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Solar Energy and Battery Storage System Market to rise at CAGR of 8.89% through 2027 – Report by Market Research Future (MRFR)

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New York, July 14, 2021 (GLOBE NEWSWIRE) — Solar Energy and Battery Storage System Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Solar Energy and Battery Storage System Market Research Report, by Battery Type, End-User, Solar Technology and Region – Forecast till 2027” the market grow at a rate of 8.89% during the forecast period 2020-2027.

Grid-Scale Battery Energy Storage Systems to Reliably Store Solar Power are in High Demand.

The global solar energy and battery storage system market is growing rapidly. Factors such as growing installations of solar power plants connected with the grid and grid-scale battery energy storage systems push the growth of the market. Growing off-grid and on-grid solar panel installations for commercial, industrial, and residential uses drive the solar energy and battery storage system market growth.With the substantially rising demand for reliable and safe power source converters, the market is estimated to garner significant traction in future years.


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Competitive Analysis

List of the Key Companies Profiled in the Solar Energy and Battery Storage System Market Research Report are –

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  • LG Chem. Ltd. (South Korea)
  • ABB Ltd. (Switzerland)
  • Samsung SDI Co.
  • Ltd (South Korea)
  • Tesla Inc. (US)
  • General Electric Company (US)
  • AEG Power Solutions (Germany)
  • Abengoa S A (Spain)
  • eSolar Inc. (US)
  • BrightSource Energy Inc. (US)
  • Evergreen Solar Inc. (US)
  • ACCIONA
  • S A (Spain)
  • Alpha Technologies (US)

Manufacturers strive to increase production capacities with improved cost efficiency and a leaner organization supported by new possibilities offered by digitalization. Many solar energy and battery storage system manufacturers are exploring the possibility of expanding their global footprint and portfolio after mastering their inverter research and development.

For instance, recently, on July 07, 2021, Lumea, a commercial arm of TransGrid, announced issuing an expression of interest (EoI) to develop a 300 MW grid-scale battery storage system in Victoria, Australia. The company plans to develop the project without using government funding. The grid-scale battery would help optimize renewable energy use in Victoria and across the National Energy Market. 

In another instance, on June 25, 2021, Reliance Industries (RIL – India) announced its foray into solar, battery storage, green hydrogen, and fuel cell production, investing US$ 10 BN. RIL would build an integrated solar photovoltaic (PV) factory, advanced energy storage battery manufacturing unit, green hydrogen, and fuel cell facility in Jamnagar, Gujarat.


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COVID-19 Impacts

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Rise in renewables was reassuringly robust amid the COVID 19 challenges. The dependency on fossil-fired electricity could have been reduced dramatically had it not been for such a bounce-back in electricity demand. Market players faced various problems, such as obtaining components required to develop solar energy and battery storage systems, attracting workers from quarantines, and delivering end products. 

The coronavirus-driven lockdown disrupted supply chains, creating the scarcity of key raw materials and component production. This, as a result, spiked product prices and lowered the market demand. However, the solar energy and battery storage system industry is rapidly returning to normalcy, witnessing the steadily increasing energy demand. The demand for solar energy and battery storage systems is estimated to increase after the lockdown mandates get relaxed in many countries. 

Rising Solar Power System Installations Boost Solar & Battery Storage System Adoption

Renewable energy holds a major share in the overall energy generation market. Most distributed generation successes revolve around renewables. Product standardization, enhanced research & innovations, and increased lab & field tests are major solar energy and battery storage system market trends, ensuing large adoption of these technologies over the years. 

Many commercial spaces have implemented distributed energy systems embedded with IoT devices and technologies, such as Blockchain and artificial intelligence (AI), for remote monitoring, managing payments, and security & performance analysis. This, in turn, has created vast market opportunities for solar energy and battery storage systems. 

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Initial Installment and Maintenance Costs are Major Headwinds 

Lack of awareness and mobilization demand (structuring) are major factors affecting the solar energy and battery storage system market growth. Besides, high initial investment requirements and prohibitive costs associated with installing and maintaining solar energy and battery storage systems affect market growth. Shifting from conventional practices requires large-scale community awareness programs and demonstrations, which challenge the market players. 


