Wilmington, delaware, Nov. 29, 2023 (GLOBE NEWSWIRE) -- According to RationalStat’s most recent industry analysis, the Global Solar Energy and Battery Storage Market value is assessed at US$ 5.2 billion in 2023 and is expected to rise at a strong CAGR of over 7.8% over the forecast period of 2023-2030.
Market Definition, Market Scope, and Report Overview
Solar energy is power generated by capturing the energy of the sun's rays. This is commonly accomplished by employing photovoltaic (PV) cells, which turn sunlight into power. Solar energy is a clean, renewable energy source with applications ranging from small-scale household systems to large-scale solar farms.
Advances in technology and economies of scale have led to significant reductions in the cost of solar panels and battery storage systems. This has made solar energy more competitive with conventional energy sources and increased its adoption worldwide.
According to a deep-dive market assessment by RationalStat, the global solar energy and battery storage market has been analyzed on the basis of market segments, including type, installation and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global solar energy and battery storage market covers market sizes on the basis of market value (US$/EUR Million), Volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global solar energy and battery storage market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Solar Energy and Battery Storage Market: Segmental and Market Share Analysis
- On the basis of type, lithium ion battery segment is anticipated to dominate the global market in 2022 with a CAGR of 8.4% during the forecast period.
- On the basis of installation, on grid segment dominated the global market in 2022 and is anticipated to grow at a CAGR of 8.2% during the forecast period.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 5.2 billion |
| Market Size Forecast | US$ 8.8 billion |
| Growth Rate | 7.8% |
| Dominant Segment | Lithium ion |
| Dominant Region | Asia Pacific |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Some leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & and acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global solar energy and battery storage market include.
- In March 2023, LG Energy Solution announced a US$5.5 billion investment in Arizona to establish a battery manufacturing plant. It will have two manufacturing units: one for pouch-type lithium iron phosphate (LFP) batteries for energy storage systems (ESS) and another for cylindrical batteries for electric vehicles (EV).
Some of the prominent players and suppliers operating and contributing significantly to the global solar energy and battery storage market growth include Tesla, First Solar, Canadian Solar, Jinko Solar, LG Chem, Panasonic, Contemporary Amperex Technology Co., Limited (CATL), and BYD Company Limited, among others.
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RationalStat has segmented the global solar energy and battery storage market based on type, installation and region
- Global Solar Energy and Battery Storage Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Type
- Lead Acid
- Lithium Ion
- Flow Battery
- Others
- Global Solar Energy and Battery Storage Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Installation
- On grid
- Off grid
- Global Solar Energy and Battery Storage Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Region
- North America Solar Energy and Battery Storage Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Country
- US
- Canada
- Latin America Solar Energy and Battery Storage Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Country
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Solar Energy and Battery Storage Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Country
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Solar Energy and Battery Storage Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Country
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Solar Energy and Battery Storage Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Country
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Solar Energy and Battery Storage Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Country
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Solar Energy and Battery Storage Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Country
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Key Questions Answered in the Solar Energy and Battery Storage Report:
- What will be the market value of the global Solar Energy and Battery Storage market by 2030?
- What is the market size of the global Solar Energy and Battery Storage market?
- What are the market drivers of the global Solar Energy and Battery Storage market?
- What are the key trends in the global Solar Energy and Battery Storage market?
- Which is the leading region in the global Solar Energy and Battery Storage market?
- What are the major companies operating in the global Solar Energy and Battery Storage market?
- What are the market shares by key segments in the global Solar Energy and Battery Storage market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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