Solar Energy Storage Market Size to Reach USD 280.16 Million by 2030, Growing at 9.2% CAGR
28 Feb, 2025
Global Solar Energy Storage Market to Reach USD 280.16 Million by 2030, Driven by Renewable Energy Adoption and Technological Advancements
The Global Solar Energy Storage Market Size was valued at USD 151.30 million in 2023, and it is projected to grow at a rate of 9.2% from 2024 to 2030 to nearly USD 280.16 million by the end of the forecast period. Factors such as the rising adoption of renewable energy sources, supporting energy storage technologies, and the demand for reliable and sustainable power solutions are driving this growth. Energy storage systems for solar energy — used to store excess energy produced by solar panels for use when sun is not shining — are becoming a necessity to solve the issues of energy intermittency and stabilization of the grid. This press release analyzes an in-depth perspective of the market which comprise, country level analysis, competitive scenario and the growth drivers, findings in regards to the promise of global In-Building Telecom Network market players, and future promise and hindrances for better penetration and establishment in individual regions or countries.
Solar energy storage is the process of storing energy produced by solar panels so it can be used at a future time when sunlight is not available, providing stable and reliable energy supply. Such systems may include battery systems, thermal storage and other approaches to more efficiently capture surplus solar energy in the time it is produced. The global solar energy storage market was worth USD 151.30 million in 2023 and is estimated to be CAGR 9.2% (2023-2030); valued USD 280.16 million by 2030.
This market is anticipated to witness high growth during the forecast period owing to the increase adoption of solar energy as renewable power source, driving the demand for energy storage solution to tackle the intermittent nature of solar power. Energy storage systems provide an ideal advantage to users across almost all segments including -residential, commercial, and utility scale applications by storing excess energy from solar projects compared to cheap grid options during off-peak hours so that they can use for later moments and lessen their dependency on traditional power grids.
2. Market Growth Drivers & Opportunities
The solar energy storage market is being propelled by several key factors:
Rising Adoption of Renewable Energy: Governments and organizations worldwide are prioritizing renewable energy sources to reduce carbon emissions and combat climate change. Solar energy, being one of the most accessible and abundant renewable sources, is driving demand for energy storage solutions.
Technological Advancements: Innovations in battery technologies, such as lithium-ion, flow batteries, and solid-state batteries, are enhancing the efficiency, capacity, and lifespan of solar energy storage systems.
Government Incentives and Policies: Supportive government policies, subsidies, and incentives for solar energy adoption and storage are encouraging investments in the market.
Increasing Energy Demand: The growing global energy demand, coupled with the need for reliable and uninterrupted power supply, is boosting the adoption of solar energy storage systems.
Declining Costs of Solar and Storage Technologies: The decreasing costs of solar panels and energy storage systems are making solar energy storage more affordable and accessible to a wider range of consumers.
Despite these growth drivers, the market faces challenges such as high initial costs and the need for efficient recycling and disposal of batteries. However, ongoing research and development efforts are expected to address these issues, creating new opportunities for market players.
3. Segmentation Analysis
The solar energy storage market is segmented based on technology, application, and region. Each segment plays a crucial role in shaping the market's dynamics.
By Technology
Battery Storage: The most widely used technology, including lithium-ion, lead-acid, and flow batteries. Lithium-ion batteries dominate the market due to their high energy density, efficiency, and declining costs.
Thermal Storage: Uses heat to store energy, often in the form of molten salt or phase-change materials. This technology is gaining traction in utility-scale applications.
Mechanical Storage: Includes pumped hydro storage and compressed air energy storage, which are used for large-scale energy storage.
By Application
Residential: Homeowners are increasingly adopting solar energy storage systems to reduce electricity bills and ensure power during outages.
Commercial: Businesses are using solar energy storage to lower operational costs and enhance energy reliability.
Utility-Scale: Large-scale solar energy storage systems are being deployed to stabilize the grid and integrate renewable energy sources.
By Region
North America: Leading the market due to high adoption of solar energy and supportive government policies.
Europe: Driven by stringent environmental regulations and increasing investments in renewable energy.
Asia-Pacific: Emerging as the fastest-growing region, fueled by rapid urbanization, industrialization, and government initiatives to promote solar energy.
Latin America and Middle East & Africa: Witnessing steady growth due to increasing awareness and adoption of solar energy solutions.
4. Country-Level Analysis
United States
US holds significant market share in the global solar energy storage market, supported by high solar energy adoption, positive government policies, and major investments in renewable energy infrastructures. Leading technology providers availability and growing consumer understanding is contributing to the market growth.
Germany
Germany is another major European market fueled by a focus on renewable energy and tough environmental regulations. The promotion of market-driven solar-plus-storage solutions is further boosted by the country′s key role in the global solar resource market owing to its energiewende (energy transition) policy.
5. Competitive Analysis
The solar energy storage market is highly competitive, with several established players and emerging startups vying for market share. Key players include:
Tesla Inc.: Known for its Powerwall and Powerpack energy storage solutions, Tesla is a leading player in the residential and commercial segments.
LG Chem: A major provider of lithium-ion batteries for solar energy storage systems, LG Chem is expanding its presence globally.
Samsung SDI: Specializes in advanced battery technologies and offers a wide range of energy storage solutions for various applications.
Sonnen GmbH: A leading provider of residential energy storage systems, Sonnen is known for its innovative and sustainable solutions.
BYD Co. Ltd.: A global leader in battery technology, BYD offers a comprehensive range of solar energy storage products for residential, commercial, and utility-scale applications.
These companies are focusing on product innovation, strategic partnerships, and mergers & acquisitions to strengthen their market position. Additionally, investments in R&D and the development of cost-effective solutions are key strategies adopted by market players.
With an estimated value of USD151.30 million in 2023, The global solar energy storage market is expected to grow at a compound annual growth rate (CAGR) of 9.2% reaching USD280.16 million by 2030. Factors such as growing demand for renewable energy, improving energy storage technologies, and favorable government policies are accelerating this growth. With the growing demand for scalable and efficient power storage solutions, solar energy storage systems are expected to be critical in determining the energy landscape of the future.
This ultimately translates into high initial costs of purchasing new equipment, high disposal costs of batteries, and environmental concerns, which require the managed involvement of industry stakeholders such as manufacturers, technology providers, and policymakers to address. Focus on emerging battery technology will be driving the demand, lowering the cost, and would encourage sustainable practice, the solar energy storage market can enter in a new set of advances and can offer high solutions for a greener and sustainable energy future.
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