Solar Energy Storage Market Forecast
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