Solar energy storage market to derive commendable proceeds via increasing usage of lithium ion batteries through 2025
The global solar energy storage market size is expanding at an unprecedented pace owing to the increased adoption of renewable energy sources by various sectors of the economy to replace the traditional forms of energy usage. Additionally, numerous initiatives of businesses and government agencies to explore sustainable and efficient power sources and their storage has contributed to the enhancement of solar energy storage market share.
Global Solar Energy Storage Market Size, 2018 – 2025 (USD Million)
The demand for electric batteries to reduce the fuel cost has also witnessed a considerable growth mainly due to the proliferation of electric vehicles, which has driven companies to integrate storage units that are performance oriented. Consequentially, the usage of lithium ion battery storage systems across various business verticals is increasing. Apparently, these batteries are gradually replacing their substitutes for solar storage in grid connection.
The Li-ion batteries require low maintenance and do not require scheduled recycling. Their self-discharge technique is less as compared to other batteries making them well suited for modern fuel gauge applications. Several automotive companies are preferring Li-ion batteries, for instance, Toyota has deployed solar rooftops at its facilities and aims to explore synergies with lithium ion batteries. These module-based batteries will be provided with stationary storage for solar energy which may reduce the cost of energy storage. The need to store solar energy for further use by way of charging the electric vehicles will propel solar energy storage market outlook over the forecast years.
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In recent times, the implementation of roof top solar systems across residential and commercial spaces has fueled the product demand. For instance, India’s Ministry of New and Renewable Energy, under its National Solar Mission – aims to achieve 40-GW worth of power through solar rooftops by the year 2022. Owing to numerous advantages of rooftop solar panels such as cost savings, reduced carbon footprints, and relatively lower maintenance cost, several builders of residential or commercial establishments are installing solar rooftops. The need to store solar energy across these establishments is contributing to the overall solar energy storage industry share.
Speaking in terms of regional growth, Asia Pacific solar energy storage market share has witnessed a commendable expansion over the last few years owing to several government policies directed toward increasing the use of renewable sources of energy in these countries. Additionally, due to the increase in industrial sector, the builders/establishment owners are resorting to renewable sources for electricity due to its cost effectiveness and easy maintenance.
According to a study by India Brand Equity Foundation, the installed renewable power generation capacity in India recorded a CAGR of 19.78% between the year 2014 and 2018. Similarly, in order to boost the adoption of solar energy, the government is levying tax credits to people who install solar panels for commercial or residential purposes. In fact, according to the Ministry of New and Renewable Energy, the government pays 30% of the installation cost as a subsidy.
Apart from India, China has emerged as a leading producer, installer, and exporter of renewable energies like solar and wind power along with related technologies like electric vehicles and batteries. As of 2016, China has over 15,000 renewable energy patents and has a clear lead in terms of underlying technology. According to the National Energy Administration (NEA), in the first quarter of 2019, China added 5.2 GW of solar power capacity driven by new project launches in northern and eastern part of the country.
Large scale solar projects are being constructed across China and the country is venturing into the production of electric vehicles rapidly, with the government spending over USD 60 billion in the last decade to steer the electric cars industry by restricting the licenses for gas powered vehicles. Thus, the growing production of solar energy to fulfil the demand of solar infused products across China is propelling the APAC solar energy storage market size.
Owing to an increase in realization among the nations regarding climate change and its impact, there has been a considerable shift towards the adaption of renewable energy sources. Hence, with the rise in usage of natural source of energy like solar power there arises a need for storage in order to facilitate continuous usage.
Similarly, the adaption of solar power ranging from the production of electricity to its usage in electric cars has further steered solar energy storage industry trends. Several investments from major companies like Samsung, LG Chem, BMW, Maxwell Technologies, Primus Power and others have eased the availability of efficient storage solutions and created future opportunities in the sector. According to a report by Global Market Insights Inc., solar energy storage market is estimated to exceed an annual installation of 3 GW by 2025.
Author Name : Shreshtha Dhatrak
How will North America microgrid market go on to become a business vertical worth USD 7 billion by 2024?
Some of the pivotal factors that have propelled North America microgrid market growth over the recent years are the governmental & regulatory inclinations toward network expansion and the rising financial backing to support such projects. Increasingly becoming the most resilient and sustainable options for industries to provide continual operation during blackouts and natural disasters, microgrids are becoming the essentials of the energy and utilities sector. A substantiation validating the aforesaid is that of a report by the Federal Energy Regulatory Commission that claims the utilities across the U.S. to have invested nearly USD 35 billion in 2016 for the expansion of the energy transmission network.
