Solar Energy Storage Market Size, Latest Trends, Share, Regional Analysis, Prominent Players and Forecast 2032

The global solar energy storage market size was valued at US$ 10.5 billion in 2022 and is estimated to reach US$ 20.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 7.9% during the forecast period from 2023 to 2031.

Solar energy storage commonly contains energy storage batteries that are used for storage of extra solar power. Typically, a solar battery is installed with the inverter. It is rechargeable and can be utilized in solar panel systems. For industrial installations, solar batteries can be utilized with other renewable power sources like wind power and hydropower. In the future, solar batteries will be utilized with other renewable power sources as a part of the renewable electricity combination to deliver sustainable energy solutions.

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Factors Influencing Market Growth

- The increasing demand for cost-effective and eco-friendly energy solutions for commercial and industrial energy storage installation is anticipated to push the growth of the solar energy storage market.

- The beginning of the installation cost is a hurdle for small and medium-sized enterprises. At the present stage, financing for solar projects demands the selling of assets to aggregators to keep sufficient liquid capital to generate the next project and cover operational overhead. These aspects combined may negatively influence the growth of the solar energy storage market.

- The growing importance of energy trading with blockchain artificial intelligence (AI) technologies unlocked new market opportunities. This will deliver the owner of solar battery and solar PV systems a new chance to export the extra energy and sell it at a premium price. This is expected to boost the demand for solar energy storage while making profitable possibilities for the market.

- The rising interest of industry players in renewable energy storage solutions is anticipated to expand investment opportunities during the forecast timeframe.

Impact of COVID-19

The impact of the COVID-19 pandemic on the global solar energy storage market was high due to social distancing norms and a shortage of manpower. This directed to slowed installations as well as the cancellation of new projects. Due to the sharp drop in consumer expenditure highly impacted the demand.

Decreased expenditure of consumers during the lockdown highly affected the market for solar products, containing different solar energy storage systems. Also, the downstream and upstream channels have been influenced due to limitations on movement, which led to a boost in the number of inventories.

Regional Analysis

In 2022, the Asia-Pacific solar energy storage market dominated the highest market revenue. This is attributed to improving the performance of solar energy storage batteries in the Asia-Pacific region.

Also, China being the largest producer of solar power is anticipated to boost the growth of the solar energy storage market in the Asia-Pacific region. The growing number of investment opportunities in new solar power projects will also affect the solar energy storage market growth in this region.

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Leading Companies

The leading prominent companies profiled in the global solar energy storage market are: -

- ADARA POWER
- BASF SE
- BMW
- NERSYS
- Evonik Industries AG
- KOKAM
- Leclanch? SA
- LG CHEM
- LG Electronics
- MAXWELL TECHNOLOGIES
- Owens Corning
- PPG Industries, Inc.
- PRIMUS POWER
- SAMSUNG
- Siemen
- Sumitomo Chemical Co., Ltd
- The Lubrizol Corporation
- Other prominent key players

Segmentation Outline

The global solar energy storage market segmentation focuses on Type, Installation, and Region.

Segmentation based on Type

- Lead Acid
- Lithium Ion
- Flow Battery
- Others

Segmentation based on Installation

- On grid
- Off grid

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Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa

Reasons to buy this report -

Analyze market outlook with recent trends and SWOT analysis.

Dynamic market scenario along with market growth opportunities for the coming years.

Market segmentation analysis, including qualitative and quantitative research incorporating the impact of economic and non-economic aspects.

Regional and national analyzes integrating supply and demand forces that are influencing market growth.

Market value (millions of dollars) and volume (millions of units) data for each segment and sub-segment

Competitive scenario involving the market share of the main players, along with the new projects and strategies adopted by the players in recent years.

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