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Segmentation

The market is segmented into battery types, solar technologies, connection types, applications, end-users, and regions. The battery type segment is sub-segmented into lead-acid, lithium-ion (Li-ion), sodium-sulfur, and others. Among these, the Li-ion battery type segment accounts for the largest market share, witnessing vast adoption. 

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The solar technology segment is sub-segmented into photovoltaic, static (I-V), and dynamic (C-V). The connection type segment is sub-segmented into on-grid and off-grid. The application segment is sub-segmented into load leveling, peak shaving, power demand, and others. The end-user segment is sub-segmented into utility, industrial & commercial, and residential.

Regional Analysis

Asia Pacific region has constantly been dominating the global solar energy and battery storage system market. The market is predominantly driven by the presence of major battery manufacturers providing batteries for the solar energy storage system, such as Hitachi, NEC, Mitsubishi, Toshiba, and Panasonic. 

Besides, factors such as increased energy consumption and demand due to the continually growing population and rapid urbanization & industrialization in this region drive the solar energy and battery storage system market growth. 

With their massive investments, China and India increase the solar energy and battery storage system market size in the region. Additionally, rising government initiatives to tackle the rising level of pollution foster the adoption of eco-friendly power generation solutions in these countries.

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Segmentation of Market covered in the research:

Information by Battery Type (Lead-Acid, Li-ion, NaS) End-User (Utility, Industrial & Commercial, Residential) by Solar Technology, Connection Type, Application, & Region (North America, Europe and Asia-Pacific)


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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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Artificial Intelligence

MGI Tech and SeqOne Partner to Advance End-to-end Genomic Analysis

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PARIS, June 17, 2024 /PRNewswire/ — MGI (MGI Tech Co., Ltd. or its subsidiaries, together referred to MGI), a company committed to building core tools and technologies that drive innovation in life science, today announced the collaboration with SeqOne, a leading provider of AI-driven genomic decision support software, to develop and validate end-to-end genomic analysis solutions from sample to report tailored to the needs of Human Genetics and Pathology labs worldwide.

