Solar Energy Storage Market
Report ID: SQMIG55E2069
Report ID: SQMIG55E2069
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Report ID:
SQMIG55E2069 |
Region:
Global |
Published Date: February, 2025
Pages:
193
|Tables:
96
|Figures:
69
Global Solar Energy Storage Market size was valued at USD 11.03 Billion in 2024 and is poised to grow from USD 11.92 Billion in 2025 to USD 22.23 Billion by 2033, growing at a CAGR of 8.1% during the forecast period (2026–2033).
Introduction of stringent regulations to promote environmental sustainability along with rising demand for energy will complement the industry landscape. Moreover, ongoing technological advancements and cost-competitive strategies within the industry may have a positive impact on business dynamics. The solar energy storage market growth is because of the increasing environmental concerns and stringent regulatory environment to reduce emissions. Efforts to implement effective energy conservation measures will further drive market expansion. In addition, continuous improvements and upgrades focused at achieving cost competitiveness have positively influenced the industry landscape. The integration of intermittent renewable energy sources combined with the rising electricity demand are some of the key parameters driving the adoption of solar energy storage technologies.
The solar battery is often built of lithium-ion or lead acid and is used to store solar electricity and discharge it as needed. These rechargeable batteries are commonly used in solar cell systems to store extra energy. The increasing focus on providing sustainable energy storage solutions would drive the global solar battery market. Additionally, increased government support for sustainable energy sources and lower pollution rates would help the growth of the global solar battery market. The limited availability of fossil fuels such as oil, coal, and other fossil energy resources would then increase the demand for renewable energy based on technology. In addition, the installation of solar battery storage technologies and increasing industry investments would drive market growth.
Market snapshot - 2026-2033
Global Market Size
USD 10.2 billion
Largest Segment
Residential
Fastest Growth
Growth Rate
8.1% CAGR
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Global Solar Energy Storage Market is segmented by Composition, Capacity, Installation, Application and region. Based on Composition, the market is segmented into Lead Acid and Lithium Ion. Based on Capacity, the market is segmented into ≤ 50 kW, 51 to 250 kW, 251 to 500 kW, 501 to 1,000 kW, 1001 to 2500 kW, 2,501 to 5,000 kW, 5,001 to 10,000 kW and > 10,000 kW. Based on Installation, the market is segmented into On-Grid and Off-Grid. Based on Application, the market is segmented into Residential, Commercial & Industrial and Utility. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Capacity
Based on capacity, the below 10kWh segment is dominating with the largest solar energy storage market share. The below 10kWh segment is leading in the solar energy storage battery market due to the rising popularity of residential solar energy storage battery systems. This kind of capacity range is appropriate for small uses, such as residential use, where the energy usage is generally low. These are cheap to purchase and install and help homeowners lower their dependence on the grid. Furthermore, the government’s promotion of the installation of solar systems and financial incentives also forced the development of this segment.
The 20-29kWh segment is expected to witness significant growth during the forecast period. The 20-29kWh segment is growing rapidly in the solar energy storage battery market owing to the rising demand for batteries in residential and commercial areas. This range of battery storage is expected to support larger houses, small companies, and other shared use community solar power plants, and where electricity usage is higher, and more storage is required to provide an uninterrupted supply of electricity. Furthermore, the increase in energy costs and the growing incidence of grid failure enhance the prospects for greater capacity batteries.
Analysis by Application
Based on application, the commercial segment is dominating the solar energy storage market. The commercial segment is dominating due to growing need for commercial entities to cut costs and provide energy security. Increasing costs of power in the streets is increasing pressure on consumers to seek efficient means of power rather than relying on electric power. Businesses, including offices, shops, and small business outlets, have, over time, embraced solar energy storage systems as a means of efficiently controlling their energy demand, along with the increasing occurrence of power blackouts. The ever-growing technological front that improves the scalability and efficiency of commercial scale storage systems is also expected to boost the adoption rates. Furthermore, the increasing investments due to stringency in energy regulation and to meet compliance, coupled with financial incentives, fuels the demand for solar energy battery solutions in the commercial sector.
As per the solar energy storage market analysis, the residential segment is expected to be the fastest growing segment. The residential segment is experiencing significant growth due to increasing adoption of solar energy storage systems as a means of efficiently controlling their energy demand, along with the increasing occurrence of power blackouts. Lithium-ion batteries are mostly used for residential solar energy storage. They’re relatively cheap, low profile, and suited for a range of needs. The other types of batteries commonly available for residential use include saltwater batteries and lead-acid batteries. By incorporating battery systems, homeowners can significantly reduce their reliance on the traditional grid, lower their energy bills, and improve the sustainability of their homes.
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Asia-Pacific is dominating with the largest solar energy storage market share. Asia-Pacific is leading in the global solar energy storage market due to factors such as industrialization, urbanization, and rising energy requirements in various markets. Countries, including China, India, and Japan, are expected to have a large share in this progress owing to their advertisement for renewable energy and largest-scale solar projects. Investments in the region’s infrastructure and the supportive nature of its regulatory structures and policies, and incentives are expected to increase the number of installed solar energy storage battery systems. Furthermore, the rising issues of energy security and environmental pollution add to the increasing need for the solar energy storage battery market in Asia-Pacific.
North America is anticipated to witness the fastest growth during the solar energy storage market forecast period. This region is growing solar energy storage battery market in the coming years, owing to the strengthened policies, improved technology, and high usage of solar electricity. The United States and Canada have adopted positive actions by governments with incentives that go a long way in promoting the adoption of solar panels and storage battery systems. Major players in North America are focusing on utility-scale projects and integrating advanced storage technologies to enhance grid stability and efficiency. The growing investment in the power grid and clean energy storage solutions further supports these efforts. Inspired by growing awareness of renewable energy solutions, the regions solar energy storage battery market is experiencing federal and state level tax credits, rebates, and net metering programs.
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Drivers
Growing Popularity of Renewable Energy
Decreasing Expense of Energy Storage Technologies
Restraints
Insufficient Grid Structure
High Expense of Battery Storage
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Leading market players are investing heavily in research and development in order to expand their product lines, which will help the solar energy storage market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, solar energy storage industry must offer cost-effective items. Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the solar energy storage industry to benefit clients and increase the market sector.
Top Player’s Company Profile
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the solar energy storage market has witnessed substantial growth in recent years, driven by the increasing adoption of renewable energy sources and the growing demand for reliable and sustainable power solutions. Solar energy storage systems play a critical role in addressing the intermittency of solar power generation, allowing excess energy generated during peak sunlight hours to be stored for use during periods of low sunlight or high demand. This market is also growing due to a surge in investments in research and development activities aimed at enhancing the efficiency and cost-effectiveness of energy storage technologies, such as lithium-ion batteries, flow batteries, and thermal energy storage systems. Additionally, supportive government policies and incentives promoting renewable energy adoption, coupled with declining costs of energy storage technologies, are expected to further propel the growth of the solar energy storage market globally.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 11.03 Billion |
| Market size value in 2033 | USD 22.23 Billion |
| Growth Rate | 8.1% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Solar Energy Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Solar Energy Storage Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Solar Energy Storage Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Solar Energy Storage Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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