U.S. Microgrid Market Size, By Storage Device, 2017 & 2024 (USD Million)
Rising adoption of renewable energy technologies to impel North America microgrid market size
Quite overtly, the spending on energy infrastructure to deliver power to businesses and households has increased remarkably in the past decade and is replacing the conventional poles, station equipment, and overhead lines and devices. With the rising penetration of renewable sources in the mainstream electricity supply, the operational dependability of the grid network has become an intricate issue for the power giants. In fact, several eminent companies are generously investing in microgrids for seamless integration and distribution of clean energy.
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Recently in 2017, Ameren Corporation unveiled the completion of one of the most highly advanced utility scale microgrids in the North America microgrid market. As a part of its commitment toward building a smart and clean energy infrastructure, Ameren has built a microgrid facility with advanced automation & battery storage. The facility will also test, monitor, and control methods for aggregating renewable & clean energy sources from natural gas, solar, and wind. Reports claim that the Ameren microgrid has a significant production potential of up to 1475 kilowatts, which is enough to power more than 190 households and will be contributing immensely to the expansion of North America microgrid industry share.
North America microgrid market to be swayed by the rise in product demand from the military
Greater reliance on fossil fuel in remote & rural regions in the world is a vulnerable point in military operations, and the results could be devastating, given the transportation challenges. A microgrid solution, in this regard, has not only enabled an installation to generate its own power for the military sector but has also provided protection against cybersecurity risks. These grids have significantly met the needs for stable electricity supply and that too without relying on a larger regional grid that is more averse to interruption and compromises.
To illustrate further, under its Smart Power Infrastructure Demonstration for Energy Reliability and Security (SPIDERS), the U.S. military is aiming to deploy microgrids to supply power in the event of attack or loss of the utility grid. The program is also focusing to integrate solar PV and the diesel backup generators in order to provide diverse fuel sources, enabling uninterrupted power and lower carbon emission.
Recently, the U.S. Department of Defense, in this regard has issued a solicitation for multiple microgrid projects in the military sector that will assess large-scale energy storage. It is also imperative to mention here that the U.S. DOD is the largest petroleum & fossil fuel consumer and greenhouse gas emitter in the world – which is also one of the many reasons why U.S. military are looking at renewable energy microgrids.
Taking into consideration the aforementioned scenario, it wouldn’t be wrong to say that the U.S. military has become one of the significant investment ground for potential North America microgrid industry investors. Further powered by government backing and funding advances, the military microgrid projects are expected to be more secure & reliable and are poised to be a lucrative sector of the North America microgrid industry, which according to reliable reports is expected to surpass 7 billion by 2024, with a capacity expansion of 3 GW.
Author Name :Ojaswita Kutepatil
Rising reliability on electricity coupled with growing need for uninterrupted power supply are major factors driving microgrid market growth. Of late, the proliferating industrialization trends have paved the way for escalating investments in industrial and urban establishments. This has been observed especially in emerging economies, leading to an increase in the demand for electricity. This factor in tandem with favorable government initiatives in electrification of rural areas are augmenting the demand for microgrid connectivity across the globe.
Rapid deployment of captive power sources in tandem with rising integration of clean energy technologies is stimulating the microgrid market outlook. Growing consumer inclination towards natural gas-based power generation sources in consort with rising adoption of solar technology in industrial sector are also contributing toward the growth of the industry.
The expansion of solar energy sector worldwide is a major parameter driving the demand for microgrids. The global microgrid market will register considerable growth owing to favorable federal reforms including FITs, tax rebates and investment tax credits, which are being introduced to increase the deployment of solar PV as a power source. Also, the rapid decline in component prices along with robust R&D activities to improve operational flexibility and product quality of solar PVs will drive microgrid industry growth.
According to estimates, microgrid market will register an annual installation of 13 GW by the year 2026.
Based on storage, the microgrid market is categorized into lead acid, lithium-ion, flywheel and flow batteries segment. Of these, the lithium-ion segment is likely to depict significant growth, attributed to the fact that lithium-ion batteries have longer life cycle and offer efficient performance properties.
