The solar energy market is anticipated to be valued at USD 42.6 Billion in 2021 and is expanded to grow at a significant CAGR of 19.7% over 2022-2028. Government subsidies and tax breaks to install solar panels, as well as increased environmental pollutants, are propelling the solar energy sector ahead. Economic development and population growth have resulted in a significant increase in global electricity demand. Electricity generation is in high demand due to rising living standards and infrastructure development. To meet the rising demand, most countries are building new solar plants or expanding existing ones. During the projected period, this is anticipated to fuel the growth of the solar power market. To boost Photovoltaic systems’ ability to replace existing conventional sources, photovoltaic (PV) storage solutions must be developed. The use of storage grid is expected to expand as demand for PV installations rises, fueling demand for lithium ion-powered batteries for solar energy storage and driving solar industry growth. For the next five years, solar photovoltaic (PV) technology is predicted to contribute for the most yearly renewable capacity expansions, well outpacing wind and hydro. Through economies of scale, the solar PV business has substantially reduced costs during the last six years. Prices dropped as the market was flooded with equipment, and the cost of solar panels dropped rapidly, resulting in a surge in solar PV system installation. The continued cost decrease of PV systems favours growing off-grid applications, which drives the solar Photovoltaic market.
Recent Market Developments:
In December 2021, Tata Power clinched the largest solar plus battery project in India from the Solar Energy Corporation of India. The contract includes a 100 MW EPC solar project and a 120 MWh utility-scale Battery Energy Storage System. The total project outlay was around INR 945 crore.
In July 2021, Waaree Energy Storage System announces partnership with Zypp Electric. The tailor-made system with remote monitoring will provide an integrated view of battery assets and complete delivery performance to ensure seamless operations and cost efficiency.