Global Solar Energy Storage Market Size is valued at USD 93.3 Bn in 2024 and is predicted to reach USD 475.3 Bn by the year 2034 at a 17.8% CAGR during the forecast period for 2025-2034.
The process of collecting and storing energy generated by solar panels or solar photovoltaic (PV) systems for later use is referred to as solar energy storage. Solar energy is a renewable & sustainable, and environment-friendly energy source, although it is intermittent and is affected by weather and time of day. Solar energy storage systems are intended to solve this intermittent nature by storing extra energy when the sun shines and making it available for use when the sun is not producing electricity, such as at night or on cloudy days.
The forthcoming years are expected to influence the energy storage market due to the progression of the renewable energy domain, favourable government policies and programs for energy storage systems (ESS), and improved economics of energy storage.
However, a potential impediment to market growth soon is the discord between the demand and supply of essential raw materials like cobalt, lithium, and graphite.
Additionally, in the (C&I) sector, the adoption of renewable energy sources for powering buildings is rising. Yet, the intermittency of renewable energy poses reliability challenges for the C&I sector's energy needs, leading to underutilizing these resources. This trend is likely to drive the increased adoption of energy storage systems within the C&I sector, aiming to enhance the integration of renewable energy. This shift creates substantial opportunities for energy storage system providers in the forthcoming times.
Some Major Key Players In The Solar Energy Storage Market:
The solar energy storage market is segmented based On Composition, Capacity, Installation And Application. Based on composition, the solar energy storage market is segmented as lead-acid and lithium-ion. By capacity, the solar energy storage market is segmented into 100000. By installation, the market is segmented into off-grid and on-grid. The market is segmented by Applicaiton into residential, commercial, industrial, and utility.
The off-grid category will hold a major share of the global solar energy storage market. Functioning autonomously from the main grid and equipped with solar power-storing batteries, these systems possess characteristics that make them well-suited for remote locations, providing electricity to rural areas, offering cost-effective solutions, and ensuring power backup capabilities. These attributes collectively contribute to the favourable expansion of the global market.
The lead-acid segment is projected to grow rapidly in the global Solar Energy Storage market. This battery comprises a porous lead negative electrode for formation and dissolution alongside a lead oxide positive electrode. It operates based on the earliest rechargeable battery technology and finds multiple uses, including power storage systems and serving as the ignition power source for vehicles. Its popularity stems from its affordability, capacity for handling significant currents, resilience to adverse conditions, and ability to withstand overcharging. As a result of these characteristics, the market demand for this battery type is exceptionally high.
The North American solar energy storage market is expected to register the highest market share. Some countries are building essential infrastructure networks and contend with unreliable or constrained power grids. In parallel, swift population expansion and urbanization are notable trends in the developing regions, leading to an escalated demand for electricity. In addition, Asia Pacific is estimated to grow rapidly in the global Solar Energy Storage market. Within this region, two primary categories of power grids exist, each possessing distinct attributes and prospects for energy storage systems, along with other major urban centres boasting sophisticated grids that effectively leverage cutting-edge technologies.
| Report Attribute | Specifications |
| Market Size Value In 2024 | USD 93.3 Bn |
| Revenue Forecast In 2034 | USD 475.3 Bn |
| Growth Rate CAGR | CAGR of 17.8% from 2025 to 2034 |
| Quantitative Units | Representation of revenue in US$ Bn and CAGR from 2025 to 2034 |
| Historic Year | 2021 to 2024 |
| Forecast Year | 2025-2034 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Composition, By Capacity, By Installation, By Application |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; South East Asia |
| Competitive Landscape | Samsung SDI Co Ltd, ABB, General Electric Company, Tesla, Inc, AEG Power Solutions, eSolar Inc., Abengoa S.A., BrightSource Energy, Inc., ACCIONA, S.A. (Spain), EVERGREEN SOLAR INC., Alpha Technologies, Solor Poer Rocks LLC, Helio power, MA Solar Technology, SolarEdge Technologies, Primus Power,Maxwell Technologies, Siemens Energy, Schneider Electric, LG Electronics, Leclanché, EnerSys, Fluence, Saft, Uniper, Johnson Controls, Honeywell International, Toshiba Corporation, Huawei Technologies, and Others |
| Customization Scope | Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
| Pricing And Available Payment Methods | Explore pricing alternatives that are customized to your particular study requirements. |
Solar Energy Storage Market By Composition
Solar Energy Storage Market By Capacity
Solar Energy Storage Market By Installation
Solar Energy Storage Market By Application
Solar Energy Storage Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
This study employed a multi-step, mixed-method research approach that integrates:
This approach ensures a balanced and validated understanding of both macro- and micro-level market factors influencing the market.
Secondary research for this study involved the collection, review, and analysis of publicly available and paid data sources to build the initial fact base, understand historical market behaviour, identify data gaps, and refine the hypotheses for primary research.
Secondary data for the market study was gathered from multiple credible sources, including:
These sources were used to compile historical data, market volumes/prices, industry trends, technological developments, and competitive insights.
Primary research was conducted to validate secondary data, understand real-time market dynamics, capture price points and adoption trends, and verify the assumptions used in the market modelling.
Primary interviews for this study involved:
Interviews were conducted via:
Primary insights were incorporated into demand modelling, pricing analysis, technology evaluation, and market share estimation.
All collected data were processed and normalized to ensure consistency and comparability across regions and time frames.
The data validation process included:
This ensured that the dataset used for modelling was clean, robust, and reliable.
The bottom-up approach involved aggregating segment-level data, such as:
This method was primarily used when detailed micro-level market data were available.
The top-down approach used macro-level indicators:
This approach was used for segments where granular data were limited or inconsistent.
To ensure accuracy, a triangulated hybrid model was used. This included:
This multi-angle validation yielded the final market size.
Market forecasts were developed using a combination of time-series modelling, adoption curve analysis, and driver-based forecasting tools.
Given inherent uncertainties, three scenarios were constructed:
Sensitivity testing was conducted on key variables, including pricing, demand elasticity, and regional adoption.