The global solar energy storage battery market size was exhibited at USD 4.43 billion in 2023 and is projected to hit around USD 48.14 billion by 2034, growing at a CAGR of 24.22% during the forecast period 2024 to 2034.
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The rising demand for renewable battery storage solutions, demand for energy in the industrial landscape and the going technological advancements have a positive impact that drives the market growth.
Solar Energy Storage Battery Market Key Takeaways
The Asia Pacific solar energy storage battery market size was exhibited at USD 2.39 billion in 2023 and is projected to be worth around USD 26.24 billion by 2034, poised to grow at a CAGR of 24.33% from 2024 to 2034.
Asia Pacific dominated the global solar energy storage battery market with the largest market share of 54% in 2023.
North America is projected to host the fastest-growing market in the coming years.
By capacity, the below 10kWh segment held a dominant presence in the market in 2023.
By capacity, the 20-29kWh segment is expected to grow at the fastest rate in the market during the forecast period of 2024 to 2034.
By application, the commercial segment accounted for a highest market share of 54% in 2023.
By application, the residential segment is anticipated to grow with the highest CAGR in the market during the studied years.
Solar Energy Storage Battery Market Trends
The solar batteries are usually used to store energy and use it whenever needed.It consists of lithium-ion or lead acid which can be rechargeable and can store excess solar energy.The growing demand and the government initiatives for the use of sustainable energy sources are increasing the demand for the solar energy batteries in the forecast period.
Many governments are investing and developing policies for the usage of solar power and the advancements made in the technology that enhance the batteries and reduce the cost of manufacturing by making the solar energy systems more affordable.Also, the growing usage of solar energy batteries can reduce the use of oil, fossils and coal and the rising environmental concerns together fuel the market growth. Moreover, the rising concerns for the reduction of the carbon gas emission and use of renewable sources plays a significant role for the adoption of the solar energy storage systems. Also many countries are using the modernization techniques that could resist the severe weather conditions, reduce aging infrastructure and improve the overall efficiency. For instance, Panasonic in November 2021 launched its new solar energy storage system model named EverVolt 2.0 which has AC and DC coupled battery that helps to work on new and old existing systems as it offers weather proof design, easy installation and flexible solutions. For instance, in June 2024, the Israeli Ministry of Energy said that it plans to incentivize the use of hybrid solar inverters together with the Israeli Electricity Authority that will drop the purchase tax and custom duties for inverters.These installations will assist in household, private houses, and institutes, industrial and agricultural sectors. Increasing need for energy backup systems and high investments made in R&D create an opportunity for the market The solar storage can be impacted due to the solar radiation and the weather conditions where the need for the need for the backup systems plays an important part as it aids in additional storage of solar heat during severe conditions.
Also, the high investments in research and development create big opportunities for the major key players.Private sectors, governments and research institutions are investing and funding with the aim of developing of advanced technologies for energy control systems. For instance, Okaya Power Group which is leading in the Indian energy storage market has made significant advancements in lithium battery manufacturing which is known for its better performance, efficiency and safety features that can be used in various sectors like telecom, electric vehicles, renewable energy and industries. India's solar energy sector is also experiencing transformation by developing opportunities for the startups.
For instance, India aims to achieve 100GW of solar capacity from its current capacity of over 40 GW.Many governments are taking initiatives like the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM-KUSUM) scheme that supports and prompts the solar installation pumps and grid connected solar power plants.Moreover the shift towards the locally manufacturing solar panels through the ‘Make in India' initiatives.
The government also provides incentives like subsidies, tax benefits to encourage domestic manufacturing that creates the demand for various startups. In June 2024, Sumitomo Corporation announced a tax equity investment in solar photovoltaic plus battery energy storage projects.This includes six projects which consist of 27 MW solar PV and 25 MWh battery storage that will serve the equivalent power needs of 4,000 U.S.households as well as support the shift towards sustainable energy systems.
The community solar market is expected to grow and expand from the current size of 6 GW to 14 GW by 2028 with an 8% annual growth. Regional Insights By region, Asia-Pacific dominated the Solar Energy Storage Battery market as the emerging urbanization, industrialization and the need for energy by various sectors is gaining demand. Countries like India, Japan and China are expected to grow at fastest as the growing focus towards the renewable energy source and the high investments made in the solar projects.Moreover the rising infrastructure, regulatory policies and incentives increase the demand for the solar energy storage installation projects.Also the rising environmental concerns have given rise for the solar energy Storage battery market in Asia-Pacific market. For instance, in July 2024, Trina Storage has introduced Elementa 2which is a grid-scale lithium iron phosphate battery system that aims to achieve optimal balance between capacity, cost packed into 20 ft container.
The Trina 306 Ah LFP cells have a lifespan of upto 12,000 cycles. As the traditional methods of power generation and the rising environmental concerns are reaching the limit the demand for solar energy in India is rising.Solar energy offers sustainable and clean solutions.Many government initiatives like the Production Linked Incentive scheme and the Approved List of Models and Manufacturers will increase the domestic manufacturing companies to operate and streamline the supply chains.
Also the advanced technologies like Artificial Intelligence and Machine Learning are used to optimize the solar energy plant operations, predict weather conditions.This will help to increase the production, reduce energy losses and enhance smooth integration of solar energy. Key Market players The key market players in the Solar energy Storage battery are Adara Power, BAE Batteries, BYD Company, Innova Renewables, SAMSUNG SDI CO., BMW Group, NextEra Energy, LG Electronics, Saft, Primus Power, Siemens Energy, Tesla, Aquion Energy, ENERSYS, Carnegic Clean Energy are investing more in the market due to the expanding use of the Battery energy storage systems which is more volatile and sustainable. Solar PV and wind projects are improving the utility scale and rising demand for the solar manufacturing and investments.Moreover in the coming years more industries, businesses and homes will emerge that will create high demna of solar panels and reduce the dependency on the fossil fuels.
But in severe weather conditions the the battery storage systems will play a significant role enabling more sustainable battery storage use.
Solar Energy Storage Companies
ABB
Adara Power
Aquion Energy
BAE Batteries
BMW Group
BYD Company
Carnegie Clean Energy
ENERSYS
FIAMM Energy Technology S.p.A.
Innova Renewables
Leclanché SA
LG Electronics
Maxwell Technologies
NextEra Energy
Primus Power
Saft
SAMSUNG SDI CO.
Siemens Energy
Sol Systems
Tesla
Recent developments
In February 2024, The Solar Energy Corporation of India Limited has commissioned the India's largest Battery Energy Storage System which store solar energy.The 40 MW 120MWh BESS with a solar photovoltaic plant was installed that contribute the energy needs of the state using green electrons and moving towards the renewable source.
In September 2024, Scatec announced that it signed a 25 year power purchase agreement with Egyptian Electricity Transmission Company which will be the Egypt's first hybrid solar power and battery storage project which will cover 2 GW solar power plant and 100 MW battery energy storage system.
In January 2024, SECI inaugurated the Lakshadweep's first on-grid solar project with a battery energy storage system that has a capacity of 1.7 MW and 1.4 MWh battery storage facility.
Segments Covered in the Report
By Capacity
Below 10kWh
10-19kWh
20-29kWh
Above 30kWh
By Application
Commercial
Residential
Industrial
By Geography
North America
Asia Pacific
Europe
Latin America
Middle East & Africa
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