World : Solar Energy Storage Market to exceed 3 GW by 2025: Global Market Insights, Inc.

Asia Pacific solar energy storage market will gain momentum during the forecast period on account of favorable government initiatives to support growing renewable integration

The annual installation of solar energy storage market is predicted to exceed 3 GW by 2025, according to a 2019 Global Market Insights, Inc. report. 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.

 

Source : https://www.globenewswire.com/news-release/2019/07/08/1879120/0/en/Solar-Energy-Storage-Market-to-exceed-3-GW-by-2025-Global-Market-Insights-Inc.html

Smart Grid Bulletin September 2019


View all SMART GRID Bulletins click here