Batteries for Solar Energy Storage Market Forecast to 2028 – Global Analysis By Battery Type, Application, and Connectivity – Decline in Prices of Lithium-Ion Batteries – ResearchAndMarkets.com

DUBLIN–(COMMERCIAL WIRE)–The “Solar Energy Storage Battery Market Forecast to 2028: Impact of COVID-19 and Global Analysis by Battery Type, Application and Connectivity” Report has been added to ResearchAndMarkets.com offering.

The size of the solar energy storage battery market is projected to reach US$9,478.56 million in 2028 from US$3,149.45 million in 2022. It is expected to grow at a CAGR of 20.2% during 2022- 2028.

Increased investment in the renewable energy industry is driving the growth of the solar energy storage battery market. According to the US Energy Storage Monitor report, 345 MW of new energy storage systems were commissioned in the second quarter of 2021. For example, in August 2021, Reliance Industries Ltd planned to invest US$50 million in a US renewable energy storage company. Ambri Inc. to develop affordable alternatives to lithium-ion batteries.

Similarly, in September 2021, EDF Renewables North America and the Clean Power Alliance signed a 15-year power purchase agreement (PPA) for the Solar-plus-Storage project. The project consists of a 300 MW solar project together with a 600 MWh battery energy storage system.

In June 2022, the New York State Energy Research and Development Authority (NYSERDA) awarded EDF Renewable North America a 1 GW solar and battery storage contract as part of its application for renewable energy certificates to large-scale by 2021. Energy storage developers in the US have plans to reach 9 GW capacity by 2022.

Therefore, these upcoming investment prospects coupled with an increasing number of solar energy projects are increasing the growth of the battery for solar energy storage market size during the forecast period.

An increase in demand for solar energy is driven by an increase in environmental pollution and funding from government incentives and tax breaks to install solar panels. Supportive government policies and regulations for solar panel installation are driving the market. FiT, investment tax credits and capital subsidies are the prominent policies and regulations driving the installation of solar plants in countries such as China, the US and India.

China’s 2020 Energy Transition Policies and 14th Five-Year Plan, and Japan’s 2021 Energy Policy are attributed to the growth of the solar energy industry. Additionally, in March 2022, China planned to add a major government fund worth US$63 billion to pay off debt subsidies to the country’s renewable energy generators.

India and other countries, in which solar has a potential share in their energy mix, have introduced various schemes including Solar Park Scheme, CPSU Scheme, VGF Schemes, Defense Scheme, Pool Scheme, the scheme of the canal bank and the upper part of the canal and the connected solar network. Roof scheme – to encourage solar power generation.

Therefore, the proliferation of this energy segment with such supporting regulations, policies and incentive schemes is driving the demand for battery storage solutions that help drive the solar energy storage battery market during the forecast period. .

Increasing investments in grid-scale battery storage systems are driving the growth of the battery market for solar energy storage. For example, in July 2022, Solar Energy Corp. and NTPC successfully executed the tenders for independent energy storage systems. This initiative would accelerate investment, support domestic manufacturing, and facilitate the development of new business models.

In March 2021, Tata Power, in collaboration with Nexcharge, a lithium-ion battery and storage company, installed a 150 kW (kilowatt)/528 kWh (kilowatt hour) battery storage system, offering storage of six hours to improve supply reliability on the distribution side and reduce peak load on distribution transformers. Therefore, such growth prospects in storage solutions are likely to drive batteries for solar energy storage market during the forecast period.

Key players profiled in the solar energy storage battery market analysis are Alpha ESS Co., Ltd.; BYD Motors Inc.; HagerEnergy GmbH; ENERSIS; Kokam; Leclanche SA; LG electronics; SimpliPhi power; sonnen GmbH; and SAMSUNG SDI CO., LTD.

The adoption of solar energy storage batteries among the commercial, residential, and industrial sectors drives the growth of the solar energy storage battery market. In June 2022, General Electric announced plans to expand its solar and battery storage manufacturing capacity to 9 GW per year.

In many countries, government agencies encourage people to go solar by offering tax credits to those who install rooftop solar panels. Therefore, such growing initiatives from key players, coupled with increasing deployment of solar systems in the industrial sector, are anticipated to drive the growth of the solar energy storage battery market over the forecast period.

Asia Pacific held the largest share of the solar energy storage battery market in 2021. In October 2021, First Solar, USA announced an investment worth US$684 million in a solar module manufacturing plant. thin film solar photovoltaic (PV) based in Tamil Nadu. . Similarly, in June 2021, Risen Energy Co. Ltd, a Chinese solar energy company, announced that it would invest US$10.1 billion in Malaysia between 2021 and 2035, with the primary goal of expanding its production capacity.

In June 2022, Glennmont (UK) and SK D&D (South Korea) signed a joint venture memorandum of understanding with a plan to invest US$150.43 million in solar PV projects. Additionally, in May 2022, Solar Edge opened a new 2 GWh lithium-ion battery cell facility in South Korea to meet growing demand for batteries. Therefore, such investments in the solar energy industry and battery systems are driving batteries for solar energy storage market dynamics over the projected time period.

Key Market Dynamics

market indicators

  • Increase in the Number of Solar and Renewable Energy Projects

  • Expansion of Grid Infrastructure Projects

market restrictions

  • High initial investment in battery manufacturing

market opportunities

  • Decline in lithium-ion battery prices

future trends

  • Increased awareness of renewable energy and supporting government incentives and regulatory policies

company profiles

  • Alpha ESS Co., Ltd.

  • BYD Motors Inc.

  • HagerEnergy GmbH

  • ENERSYS

  • Kokam

  • Leclanche SA

  • LG electronics

  • SimpliPhi Power

  • sonnen GmbH

  • Samsung SDI CO., LTD.

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