The global solar energy storage market is expected to record over 63% growth between 2019 and 2023.
Energy market research firm, Technavio forecasts capacity within the solar energy storage market to grow by 24.32GW during the forecast period.
The year-over year- growth for 2019 is estimated at 48.92%. The Asia Pacific region is expected to account for 44% of the growth.
The APAC region led the market in 2018, followed by the Americas and EMEA, respectively
On of the key trends for the solar energy storage market is the increasing investments in renewable energy.
The increase in solar PV installations will stimulate the demand for solar energy storage, owing to efforts by governments and utilities to achieve sustainable and less carbon-intensive environments.
Moreover, renewables are expected to play a significant role in fulfilling energy demand from heat and transportation sectors through the rising adoption of EVs.
“Apart from the rise in global energy demand, the rising adoption of clean energy technologies is one other factor expected to boost market growth. Owing to rapid urbanisation and industrialisation around the world, there has been substantial growth in electricity demand globally. Efforts are being undertaken to reduce carbon emissions, which is boosting the adoption of clean energy technologies, such as renewables and nuclear power. With the rising adoption of clean energy technologies, solar power generation is expected to grow, boosting the growth of the market in focus during the forecast period,” says a senior research analyst at Technavio.
The global energy demand grew by over 2% in 2018, led by China, and the US. Global electricity demand has also witnessed rapid growth and is expected to grow two-fold compared with global energy demand. This growth in global electricity demand is driven by emerging economies, such as China and India and the digitalisation of modern economies.