While Solar is graduating into a largely sized business opportunity this sector has far more potential than what it seems. For example, solar panel, solar lighting solutions, system integration are few streams which are within themselves have become mighty-sized industries.
Similarly, another huge potential rich segment is energy storage systems market. Globally, this segment has become a great influencer for investors and a lot of action we have witnessed with regards to investors and prioritization of work.
In a recent market study, the worldwide energy storage systems market size is anticipated reach a total capacity of 211,823 MW by the end of 2026 and the industry is estimated to show a CAGR of 2.2% during the coming years.
Rising demand for efficient and competitive energy resources over the past period has mainly driven the industry. It is projected to register a CAGR of 2.2% during the coming years.
On the other hand, recently as a major global solar or energy storage market update, LG Chem has shut down its energy storage systems (ESS), which use its own batteries. This was reported in some of the leading international media from East Asia.
However, according to experts of this domain, this decision was taken due to some incidents of fire getting caught. Moreover, there were reports that there have been eight fires in ESSs that use LG Chem’s batteries since
November last year, and ESSs that use the company’s batteries have caught fire on Jan. 14 and 15 in a row.
Whatever may be the reason for such a decision, but with such exit from the market, there is a huge potential opened up in the market. This has also opened up an opportunity for emerging businesses which can differentiate the market dynamics.
In our quest to explore some companies which can add value in this growing market opportunity we at SMEStreet came across to New Jersey, US-based Triton Solar.
Triton Solar, as an organization understood long ago, in fact since it’s inception the company’s top leadership Himanshu B Patel have embarked on this business journey with a vision that conventional power backup solutions have a lot of limitations and scope of innovation is crucial.
As a business background, Triton Solar LLC is the producer of high quality, highly efficient solar cells, flexible lighting, and batteries. Triton Solar is the only company in the world to provide hybrid solar panels that not only generate power but also store it for use at a later time. This made Triton’s solution as an exclusive value added offering.
“Company’s nanotechnology is applied to printed lighting and batteries, which can be customized for multiple applications. The energy storage allows our customers to achieve the status of self sustainable energy efficient entity,” says Himanshu B Patel, Founder & Managing Director of Triton Solar.
As an solar focused company, Triton serves energy related demands of small business owners to large institutions including educational institutions, hospitals and national governments to help with their ‘go green’ project management needs.
With the present market scenario specially considering the scenario of one major world leading company taking an exit from energy storage systems business, the turf looks promising for young companies such as Triton Solar.