The Solar Energy Storage Market was valued at US$ 138.56 Mn in 2022 and expected to grow at a CAGR of 9.2% during the forecast period (2023-2029), thanks to the growing trend of Off-Grid segment use which has boosted demand for Global Solar Energy Storages Market.

Solar Energy Storage Market Overview:

Global Solar Energy is light and heat comes from the sun. It is an abundant, clean, safe, and free energy resource and can be stored for future use. Concentrated solar power (CSP) is a system that collects solar energy and converts it into heat, this heat can be immediately used to generate electricity or stored for later use. Three main types of solar energy storage systems are grid-tied, grid/hybrid, and off-grid. This stored energy can be used in solar charging stations, power plants, power generation, solar lightings, etc. Rising demand for renewable energy and environmental concerns are major driving factors for the market growth. As a result, the global solar energy storage market is expected to reach 256.57 Mn. during the forecast period.US Government initiatives like the “Federal Investment Tax Credit(ITC)”, to provide tax benefit, the “Modified Accelerated Cost Recovery System (MACRS) to encourage solar energy deployment and plan of the Indian government to increase the renewable energy capacity of 523 GW by 2030 are adding an advantage to the market growth.

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Drivers:

Growth of population, urbanization, industrialization, awareness of the people about financial and environmental benefits of solar energy, pollution-free, and no greenhouse gas emission, helps to reduce the dependency of fossil fuels, return on investment, less maintenance cost, employment creation, to meet high energy demand, etc are the major factors creating the demand for the solar energy storage system.

Segmentation:

by Composition

Lead-Acid
Lithium-Ion

by Installation

Off-grid
On-grid

by Capacity

Less than 1000 kW
More than 10000 kW

Key Players: the key players are

1.ABB Ltd
2.LG Chem Ltd
3.Samsung SDI Co Ltd
4.General Electric Company
5.Tesla, Inc
6.AEG Power Solutions
7.eSolar Inc.
8.Abengoa S.A.
9.BrightSource Energy, Inc.
10.ACCIONA, S.A. (Spain)
11.EVERGREEN SOLAR INC.
12.Alpha Technologies
13.Solor Poer Rocks LLC
14.Helio power
15.SMA Solar Technology

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Regional Analysis:

The report has assessed the global Solar Energy Storage market in the following regions:

• America, North (the United States, Canada)
• European Union (Germany, France, United Kingdom, Russia)
• Asia-Pacific region (China, Japan, Korea, India, Southeast Asia, and Australia)
• Latin America (Brazil, Argentina, Colombia)
• Africa and the Middle East (Saudi Arabia, UAE, Egypt, South Africa)

Key Questions answered in the Solar Energy Storage Market Report are:

• Which key trends are likely to emerge in the Solar Energy Storage market in the forecast period?
• What will be the Solar Energy Storage market size by 2027?
• Which company had the biggest share in the Solar Energy Storage market in 2020?
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