Photovoltaics Energy Storage Direct Current Flexibility System Market Size Worth USD 1,753.74 Billion in 2032 | Emergen Research
Rapid expansion in the renewable energy sector is a major factor driving Photovoltaics Energy Storage Direct Current Flexibility System market revenue growth
Vancouver, Dec. 27, 2023 (GLOBE NEWSWIRE) -- The Photovoltaics Energy Storage Direct Current Flexibility (PEDF) System Market size was USD 429 Billion in 2022 and is expected to register a steady revenue CAGR of 15.1% during the forecast period, according to latest analysis by Emergen Research. A Rising demand for energy storage and rapid expansion in the renewable energy storage sector are key factors driving market revenue growth. Reliable grid stability and efficient use of renewable energy depend on effective energy storage systems, due to the intermittent nature of renewable energy sources such as solar and wind.
Batteries are an example of an energy storage technology that help to store surplus power produced by Photovoltaic (PV) systems and offer a dependable power source during periods of high demand or when solar generation is constrained. There is rising utilization of Direct Current (DC) power distribution systems due to various applications in data centers, Electric Vehicles (EVs), and renewable energy systems. In addition, enhanced energy efficiency in DC systems', decreased power losses, and better integration with energy storage technologies is increasing need for PEDF systems.
Moreover, increasing flexibility of PDEF systems due to demand for flexible and responsive energy systems is another factor driving revenue growth of the market. It is becoming more crucial to modify electricity generation and consumption in response to changes in demand and grid requirements. Flexible PEDF solutions promote grid stability, energy management, and the integration of renewable energy sources into existing grids.
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However, technological limits and issues with efficiency are key factors, which could restrain market revenue growth. Although DC, flexibility, energy storage, and PV have all made advancements, there is still opportunity for development in terms of performance, efficiency, and dependability. Making PEDF solutions more affordable and competitive with conventional energy sources requires improvements in the domains.
*Scope of Research *
*Report Details* *Outcome*
Market Size in 2022 USD 429 Billion
CAGR (2023–2032) 15.1%
Revenue Forecast To 2032 USD 1753.73 Billion
Base Year For Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Technology, application, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled Tesla, Inc., First Solar, Inc., ABB Ltd., Siemens AG, SunPower Corporation,
Schneider Electric SE, LG Chem Ltd., Panasonic Corporation, Enphase Energy, Inc., and SMA Solar Technology AG
Customization Scope 10 hours of free customization and expert consultation
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*Major Companies and Competitive Landscape *
The global PEDF system market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products. Some of the major companies included in the global PEDF system market report are:
· Tesla, Inc.
· First Solar, Inc.
· ABB Ltd.
· Siemens AG
· SunPower Corporation
· Schneider Electric SE
· LG Chem Ltd.
· Panasonic Corporation
· Enphase Energy, Inc.
· SMA Solar Technology AG
*Strategic Development*
· On 8 February, 2023, according to Ameren Missouri, a subsidiary of Ameren Corporation, which is planning to purchase its largest-ever solar facility approved a 200 megawatt (MW) solar plant in central Missouri. On the boundary of the Missouri counties of Audrain and Ralls, the Huck Finn Solar Project is scheduled to be built.
· On 17 February, 2022, EnergySage announced that Schneider Electric, the industry pioneer in the digital revolution of energy management and automation, acquired a majority position in the company to expedite a common vision for the market transformation of sustainable energy. EnergySage will construct new solutions for high-efficiency Heating, Ventilation, and Air Conditioning (HVAC), smart home gadgets, and other clean energy products and services, as well as rapidly enhance its rooftop solar and community solar marketplace solutions for residential and commercial customers, and will scale its business globally.
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*Some Key Highlights from the Report*
· The solar energy generation segment is expected to account for largest revenue share in the global PEDF system market over the forecast period. This is due to rising demand for renewable energy and increasing adoption of solar energy generation in response to the rising global demand for clean and sustainable energy sources. Solar energy is being actively promoted by governments and organizations all over the world as an important component of their renewable energy initiatives. Solar energy is more accessible and inexpensive owing to a sharp decline in solar panel prices over the years. This cost reduction has encouraged people and companies to purchase solar energy producing systems, which has increased the number of installations.
· The residential segment is expected to register steadily fast revenue growth rate in the global PEDF system market over the forecast period due to rising demand for renewable energy and increasing energy dependency and self-sufficiency. Homeowners can generate their own electricity and lessen reliance on conventional utility grids by installing PV systems. Therefore, residential customers are adopting PV systems at an increasing rate to produce electricity from sunlight.
· The North America market accounted for largest revenue share in the global PEDF system market during the forecast period. This is due to rising demand for cost-cutting measures and technological advancements. In North America, the price of solar PV systems has drastically decreased over time. For example, according to the National Renewable Energy Laboratory (NREL), levelized cost of power from utility-scale solar PV installations reduced by 82% between 2010 and 2020. The cost of PEDF systems in North America has decreased as a result of technological breakthroughs, economies of scale, and improved manufacturing efficiency. Businesses and homeowners are increasingly able to afford to invest in these technologies as the cost of solar panels, energy storage systems, and other components continues to fall.
· On 12 October, SolAero Holdings acquired by Rocket Lab for USD 80 Million to increase the manufacture of space solar cells. Rocket Lab now has another important source for its satellite production in-house after purchasing SolAero, a 24-year-old business with a New Mexico base. The manufacturing capacity required to increase high-volume production and scale will be provided by SolAero's access to Rocket Lab's capabilities, allowing it to better serve other clients as well.
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*Emergen Research has segmented the global PEDF system market on the basis of products, application, and region:*
· *Technology Outlook (Revenue, USD Billion; 2019-2032)*
· · Solar energy generation
· Batteries and capacitors
· Others
· *Application Outlook (Revenue, USD Billion; 2019-2032)*
· · Residential
· Commercial
· Others
· *Regional Outlook (Revenue, USD Billion; 2019–2032)*
· North America
1. U.S.
2. Canada
3. Mexico
· Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
· Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
· Latin America
1. Brazil
2. Rest of LATAM
· Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa
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