This collaboration between MGI and SeqOne encompasses three distinct initiatives:
Validating an end-to-end, automated, cost-effective solution for HRD signature with MGI DNBSEQ-G99
The collaboration between a Pathology Reference Lab in Spain, Agilent Technologies, MGI, and SeqOne aims to technically validate a routine workflow leveraging Agilent panels, Magnis lib prep automation, MGI DNBSEQ-G99, and SeqOne somaHRD, a clinically validated HRD signature solution, on 96 samples.
This end-to-end solution for pathology molecular labs will enable high-quality, efficient, and flexible HRD testing worldwide, including Genomic Instability score and BRCA testing.
Enabling and validating SeqOne tertiary analysis solution compatible with MGI Megabolt for Germline Panels, Whole Exome and Whole Genome
MegaBOLT bioinformatics analysis accelerator, self-developed and MPS-concentrated hardware accelerating system by MGI, is set to ensure seamless integration and compatibility with SeqOne’s AI-powered variants identification and analysis solution.
The collaboration aims to combine MegaBOLT and the SeqOne Platform to deliver a versatile, cost-effective, intuitive, and time-saving solution from sample to report, particularly attractive for high-throughput Human Genetics labs.
Validating SeqOne CE-IVD Platform for Germline and Somatic analysis for use with MGI sequencers in routine diagnostics
This technical validation project aims to evaluate the compatibility of the SeqOne Platform with MGI sequencing data. It will validate variant calling performances on a set of reference control samples in terms of QC, sensitivity and precision.
“We are thrilled to announce our collaboration with SeqOne. By combining MGI’s cutting-edge sequencing technology with SeqOne’s innovative genomic analysis Platform, we are poised to deliver real insights and solutions for personalized healthcare,” said Dr. Yong Hou, General Manager of MGI Europe and Africa. “This collaboration underscores our commitment to advancing genomic research and providing clinicians with the tools they need to offer tailored treatments to their patients.”
“This partnership with MGI strongly supports SeqOne’s mission to broaden access to sophisticated genomic analysis, aiming to improve healthcare outcomes,” said Martin Dubuc, CEO, SeqOne. “Molecular laboratories globally are exploring how MGI’s sequencing and bioinformatics technologies can advance next-generation sequencing (NGS) research and diagnostics. We are eager to integrate SeqOne’s CE-IVD Platform with MGI’s offerings, enhancing the quality, sensitivity, and precision of bioinformatic analyses.”
About MGI
MGI Tech Co., Ltd. (or its subsidiaries, together referred to MGI) is committed to building core tools and technologies that drive innovation in life science. Our focus lies in research & development, manufacturing, and sales of instruments, reagents, and related products in the field of life science and biotechnology. We provide real-time, multi-omics, and full spectrum of digital equipment and systems for precision medicine, agriculture, healthcare and various other industries. Founded in 2016, MGI has grown into a leader in life science, serving customers across six continents and have established research, manufacturing, training, and after-sales service facilities globally. MGI stands out as one of the few companies capable of independently developing and mass-producing clinical-grade gene sequencers with varying throughput capacities, ranging from Gb to Tb levels. With unparalleled expertise, cutting-edge products, and a commitment to global impact, MGI continues to shape the trajectory of life sciences into the future. To learn more, please visit https://en.mgi-tech.com/, LinkedIn, X, and YouTube.
About SeqOne
SeqOne is a fast-growing deep-tech company focused on turning genomic data into medically- actionable insights in oncology and rare and inherited diseases. Our vision is to make personalized healthcare a reality for every patient, everywhere. We are committed to democratizing access to advanced genomic insights, enabling labs of any size, in any location, to offer affordable personalized medicine solutions to patients at scale. We integrate cutting-edge AI and big data technologies to redefine genetic data analysis. Our CE-IVD Platform provides time saving, flexible, and cost-effective decision support, empowering decentralized laboratories worldwide to deliver precision diagnostics.The company has won numerous awards, including the iLab award and the ARC Cancer Foundation’s Hélène Stark prize. Investors include Elaia, IRDI Capital Investissement, Merieux Equity Partners, Omnes, and Software Club. To learn more, please visit www.seqone.com and Linkedin.
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Symphony Talent’s Award-Winning Full-Funnel Talent Acquisition Portfolio Earns Strategic Challenger Status on Fosway 9-Grid™ for Third Consecutive Year

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NEW YORK and LONDON, June 17, 2024 /PRNewswire/ — Symphony Talent, a global leader in recruitment marketing technology and employer brand services, has been named a Strategic Challenger on the 2024 Fosway 9-Grid™ for Talent Acquisition for the third consecutive year, demonstrating Symphony Talent’s consistent dedication to providing cutting-edge solutions that drive game-changing results for talent acquisition teams worldwide.