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Elaborating on the application spectrum, rising adoption of microgrid technology in remote areas owing to scarcity of electricity and fluctuating power supply will boost the growth of the remote application segment. Government officials are primarily focusing on introducing various programs in order to provide sustainable grid network solutions in off-grid areas. Escalating demand for electricity in isolated areas is thus compelling governments to focus on distributed power generation, increasing the demand for microgrids across remote locations.
Rising R&D activities along with surging investments by food & beverage, manufacturing and chemical companies is also contributing to the growth of the remote applications segment in microgrid market.
Considering the geographical landscape, estimates claim that the Asia-Pacific microgrid market is estimated to grow by 22% through the year 2026. Growing demand for electricity along with surging investments in urban and industrial development is driving the market growth. Moreover, the growth of Asia-Pacific market is credited to the increasing number of consumer awareness programs regarding the benefits of using renewable sources of energy.
For instance, South Korea and Japan are primarily focusing on integrating and supplying sustainable energy solutions in order to provide positive benefits to their respective citizens.
The governments of the emerging economies across APAC are also known to undertake efforts for bringing forth uninterrupted power supply in the region, which is further likely to drive the growth of this market in the years to come.
The prominent companies operating in microgrid market are Honeywell, Schneider, ABB and Siemens among others.
Author Name : Omkar Patwardhan
The world is heavily treading toward the adoption of renewable energy sources, which will lucratively impel solar PV module market. There has been an increase in public awareness levels regarding the effects of GHG, released into environment after the burning of fossil fuels, which has prompted manufacturers to come up with suitable sustainable alternatives. This initiative will provide a push to solar PV module market growth. Several technological developments and the increasing number of manufacturing facilities has also resulted in reduced product cost, which will fuel the industry trends. According to Global Market Insights, Inc., “Worldwide Solar PV Module Market was valued USD 20 billion in 2016 and will surpass a revenue collection of USD 30 billion by 2024.”
North America Solar PV Module Market Size, By Product, 2016 (MW)
Many of the market players are engaged in collaborations with research institutes to bring about innovative technologies that will enhance the industry expansion. Growing investments in R&D activities, flexible integration, and better efficiency will boost the demand for thin film technology integrated products. In 2016, thin film covered more than 20% of the revenue share of technology segment in solar PV module market. The noteworthy participants in solar PV module market are First Solar, Canadian Solar, Trina Solar, JA Solar, Hanwha Q CELLS Co., Jinko Solar, SunPower, Yingli, ReneSola, Moser Baer, SFCE, Shine Solar, and Lanco.
Growing industrialization across the globe will fuel the need of renewable energy. Favorable government initiations in terms of financial support will prompt industry giants to adopt solar PV modules to enhance the growth of Solar Energy Market. Ground mounted systems are being deployed increasingly across the utility and commercial sectors subject to their numerous benefits. The ground mounted segment will exhibit an annual growth rate of more than 7% over the period of 2017 to 2024.
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The governments of various countries have lately been making huge efforts to enhance the grid connectivity of their nations. Speaking of which, the on-grid segment dominated the connectivity landscape of solar PV module industry by accounting for more than 55% of the revenue share in 2016. It is expected to record substantial growth rate over the coming timeframe.
Rural areas have witnessed a heavy deployment of micro-grids to fulfill the escalating need of off grid electricity, subject to which solar PV module market from off grid connectivity segment will generate a significant revenue over the coming seven years. To accomplish the need of sustainable energy, the U.S. has been installing micro grids on a large scale. U.S. solar PV module industry will register a CAGR of more than 6% over the coming years of 2017 to 2024. The attributing factor toward the market growth is deployment of stringent rules and regulations to control GHG emissions along with huge investments in power plants to increase the grid capacity.
To reduce carbon emissions in the environment, the government has been promoting the usage of roof top mounting system. Government support and favorable subsidies will propel solar PV module market from roof top mounting systems. The Asia Development Bank recently granted a subsidy of US 500 million for the development of roof top systems. Escalating installation of these systems across the residential sector will also influence the product demand.
Solar PV module industry from the residential sector collected a revenue of USD 4 billion in 2016 and is predicted grow lucratively over the years ahead. Monocrystalline products are also deployed across this sector, subject to which monocrystalline solar PV module market will grow at an annual growth rate of more than 6% over the period of 2017 to 2024. Additionally, the surging need to maintain energy efficiency will augment the product demand.
