proclaimed as the ultimate solution to mitigating the energy crisis that has hit the world. Considering the factors mentioned above, the global solar energy storage market is projected to grow by leaps and bounds.
Production of solar energy needs to be complemented with a strong backup for storing it. Hence, the relevance of solar energy storage technologies cannot be undermined. The vendors in the global solar energy storage market have realised the importance of capitalising the current need of the end-users. These vendors are expected to invest huge sums towards research and development.
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An important breakthrough in the solar energy storage domain could turn the fortunes of the global market. This is a major driver for disruptions and experimentation by vendors in the solar sector. Furthermore, the focus given on the renewable energy sector by government authorities has also aided market growth.
A report by Transparency Market Research (TMR) on the global solar energy storage market is an apt portrayal of the forces that have aided market growth. The global solar energy storage market can be segmented on the basis of the following parameters: type, capacity, installation, and region. Based on type, the demand for lithium ion batteries is expected to rise in the years to come.
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Global Solar Energy Storage Market: Notable Developments
The global solar energy storage market has undergone key developments in the recent past. Some of these developments have been elucidated below:
- The dramatic changes that have offset within the renewable energy domain of General Electric (GE) has created ripples across the market. The company has set on a spree to develop projects for distribution of solar-storage technologies. Furthermore, BlackRock Real Assets has acknowledged the efforts of GE, and the former has agreed to invest in GE-bred technologies.
- Other leading vendors such as Primus Power and Maxwell Technologies are also expected to invest in research and development of new storage technologies. This strategy could give an impetus to the growth of these vendors.
Some of the notable players in the global solar energy storage market are LG Chem, Leclanche, EnerSys, FIAMM, BAE, and Saft.
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Global Solar Energy Storage Market: Growth Drivers
- Renewables are the Future of Energy Sector
The demand within the global solar energy storage market is projected to increase as renewable energy production gains popularity across the world. The advent of lithium ion batteries has generated hope for optimizing solar energy production and storage. Hence, the total volume of revenues in the global solar energy storage market is expected to increase by leaps and bounds in the following years.
- Advent of Smart Grids
The development of smart grids for storage and supply of electricity has played a key role in market growth. Focus on developing smart hubs and smart cities by governments has aided market growth.
Global Solar Energy Storage Market: Regional Outlook
On the basis of geography, the global solar energy storage market has been segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The solar energy storage market in Europe is expanding alongside advancements in the domain of solar manufacturing.
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