“From rapidly evolving technologies to shifting candidate expectations, the TA industry faces many challenges,” says Sven Elbert, Head of Analyst Services at Fosway Group. “A full-funnel talent acquisition solution — that seamlessly aligns employer branding, technology and data analytics to the candidate journey — is essential to address these complexities. Symphony Talent provides a robust framework for meeting the diverse needs of complex, global enterprise-scale clients.”
Empowering TA Teams with Full-Funnel Solutions
Symphony Talent’s extensive portfolio of talent acquisition solutions, including its Brand and Creative Services, Programmatic Media Advertising, Career Sites, CRM, and Assessments, drive outstanding client results by addressing every stage of the talent acquisition funnel. Over 700 global clients leverage Symphony Talent’s innovative technologies and strategic expertise, achieving significant outcomes, such as:
Cutting administrative recruiting tasks by 65%Spending 70% less time managing media spendReducing time spent qualifying talent by 60%Decreasing cost per hire by 25%Filling open positions 30% fasterEnsuring quality hires with a 15% reduction in employee turnover”We are honored to be recognized as a Strategic Challenger on the Fosway 9-Grid™ for the third year in a row,” says Kermit Randa, CEO of Symphony Talent. “This achievement highlights our ongoing commitment to connect clients with innovative, high-impact solutions and data that empower them to navigate the complexities of today’s talent landscape and confidently convert candidates to co-workers.”
Highlights of Symphony Talent’s Achievement:
Innovation and Leadership: Symphony Talent’s continuous recognition as a Strategic Challenger is a testament to its unwavering commitment to innovation and leadership in the talent acquisition industry. The company’s comprehensive suite of solutions, including the award-winning SFX platform, integrates brand and creative services with recruitment marketing technology to streamline the hiring process and enhance candidate experience.Client-Centric Approach: Symphony Talent’s focus on understanding and addressing its clients’ evolving needs has been pivotal in maintaining its strategic position. Symphony Talent ensures clients achieve tangible and measurable outcomes by offering personalized support, detailed implementation schedules, and optimization workgroups.Adaptation to Market Trends: With a deep understanding of the current market dynamics and the challenges faced by talent acquisition teams, Symphony Talent has continuously adapted its offerings to meet these demands. This includes leveraging AI and automation to enhance productivity and providing data-driven insights to optimize recruitment strategies.About the Fosway 9-Grid™
Fosway Group is Europe’s #1 HR industry analyst. The Fosway 9-Grid™ provides a unique assessment of the principal learning and talent supply options available to organisations in EMEA. The analysis is based on extensive independent research and insights from Fosway’s Corporate Research Network of over 250 organisations, including BP, HSBC, PwC, RBS, Sanofi, Shell, and Vodafone. Visit the Fosway website at www.fosway.com.
About Symphony Talent
Symphony Talent is a recruitment marketing technology and employer brand services company that helps talent acquisition teams execute strategic, innovative candidate interactions. Our award-winning, synergistic technology and brand solutions are designed to deliver outcomes — from reach to retention — that unlock a competitive advantage for clients across the globe, including the world’s leading brands. Visit symphonytalent.com to learn more.
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Darwinbox named as a Customers’ Choice in the 2024 Gartner® Peer Insights™ Voice of the Customer for Cloud HCM Suites Report for Enterprises with 1,000+ Employees

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DUBAI, UAE, June 17, 2024 /PRNewswire/ — Darwinbox, a global leader in cloud-based HCM solutions, today announced that it has been distinguished as a Customers’ Choice in the 2024 Gartner® Peer Insights™ Voice of the Customer for Cloud HCM Suites for 1,000+ Employee Enterprises.

The Gartner® Peer Insights™ Customers’ Choice distinction is based on feedback and ratings from end-user professionals with experience using the product or service. As of 31 January 2024, Darwinbox received an overall rating of 4.8 out of 5 stars across 141 reviews.
“We believe this distinction, for the third consecutive year, reflects our unwavering commitment to our customers and their success, as well as our dedication to excellence and innovation in the HCM space,” says Jayant Paleti, co-founder, Darwinbox.
Darwinbox has been named a Customers’ Choice for both Large Enterprise (1B – 10B USD) and Midsize Enterprise (50M – 1B USD) segments, showcasing its robust capabilities in handling large-scale operations and its widespread appeal across various business sizes. This recognition underscores the platform’s popularity, driven by its powerful configurability, intuitive design, and agility. An impressive 98% of customers rated Darwinbox 4-stars or higher, highlighting the overwhelming satisfaction with the product.
Furthermore, Darwinbox is recognized as the most customer-friendly enterprise-grade HCM solution globally. The platform distinguishes itself through its ease of implementation and integration, prompt vendor responses, and exceptional technical support, demonstrating Darwinbox’s dedication to quick service and client satisfaction. Notably, 94% of its customers have expressed their willingness to recommend Darwinbox, demonstrating its significant impact and reliability in the enterprise tech landscape.
“What I love is when we need support, the customer service is top-notch – always responsive, solution makers, and always helpful,” HR Business Partner, Media Industry
“Darwinbox has been able to cater to our needs given our diverse business structures and differences in processes,” HR Lead, Manufacturing Sector
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About Darwinbox:
Darwinbox is a leading SaaS-based HR technology platform, empowering organisations to automate HR processes and elevate the employee experience. Rated the highest globally among HCM players on Gartner’s customer review platform, Peer Insights, Darwinbox is trusted by 900+ global enterprises with more than 2.5 million employees spread across 116+ countries.
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