PUBLISHER: Allied Market Research | PRODUCT CODE: 1179694
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179694
The global solar energy storage market size was valued at $9.8 billion in 2021, and is projected to reach $20.9 billion by 2031, growing at a CAGR of 7.9% from 2022 to 2031.
Solar energy is stored in a battery by pumping solar energy into battery to initiate a chemical reaction among the component of the battery and discharge the power as per requirement. It is made of lithium ion or lead acid. It is rechargeable and can be generally used in solar cell systems to store excess energy. Some of the major installations of solar battery include solar charging stations, storage for power plants, and storage system for off-grids.
The solar energy storage market is segmented on the basis of type, installation, and region. On the basis of type, the market is categorized into lead acid, lithium ion, flow battery, and others. On the basis of installation, the market is divided into on grid and off grid. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global solar energy storage market forecast profiles leading players that include ADARA POWER,BASF SE, BMW, ENERSYS, Evonik Industries AG, KOKAM, Leclanche SA, LG CHEM, LG Electronics, MAXWELL TECHNOLOGIES, Owens Corning, PPG Industries, Inc., PRIMUS POWER, SAMSUNG, Siemen, Sumitomo Chemical Co., Ltd, and THE LUBRIZOL CORPORATION. The global solar energy storage market report provides in-depth competitive analysis as well as profiles of these major players.
Rise in demand for eco-friendly and cost-effective energy solutions for industrial and commercial energy storage installation is expected to drive the solar energy storage market growth. Moreover, the installation of solar battery can effectively reduce carbon footprints. Implementation of solar energy storage battery can make a nation energy independent and reduce the dependence on imported fossil energy resources. Furthermore, growing interest of industry players toward renewable energy storage solutions is expected to increase investment opportunities during the forecast timeframe. For instance, countries, such as the UK and Portugal, are encouraging capacity auctions for solar battery storage instead of conventional energy storage systems. Such developments are projected to positively impact the market growth.
However, the initial installation cost is a burden for small & medium-sized enterprises. At the current stage, financing for solar project requires selling of assets to aggregators to maintain sufficient liquid capital to develop the next project and cover operational overhead. These factors together may negatively impact the solar energy storage market growth.
Key Benefits For Stakeholders
By Type
By Installation
By Region