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Solar energy storage market to grow at 15.1pc CAGR by 2032

, June 12, 2024

The solar energy storage market size is expected to surpass an annual installation of 3 GW by 2025 and grow at a Compound Annual Growth Rate (CAGR) of 15.1% by 2032, as reported in the latest study by Global Market Insights.
 
Rising demand for effective battery composition to cater across a hoard of transport and renewable energy-based applications have infused a competitive business scenario.
 
 Advent of EV’s favored by their ongoing adoption have compelled industry players to integrate cost competitive and performance-oriented storage units.
 
Moreover, volume manufacturing practices coupled with the infusion of economical products from the Chinese manufacturing industry to sustain the upsurge in demand has further led to substantial cost reduction.
 
Henceforth, ongoing cost associated implementations along with favorable industrial inclination will drive the solar energy storage market growth.
 
Regulatory measures to reduce dependence on conventional fuels in conjunction to financial allocations to endorse renewable energy integration will augment the US solar energy storage market share.
 
Ongoing replacement of existing power plants with sustainable technologies along with effective management of grid feed in will further complement the industry portfolio.
 
In 2017, the US regulators, proposed a reduction to their tax reforms by curbing their corporate taxes with prospects to reinforce the sustainable energy business potential.
 
Scalability and suitability for large scale applications are few imperative parameters driving the flow battery aided solar energy storage market growth, according to Global Market Insights.
 
Safe operational characteristics, higher power densities, aqueous systems with inorganic redox materials have instituted a favorable business scenario across stationary solar applications.
 
Henceforth, rigorous attempts from industry participants & utilities favored by positive consumer outlook towards a synchronous, reliable & sustainable electric infrastructure will foster the overall industry growth.
 
Solar energy storage market in the recent years, has gained escalation on account of large-scale deployment of roof-top systems across commercial & residential establishments.
 
Roof-top installations on account of fiscal benefits including net metering schemes, asset leveraging, subsidies & funding have witnessed significant growth.
 
Moreover, effective frequency synchronisation, provision of backup power favored by financial benefits associated with grid feed-in will further complement the business outlook.
 
> 5000 kW segment will witness growth on account of regulators identifying the assertive reforms supporting the integration of variable renewable energy shares.
 
 Incorporation of grid ancillary services along with the integration of granular markets to incentivise services including firm capacity, frequency reserves and others.
 
In addition, BES services including economics of behind the meter storage will further thrust the solar energy storage market landscape, stated the report.
 
Asia Pacific solar energy storage market has gained momentum on account of favorable government initiatives to support growing renewable integration.
 
Regulatory reforms, investment subsidies, renewable integration targets, self-consumption scheme, and others have nourished the industrial peripheral.
 
Rapid economic escalation across emerging nations along with increasing electricity demand across developing markets will further institute a favorable business scenario.--OGN/TradeArabia News Service



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