According to the new research report published by The Insight Partners, titled “Batteries for Solar Energy Storage Market Size Forecast to 2028 –Global Analysis – by Battery Type, Application, and Connectivity,” the market is expected to grow from US$ 3,149.45 million in 2022 to reach US$ 9,478.56 million by 2028; it is anticipated to grow at a CAGR of 20.2% from 2022 to 2028.
The batteries for solar energy storage market growth is primarily attributed to an increase in investment in the renewables industry and solar energy generation capacity, a surge in industrialization and urbanization, the commencement of new electrification projects, and initiatives taken for grid strengthening. In March 2022, China planned to target 30 GW of battery storage by 2025 as battery energy storage system output grows by 150%. According to the National Development and Reform Commission (NDRC) and the National Energy Administration, the deployment is part of an initiative to boost renewable power consumption and ensure grid stability. The solar Investment Tax Credit (ITC) is one of the most crucial federal policy mechanisms to accelerate the growth of solar energy in the US. The ITC is expected to provide ~26% tax credit for systems installed during 2020–2022 and 22% for systems installed in 2023. As per the industry statistics 4.2 GW of battery storage capacity was added to the US grid in 2021. The US developers planned to bring online 5.3 GW of battery power capacity at new and existing generation plants in 2022. Further, a drop in the prices of lithium-ion batteries, which has contributed the most to the cost reduction of the batteries, is mainly attributed to public-funded research, primarily in chemistry and materials science. Thus, such growth prospects are augmenting the market size in coming years which offers lucrative growth opportunity to the leading players.
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The existing fiscal incentives and regulatory policies favor the market growth available across the region. Solar energy is a relatively abundant energy source. Many countries have introduced medium to long-term policies to promote renewable energy. For instance, in April 2022, India started setting up a first-of-its-kind standalone renewable battery power bank with an investment of US$ 251.67 million (INR 2,000 crore) to make green energy available on tap for discom and grid operators during peak demand. India is working to be on track to move toward green energy, as the country has set an ambitious target of producing 500 GW from renewable energy sources by 2030, of which 300 GW is projected to come from solar power. In 2021, India witnessed a record 10 GW of new solar capacity installed, with an increase of 210% compared to 3.2 GW in 2020. Rajasthan released its Solar Energy Policy in 2019, with an aim to achieve a target of 30GW of solar power by 2025. Thus, such growth prospects in the renewables industry are expected to propel the batteries for solar energy storage market growth in Asia Pacific during the projected period.
With the growing concerns about the effects of global warming and climate change, many key innovator companies are developing advanced solutions to make their products greener. In February 2022, the UK Government announced funding for new renewable energy storage technologies. It awarded US$ 7.97 million in total to 24 projects based across the UK. The first round of funding, worth US$ 80.92 million, was awarded through the Longer Duration Energy Storage competition. Thus, the elevating investments in augmenting the renewable energy generation capacities are anticipated to drive the batteries for solar energy storage market growth in the coming years.
The batteries for solar energy storage market has been carried out on the basis of battery type, application, and connectivity. Based on battery type, the market is further segmented into lead acid, lithium-ion, nickel cadmium, and others. On the basis of application, the batteries for solar energy storage market is segmented into residential, commercial, and industrial. Based on connectivity, the market is segmented into off-grid and on-grid.
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