Solar Energy Storage Battery Market Forecast to 2028 – Global Analysis by Battery Type, Application and Connectivity – Lithium-Ion Battery Price Drop – ResearchAndMarkets.com | Nation/World

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DUBLIN–(BUSINESS WIRE)–Sep 23, 2022–

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.comoffer.

The solar energy storage battery market size is expected to reach US$9,478.56 million by 2028, from US$3,149.45 million in 2022. It is expected to grow at a CAGR of 20. 2% over the period 2022-2028.

Rising investment in the renewable energy industry is propelling 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 company American renewable energy storage company. Ambri Inc. to develop inexpensive alternatives to lithium-ion batteries.

Similarly, in September 2021, EDF Renewables North America and 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 coupled 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 2021 energy certificates tender. renewable on a large scale. Energy storage developers in the United States expect to reach 9 GW of capacity in 2022.

Thus, these upcoming investment prospects, along with an increasing number of solar energy projects, augment the growth of batteries for solar energy storage market size over the forecast period.

An increase in demand for solar energy is due to an increase in environmental pollution and funding from government incentives and tax cuts for the installation of solar panels. Government policies and regulations favorable to the installation of solar panels are driving the market. FiTs, investment tax credits, and capital grants are the main policies and regulations driving the installation of solar power plants in countries like China, the United States, and India.

China’s Energy Transition Policies 2020 and 14th Five-Year Plan, and Japan’s Energy Policy 2021 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 repay debt subsidies to renewable energy producers in the country.

India and other countries, where solar holds a potential share of its energy mix, have various schemes in place – including Solar Park Scheme, CPSU Scheme, VGF Schemes, Defense Scheme, Bundling Scheme, Canal bank & Canal top Scheme and Grid Connected Solar Rooftop Scheme – to encourage solar power generation.

Thus, the proliferation of this energy segment with such favorable regulations, policies, and incentive programs is propelling the demand for battery storage solutions, which is helping to drive the energy storage battery market. solar energy during the forecast period.

Growing investments in grid-scale battery storage systems are fueling the growth of batteries for solar energy storage market. For example, in July 2022, Solar Energy Corp. and NTPC successfully executed tenders for stand-alone 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 conjunction with Nexcharge, a lithium-ion battery and storage company – installed a 150 KW (kilowatt)/528 kWh (kilowatt hour) battery storage system, providing six hours of storage to improve distribution-side supply reliability and reduce peak load on distribution transformers. Thus, such growth prospects in storage solutions are likely to drive the solar energy storage battery 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; ENERSYS; Kokam; Leclanché SA; LG Electronics; SimpliPhi power; sonnen GmbH; and SAMSUNG SDI CO., LTD.

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

In many countries, government agencies are encouraging people to adopt solar power by offering tax credits to those who install solar panels on rooftops. Thus, such growing initiatives by key players, along with the growing deployment of solar systems in the industrial sector, are expected to drive the growth of the solar energy storage battery market over the projected period.

Asia-Pacific held the largest solar energy storage battery market share in 2021. In October 2021, First Solar in the United States announced an investment worth $684 million Americans at a Tamil Nadu-based solar photovoltaic (PV) thin-film module manufacturing plant. Similarly, in June 2021, Risen Energy Co. Ltd, a solar energy company in China, announced to invest US$10.1 billion in Malaysia from 2021 to 2035, with the main objective of increasing its production capacity. .

In June 2022, Glennmont (UK) and SK D&D (South Korea) signed a co-investment 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 battery demand. Thus, such investments in the solar energy industry and battery systems are driving the dynamics of the solar energy storage battery market over the forecast period.

Key market dynamics

Market factors

  • Increase in the number of renewable and solar energy projects
  • Extension of network infrastructure projects

Market constraints

  • High initial investment in battery manufacturing

Market opportunities

  • Falling lithium-ion battery prices

Future trends

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

Company Profiles

  • Alpha ESS Co., Ltd.
  • BYD Motors Inc.
  • HagerEnergy GmbH
  • ENERSYS
  • Kokam
  • Leclanché SA
  • LG Electronics
  • SimpliPhi power
  • Sonnen GmbH
  • Samsung SDI CO., LTD.

For more information on this report, visit https://www.researchandmarkets.com/r/zbxf6r

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SOURCE: Research and Markets

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PUBLISHED: 09/23/2022 12:32 PM / DISK: 09/23/2022 12:32 PM

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