China covered more than 60% of Asia Pacific solar PV module market share in 2016 and will generate considerable revenue over the coming seven years. Shifting preference toward the adoption of renewable technology is likely to impel China solar PV module market.
Market players are focusing toward strategies such as product innovation and differentiation to gain more profit. The efforts of these companies coupled with government norms to promote clean energy will suitably impel global solar PV module market.
Author Name :Sunil Hebbalkar
Thin film solar cells market to register a phenomenal CAGR of 16% over 2016-2024, rising demand for sustainable energy will drive the industry growth
With a great deal of interest to improve the quality of solar power system due to fossil fuels rigorously getting drained, thin film solar cells market is speedily evolving with every passing year. Strong concerns regarding global environmental issues has brought a dramatic growth in the clean energy market, with solar energy at the pinnacle. Furthermore, the surging demand for electricity specially from off grid areas along with reducing renewable energy tariff subjected to the increase in competitive bidding will heighten the market demand in the coming timeframe. As per a report by Global Market Insights, Inc., “Global thin film solar cells market is expected to increase its revenue fourfold by surpassing USD 30 billion by 2024, having had a worth of USD 8 billion in 2015.”Technological progressions along with a large number of promising energy conservation programs that have been initiated worldwide have resulted in a decline in overall component cost. These adopted initiations will act as a catalyzer for the overall growth of the market. In this regard, India is already a step ahead. In 2016, the country has launched a target of deploying 20 GW grid connected solar power projects in half a decade, which will finally result in cost reduction of solar power generation of the country.
U.S. Thin Film Solar Cell Market size, by component 2013-2024 (MW)
The solar technology is witnessing a continuous evolution with technological progression. Three types of thin film cells that are predominant in the market are cadmium telluride thin film cells, amorphous silicon cells, and copper indium gallium diselenide (CIGD)solar cells. Amorphous silicon thin film solar cells market accounted for more than 13% of the total volume in 2015, and is expected to observe a surge due to increasing demand for solar wristwatches, garden lights, and electronic calculators. Cadmium telluride solar cells are largely adopted for generating terrestrial solar power in residential sector owing to the product’s cost effectiveness and high-level conversion efficiency. This second-generation thin film solar cells industry is estimated to grow stupendously at a CAGR of 17% over the period of 2016-2024. Copper indium gallium diselenide based film solar cells are the top performing cells till date, with an upper hand due to absorption of more sunlight than the other products. CIGD thin film solar cells market is anticipated to generate a revenue of USD 8 billion by 2024.
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Low toxicity, high efficiency, and comparatively affordable manufacturing cost are the leading factors driving thin film solar cells industry to penetrate a wide array of sectors. Thin film solar cells market is gaining a huge popularity across residential, utility and commercial sectors owing to its flexibility and light weight. Thin film solar cells industry from commercial application have collected a huge revenue of USD 1 billion in 2015, and is anticipated to be one of the prominent sectors driving the application landscape in the coming timeframe. Growing consumer claim for uninterrupted power supply is redirecting the focus toward sustainable and reliable energy sources, which in turn is influencing the market outlook. Driven by the handsome number of government solar projects that are continuously being launched, thin film solar cells market share from utility sector is slated to exceed a power capacity of 60 GW over the coming seven years.
Geographies that are anticipated to influence thin film solar cells market over 2016-2024 are listed below:
- US is one of the prominent regions which is actively involved in the market. Positive outlook toward relying more on renewable energy sources along with increasing installation of photo voltaic models is fueling U.S. thin film solar cells industry.
- Asia Pacific is expected to hold a considerable industry share in terms of revenue with China prominently driving the regional demand. China thin film solar cells industry accounted for more than 40% of the regional market in 2015 and will register a massive double digit growth rate of 15% over the forecast span. The growth can be attributed to the huge investment in the PV projects in China.
- UK thin film solar cells market covered more than 25% of the market share in 2015 and will cross 4GW power generation capacity by 2024, owing to the favorable government initiatives pertaining to sustainable energy production.
Market players are concentrating more on research activities to enhance the product quality along with improving the energy efficiency. However, lack of proper knowhow of the ongoing financial incentives related to non-conventional energy sources may act as a deterrent in the growth path of the industry. Prominent participants of thin film solar cells market include Hankey Asia Ltd., Ascent Technologies Inc., Hankey Asia Ltd., Global Solar, Inc., and First Solar.
Author Name :Satarupa De