Technavio Announces the Publication of its Research Report Global Solar batteries Market 2016-2020
Technavio recognizes the following companies as the key players in the global solar batteries market: East Penn Manufacturing, Exide Technologies, GS Yuasa, LG Chem, and Samsung SDI.
Other Prominent Vendors in the market are: A123, Alpha Technologies, BAE Batterien, Battery Energy Power Solutions, Betta Batteries Europe, BYD, C&D TECHNOLOGIES, China Shoto, EnerSys, EverExceed Corporation, EverExceed Industrial Company, FIAMM, HBL Power Systems Limited, HOPPECKE Batterien, SAFT, Storage Battery Systems, and SYSTEMS SUNLIGHT.
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Commenting on the report, an analyst from Technavios team said: The latest trend gaining momentum in the market is increasing renewable energy investments. The cost of producing electricity using renewable energy is still relatively expensive when compared with conventional power generation. However, renewable technology is maturing, due to which the gap between conventional and renewable fuels has significantly reduced, making them competitive with newly built fossil fuel power plants.
According to the report, one of the major drivers for this market is growing rural electrification. Electricity consumption is proportionate to the economic development of a country; though the relationship is rather complex, electricity is a pre-requisite for economic growth, as it drives infrastructure and social development.
Further, the report states that one of the major factors hindering the growth of this market is intermittent nature of solar power. With solar power prices spiraling downward, PV adoption has gained traction, leading to a high number of installations over the years. However, the intermittent nature of solar power is a key issue. Power output from solar PV depends on factors such as the efficiency of the panel, solar irradiation, and the degree of shading, which varies according to the time of day and the amount of cloud cover.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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About Solar Batteries
Batteries generally refer to the technologies that are used for energy storage, which can be utilized later during power shortages, blackouts or during peak demand. These technologies mainly include pumped-hydro storage systems, advanced batteries, flywheels, and other evolving technologies. Solar batteries with solar PV systems can be connected to the grid or can be off-grid. Off-grid energy storage systems that are meant for standalone power systems are used to complement diesel generators or intermittent renewables sources by providing backup during low voltage or power outages.
Technavios analysts forecast the global solar batteries market to grow at a CAGR of 16.36% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global solar batteries market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of solar batteries in the market.
The market is divided into the following segments based on geography:
Technavio’s report, Global Solar Batteries Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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