Solar Energy Storage Market Size is valued at USD 45.6 Bn in 2022 and is predicted to reach USD 154.3 Bn by the year 2031 at a 14.7% CAGR during the forecast period for 2023-2031.
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.
Competitive Landscape
Some Major Key Players In The Solar Energy Storage Market:
- 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
- Others
Recent Developments:
- In July 2022, GE Vernova's Solar & Storage Solutions division and Fortune Electric entered into a Memorandum of Understanding (MoU) with the objective of providing Battery Energy Storage System solutions in Taiwan. The activation of Taiwan's energy storage sector was facilitated by the contributions of GE Vernova and Fortune Electric, hence facilitating the provision of cleaner energy to the population of 23 Bn individuals in the region.
- In Sept. 2021, Fluence and ESB recently disclosed their collaboration on a project involving the implementation of an energy storage system in several locations in Europe. The project consists of two facilities, one with a capacity of 75 MW and a storage capacity of 150 MWh, situated at ESB's plant at Poolbeg, Dublin. The second facility, located in South Wall, Dublin, has a capacity of 30 MW and a storage capacity of 60 MWh. This project facilitated the company in broadening its project pipeline and bolstering its market standing within the solar energy storage industry.
Market Segmentation:
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.
Based On Installations, The Off-Grid Segment Is A Major Contributor To The Solar Energy Storage Market.
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 Witnessed Growth At A Rapid Rate.
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 America Solar Energy Storage Market Holds A Significant Regional Revenue Share.
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.
Solar Energy Storage Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 45.6 Bn |
|
Revenue Forecast In 2031 |
USD 154.30 Bn |
|
Growth Rate CAGR |
CAGR of 14.7 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Composition, By Capacity, By Installation, By Application |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; 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. |
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