Solar Energy Storage Market, By Composition (Lead Acid, Lithium Ion), By Installation (On-Grid, Off-Grid), By Application, and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
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.
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.
Asia Pacific to Dominate the Market