Rising environmental concerns in conjunction with strict regulatory mandates to curtail emissions through the integration of effective energy conservation measures will drive growth in the global solar energy storage market. The market’s size exceeded $170 million in 2018 and is estimated to grow at a 35 percent CAGR from 2019 to 2025, according to a recent report by Global Market Insights. The annual installation of the solar energy storage market is predicted to exceed 3 GW by 2025, notes the report.
Scalability and suitability for large scale applications are a few imperative parameters driving the flow battery aided solar energy storage market growth. In addition, off-grid renewable energy solutions, including stand-alone systems and mini-grids, have emerged as a prominent, cost-competitive solution to provide access to electricity. Rapid progress has been made as technology costs have plummeted favored by innovation in delivery models and financing catering a diverse set of stakeholders including communities, local entrepreneurs and the private sector. This positive industry and regulatory outlook favored by positive consumer tendencies to integrate a self-aggregated sustainable electric scenario will comprehensively foster the market share in coming years.
