The global solar energy storage market at a CAGR of over 63% during the forecast period
NEW YORK, July 8, 2019 /PRNewswire/ --
Global Solar Energy Storage Market: About this market
Solar energy storage is a technology in which the energy storage device is charged by a connected solar system and reserves energy for later consumption. This solar energy storage market analysis considers sales from end-users including commercial and industrial, utilities, and residential. Our analysis also considers the sales of solar energy storage in the Americas, APAC, and EMEA. In 2018, the commercial and industrial segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the growing use of solar power by commercial real estate developers will play a significant role in the commercial and industrial segment to maintain its market position. Also, our global solar energy storage market report looks at factors such as reduction in cost of solar PV systems, rise in global energy demand, and growth in government support. However, stringent regulations against lead pollution, competition from alternative energy sources, and challenges associated with solar energy storage may hamper the growth of the solar energy storage industry over the forecast period.
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Global Solar Energy Storage Market: Overview
Rise in global energy demand
With the growth in economic activities in countries such as India and China and rising population, the initiatives from governments to encourage the use of solar energy in industries is also increasing. These industries are engaging with solar and storage stakeholders and experiencing a decline in the costs of solar PV systems. This will boost the adoption of solar energy in the commercial and industrial sector and lead to the expansion of the global solar energy storage market at a CAGR of over 63% during the forecast period.
Increasing investments in renewable energy sources
With the growing need to decarbonize the environment and achieve sustainability, governments are taking initiatives to reduce the cost of wind power systems and solar PV systems. This is resulting in an increased adoption of renewable energy sources across the world. Consequently, the demand for solar energy storage systems will increase and have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global solar energy storage market during the forecast period 2019-2023, click here.
Competitive Landscape
With the presence of several major players, the global solar energy storage market is moderately fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading solar energy storage manufacturers, that include BYD Co. Ltd., Fluence Energy LLC, LG Chem Ltd., Panasonic Corp., and Samsung SDI Co. Ltd.
Also, the solar energy storage market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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