According to the report by Expert Market Research (EMR), the global solar energy storage market size is projected to grow at a CAGR of 61% between 2024 and 2032. Aided by the mounting global emphasis on renewable energy and the escalating demand for efficient energy storage solutions, the market is expected to grow significantly by 2032.
Solar energy storage, typically involving technologies like lithium-ion batteries, flow batteries, and pumped hydro storage, ensures that the power generated from solar panels is stored and utilised efficiently even during periods without sunlight. Such systems are crucial in stabilising grid networks, facilitating peak shaving, and ensuring uninterrupted power supply, particularly in regions with intermittent solar exposure.
One of the dominant drivers of the solar energy storage market growth is the accelerated global shift towards sustainable energy sources. As countries worldwide aim to reduce their carbon footprint and mitigate the repercussions of climate change, there is a significant thrust towards enhancing solar energy adoption. Consequently, there has been a surge in the demand for efficient and cost-effective energy storage solutions to manage and optimise the generated solar power.
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Further boosting the solar energy storage market demand is the mounting consumer inclination towards energy independence. With rising energy prices and the increasing frequency of power outages, homeowners, businesses, and large-scale industries are progressively recognising the advantages of storing solar energy. This trend not only allows consumers to save on their energy bills but also ensures a consistent power supply, especially in regions prone to blackouts and energy shortages.
As per the solar energy storage market analysis, diverse applications of solar energy storage solutions in numerous sectors also underline the market’s growth. In the utilities sector, energy storage plays an essential role in grid stabilisation, enabling the grid to handle the fluctuations and variability of solar power generation. Similarly, in the residential sector, solar energy storage systems empower homeowners to store excess solar power for use during peak periods or nighttime, circumventing the need to buy electricity during high-demand times.
Moreover, the constant technological innovations and advancements in battery storage technologies further increase value of the solar energy storage market size. The advent of more compact, efficient, and longer-lasting battery solutions has significantly lowered costs, making solar storage systems more accessible and appealing to a broader consumer base.
Solar Energy Storage Market Segmentation
The market can be divided based on storage material, technology, application, end use, and region.
Market Breakup by Storage Material
- Water
- Molten Salt
- PCM
- Others
Market Breakup by Technology
- Sensible Heat
- Latent Heat
- Thermochemical
- Others
Market Breakup by Application
- Power Generation
- District Heating and Cooling
- Process Heating and Cooling
Market Breakup by End Use
- Residential and Commercial
- Industrial
- Utility
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Solar Energy Storage Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global solar energy storage market. Some of the major players explored in the report by Expert Market Research are as follows:
- BYD Motors Inc.
- LG Chem
- EnerSys
- Leclanché
- Saft
- Adara Power
- Others
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