Solar Energy Storage Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Solar Energy Storage market size was estimated at USD 5.3 billion in 2023 and is projected to reach USD 17.9 billion in 2030 at a CAGR of 19.0% during the forecast period 2023-2030.

Solar energy storage refers to the process of storing excess solar power generated by solar panels for later use. Energy storage batteries are used for this purpose and are an essential component of solar energy storage systems. A solar battery is generally installed with an inverter, which converts the DC power generated by solar panels into AC power that can be used by households and businesses. These batteries are rechargeable and can be used in solar panel systems to store excess energy generated during the day for use at night or during periods of low sunlight. In addition to solar power, solar batteries can also be used in conjunction with other renewable power sources such as hydropower and wind power for industrial installations. This combination of renewable energy sources is known as a renewable electricity mix and is expected to provide sustainable energy solutions in the future. Some of the major installations of solar batteries include solar charging stations, storage for power plants, and storage systems for off-grids.

The solar energy storage market is experiencing growth due to various factors. One of the primary reasons for this growth is the increasing environmental concerns worldwide. Governments and regulatory bodies are implementing stringent regulations to reduce emissions and promote clean energy sources. Another factor driving the expansion of the solar energy storage market is the efforts to implement effective energy conservation measures. This is because energy conservation is a critical aspect of reducing carbon emissions and promoting sustainable development. The industry landscape is also positively influenced by continuous improvements and upgrades aimed at achieving cost competitiveness. This means that companies are investing in research and development to make solar energy storage more affordable and accessible to consumers.

The global solar energy storage market was significantly impacted by the COVID-19 pandemic. The pandemic led to the implementation of social distancing norms and a shortage of manpower, which caused delays in installations and cancellations of new projects.The reduced expenditure of consumers during the lockdown also had a significant impact on the market for solar products, including various solar energy storage systems. The decline in consumer expenditure was due to the economic impact of the pandemic, which caused many people to lose their jobs or experience a reduction in income. The reduced demand for solar products, including energy storage systems, led to an increase in inventories in the upstream and downstream channels of the market.

Delvens Industry Expert's Standpoint

The operator of an energy technology company has put forth an intention to provide a comprehensive hardware, software and control platform for energy networks. Through the implementation of the company's technology, the grid itself has been imbued with the capability of self-stabilization, thereby effectively transitioning it to rely primarily on renewable energy. This approach ensures that the power flow remains at a consistently high level, while also facilitating balancing and ancillary services that allow for energy companies to dynamically modulate frequency, voltage and power factor. Furthermore, this technology works to eliminate noise and harmonics that are introduced by volatile renewables and the decarbonization of energy-intensive industrial consumers, all the while ensuring the lowest marginal economic, environmental and social cost. As a result, the cost of green hydrogen has been dramatically reduced through the use of the company's hydrogen regenerator architecture.

Market Portfolio

Key Findings

• On the basis of composition, The segment is divided into four segments: lead acid, lithium-ion, flow battery, and others. The lead acid battery storage segment is expected to experience significant growth during the assessment period. This growth is due to the good cost performance ratio of lead acid batteries across a broad range of applications. Additionally, lead acid batteries were the first rechargeable batteries to be widely used, which has contributed to the growth of this segment. The cost performance ratio of lead acid batteries refers to the balance between the cost of the battery and its performance capabilities. Lead acid batteries are known for their low cost and high reliability, making them a popular choice for many applications. The broad range of applications for lead acid batteries includes use in vehicles, backup power systems, and renewable energy storage.

• On the basis of Capacity, The capacity segments are up to 50 kW, 51 to 250 kW, 501 to 1000 kW, 1001 to 2500 kW, 5001 to 10000 kW, and >10000 kW. The >10000 kW capacity segment is expected to grow rapidly in the market due to the increasing support of governments from a large number of countries for variable renewable energy. Variable renewable energy refers to renewable energy sources that are not constant, such as wind and solar power, and require ancillary services to maintain grid stability. Ancillary services are additional services provided to the grid to ensure that the power supply is stable and reliable. The unification of ancillary services to grids will stimulate the market growth by providing a more stable and reliable power supply.

• On the basis of Installation type, The power industry market is divided into two segments: on-grid and off-grid. Off-grid installation is expected to have a larger market share during the assessment period. This is because it is a cost-effective solution that meets the demand for electricity. The cost of technology for off-grid installation is low, which is why it is developing rapidly. The industry has a positive outlook because consumers are responding well to sustainable energy usage. This will lead to an increase in market growth. Off-grid installation is a self-sufficient system that generates and stores electricity without being connected to the main power grid. It is suitable for remote areas where it is difficult to access the main power grid. On the other hand, on-grid installation is connected to the main power grid and is suitable for urban areas where there is easy access to the grid.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The Asia-Pacific solar energy storage market size is projected to grow at the highest CAGR.

Regional Analysis

Asia Pacific to Dominate the Market

• Solar energy generation in Asia-Pacific in 2019 held at 392,000 GWh and reached 470,300 GWh in 2020. This is attributed to enhance the performance of solar energy storage batteries in the Asia-Pacific region.
   
• Moreover, China being the largest producer of solar power is expected to further foster the growth of the market in Asia-Pacific region. In addition, growing number of investment opportunities in new solar power projects will further influence the market growth in this region.

Competitive Landscape

• BMW
• Owens Corning
• Kokam
• EVONIK INDUSTRIES AG
• Leclanché SA
• Sumitomo Chemical Co. Ltd
• Enersys
• ADARA POWER
• PPG Industries Inc.
• SAMSUNG
• MAXWELL TECHNOLOGIES
• Siemens Energy
• Primus Power
• LG Electronics Inc.
• The Lubrizol Corporation
• BASF SE

Recent Developments

• In April 2023, Innova Renewables and Schroders Greencoat have formed a strategic alliance to work together on solar energy storage projects in the UK. The partnership is focused on financing and developing large-scale solar and storage projects. The goal of this collaboration is to combine the expertise and resources of both companies to drive the deployment of innovative solar energy storage solutions across the country. By working together, Innova Renewables and Schroders Greencoat hope to contribute to the growth of the renewable energy sector in the UK. Solar energy storage is an important area of focus for renewable energy companies, as it allows for the storage of excess energy generated during peak production times for use during periods of low production.
   
• In march 2023, Sol Systems is a company that specializes in developing and operating clean energy projects, particularly in the solar energy sector. The company has partnered with Google to introduce a new strategy for procuring and investing in renewable energy. This strategy is unique because it aims to not only create new solar energy projects but also provide benefits to the local communities where these projects are located. The partnership between Sol Systems and Google is significant because Google is a major player in the tech industry and has made a commitment to using renewable energy to power its operations. By partnering with Sol Systems, Google is able to invest in renewable energy projects that align with its sustainability goals while also supporting local communities.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for the Solar Energy Storage Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope