Solar Energy Storage Market – Global Industry Analysis and Forecast (2023-2029)

The Solar Energy Storage Market was valued at US$ 138.56 Mn in 2022 and expected to grow at a CAGR of 9.2% during the forecast period (2023-2029), thanks to the growing trend of Off-Grid segment use which has boosted demand for Global Solar Energy Storages Market.
Solar Energy Storage Market Overview:
Global Solar Energy is light and heat comes from the sun. It is an abundant, clean, safe, and free energy resource and can be stored for future use. Concentrated solar power (CSP) is a system that collects solar energy and converts it into heat, this heat can be immediately used to generate electricity or stored for later use. Three main types of solar energy storage systems are grid-tied, grid/hybrid, and off-grid. This stored energy can be used in solar charging stations, power plants, power generation, solar lightings, etc. Rising demand for renewable energy and environmental concerns are major driving factors for the market growth. As a result, the global solar energy storage market is expected to reach 256.57 Mn. during the forecast period.

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Solar Energy Storage Market Dynamics:
Growth of population, urbanization, industrialization, awareness of the people about financial and environmental benefits of solar energy, pollution-free, and no greenhouse gas emission, helps to reduce the dependency of fossil fuels, return on investment, less maintenance cost, employment creation, to meet high energy demand, etc are the major factors creating the demand for the solar energy storage system.

US Government initiatives like the “Federal Investment Tax Credit(ITC)”, to provide tax benefit, the “Modified Accelerated Cost Recovery System (MACRS) to encourage solar energy deployment and plan of the Indian government to increase the renewable energy capacity of 523 GW by 2030 are adding an advantage to the market growth.

Technological advancements such as Building Integrated Photovoltaics, Floating Photovoltaic Solar Panels, Thin-Film Solar Cells, Photovoltaic Noise Barriers, lithium-ion (Li-Ion) batteries for EV application are expected to boost the market positively.

Some of the factors affecting the market growth are loss of energy in transmission, high installation cost, need huge space, presence of cloudy days and low energy production in winter, non-availability of sunlight at night, etc.
Solar Energy Storage Market Segmentation:
Based on Composition Type Segment, The global Solar Energy Storage market is segmented into Lead-Acid and lithium-on. The lead-acid segment dominates the global market and was valued at US$ 38.6 Mn in 2022. This battery consists of a negative electrode made of porous lead for formation and dissolution and positive electrode consist of lead oxide. It works on the oldest rechargeable battery technology and has a wide range of applications like power storage systems, the ignition power source for automobiles, etc. Because of its low cost, large current capability, tolerance to abuse, and tolerant to overcharging features, etc have a very high demand in the market. As a result, it is expected to grow at a CAGR of 3.8% during the forecast period.

Based on installation Segment, the global Solar Energy Storage market is segmented into off-grid and on-grid. Off-grid system dominates the global market and it held a share of 62% in 2022. These systems work independently of the grid and have batteries to store solar power. Some of the features like these are ideal for remote areas, supply of electricity in rural areas, cost-effective, power back up facility, etc are driving the growth of the global market positively. As a result, it is expected to grow at a CAGR of 8.2% during the forecast period.

Based On Capacity Segment, the global Solar Energy Storage market is segmented into less than 1000 kW and more than 10000 kW. Less than 1000 kW segment dominates the market and it held a share of 52% in 2022. The main factors attributing its growth are low cost, high durability, and can production up to 5000 watts of energy. They are designed to give power supply for 8-10 hours which is sufficient for 3 BHK homes.
Regional Insights:
Asia Pacific region dominates the market with a share of 58% in 2022. Growing population high demand for energy, environment-friendly characteristics, reduction in greenhouse emission, etc are the attracting factors of the global market in this region. Major initiatives taken by the countries like China and India in this region to promote solar energy usage are, according to “Renewable Energy Policy Network of the 21 century, in renewable energy sector china has invested US$ 360 Bn in 2022. The government of India aimed to become a global leader in the solar sector by deploying 20000 MW off-grid connected solar by 2022 through “National Solar Mission.

North America is the second dominating region in the market because of rapid development and increased utilization of renewable energy resources, urbanization, technological advancement, and US govt initiatives such as tax benefits, an act to reduce the cost of electricity covered in “Public Utility Regulatory Act of 1978” and separate departments to regulate solar-related programs boosted the global market. As a result, it is expected to reach a CAGR of 4.9 % during the forecast period.

The objective of the report is to present a comprehensive analysis of the global Solar Energy Storage market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Solar Energy Storage market dynamics, structure by analyzing the market segments and projecting the Solar Energy Storage market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Solar Energy Storage make the report investor’s guide.
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Solar Energy Storage Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $  138.56 Mn.


Forecast Period 2023 to 2029 CAGR:
9.2%
Market Size in 2029:
US $  256.57 Mn.


 Segments Covered:
by Composition
Lead-Acid
Lithium-Ion


by Installation
Off-grid
On-grid


by Capacity
Less than 1000 kW
More than 10000 kW



Solar Energy Storage Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Solar Energy Storage Market, Key Players
1.ABB Ltd
2.LG Chem Ltd
3.Samsung SDI Co Ltd
4.General Electric Company
5.Tesla, Inc
6.AEG Power Solutions
7.eSolar Inc.
8.Abengoa S.A.
9.BrightSource Energy, Inc.
10.ACCIONA, S.A. (Spain)
11.EVERGREEN SOLAR INC.
12.Alpha Technologies
13.Solor Poer Rocks LLC
14.Helio power
15.SMA Solar Technology
Frequently Asked Questions:
1. Which region has the largest share in Solar Energy Storage Market?
Ans: Asia-Pacific held the largest share in 2022.

2. What is the growth rate of the Solar Energy Storage Market?
Ans: The Solar Energy Storage Market is growing at a CAGR of 9.2 % during the forecasting period 2023-2029.

3. What segments are covered in Solar Energy Storage Market?
Ans: Solar Energy Storage Market is segmented into composition, installation and capacity.

4. Who are the key players in Solar Energy Storage Market?
Ans: ABB Ltd, LG Chem, Ltd, Samsung SDI Co., Ltd, General Electric Company, Tesla, Inc, AEG Power Solutions, eSolar Inc., Abengoa S.A., BrightSource Energy, Inc., ACCIONA, S.A. (Spain), EVERGREEN SOLAR INC., and Alpha Technologies, Solor Poer Rocks LLC, Helio power, SMA Solar Technology.

5. What is the study period of this market?
Ans: The Solar Energy Storage Market is studied from 2022 to 2029.