Solar Energy Storage Market Size to grow by USD 6960.7 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Solar Energy Storage Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges. In the context of escalating global electricity demand and increasing environmental concerns, the solar energy storage market is experiencing a noteworthy upsurge. This trend is fueled by various factors, including the growing awareness of climate change and the need to minimize greenhouse gas emissions, favorable government policies promoting renewable energy adoption, technological innovations in energy storage systems, and the ongoing cost reduction of solar panels and battery storage solutions. The shift towards clean energy sources, driven by a heightened consciousness of the environmental consequences of traditional energy generation, is a significant business development that is expected to continue shaping the energy landscape.

Key Highlights

Growth Projections

The global solar energy storage market  size is estimated to grow by USD 6960.7 mn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  10.22% during the forecast period. Reduction in costs of solar PV systems is driving market growth, with a trend towards rising adoption of clean energy technologies  However, stringent regulations against lead pollution  poses a challenge.Key market players include ABB Ltd., Abengoa SA, Acciona SA, AEG Power Solutions BV, Aura Power Developments Ltd., BASF SE, BYD Co. Ltd., Canadian Solar Inc., Enact Systems Inc., EnerSys, General Electric Co., Helios New Energy Technology Australia Pty. Ltd., Leclanche SA, LG Electronics Inc., Primus Power Solutions, Samsung Electronics Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., Tesla Inc., and TotalEnergies SE.

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Major Findings

• The solar energy storage market is experiencing significant growth due in part to the decreasing costs of solar photovoltaic (PV) systems. This trend is making solar energy a more economically viable option for both residential and commercial consumers, leading to increased demand for energy storage solutions. The reduction in PV system costs is driving innovation and competition in the market, resulting in advancements in battery technology and efficiency. This is a promising development for the renewable energy sector, as it moves towards greater self-sufficiency and grid independence.


• The global energy market is experiencing a significant surge in demand due to various factors, including population growth and industrialization. Solar energy storage has emerged as a viable solution to address the intermittency issues associated with renewable energy sources. The solar energy storage market is anticipated to grow exponentially in the coming years, driven by advancements in battery technology and government incentives for renewable energy adoption. This trend is expected to continue as countries seek to reduce their carbon footprint and ensure energy security.


• In compliance with stringent environmental regulations, the solar energy storage market is witnessing a shift towards lead-free energy storage solutions. This trend is driven by growing concerns over lead pollution and its negative health effects. As a result, lithium-ion batteries and other lead-free alternatives are gaining popularity, offering a sustainable and eco-friendly alternative to traditional lead-acid batteries. This regulatory push is expected to accelerate the growth of the solar energy storage market in the coming years.


• Solar energy storage is facing increasing competition from alternative energy sources, such as wind and hydroelectric power. These renewable energy sources, which can also be stored and distributed, offer cost-effective solutions in certain regions and weather conditions. However, solar energy storage remains a significant player in the market due to its flexibility, scalability, and the ability to store energy during peak sunlight hours for use during peak demand periods. The industry is expected to continue growing, driven by technological advancements and government incentives.

Market Research Overview

The global renewable electricity market encompasses businesses involved in the generation and distribution of electricity derived from renewable sources. This market's size represents the consolidated revenue of independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity providers. Additionally, it includes manufacturers of raw materials and equipment utilized in the solar power sector. Factors fueling the expansion of the global renewable electricity market include supportive policies and ambitious targets for the deployment of renewable power, which have significantly boosted the adoption of renewables over the past decade.

The Solar Energy Storage Market is experiencing significant growth, fueled by the Reduction in costs of solar PV systems. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Regional Insights

The Solar Energy Storage Market represents a significant growth opportunity for businesses seeking to optimize their renewable energy usage and mitigate grid instability. This market encompasses technologies such as batteries, capacitors, and flywheels, which enable the storage of excess solar power for later use. By investing in solar energy storage solutions, companies can improve energy efficiency, reduce reliance on traditional power sources, and enhance their sustainability initiatives. The global solar energy storage market is projected to expand at a robust CAGR during the forecast period, driven by increasing solar installations, government incentives, and technological advancements.

Research Analysis Overview

Solar energy storage has become an essential component of the renewable energy mix as intermittent solar power generation requires effective energy storage solutions. Graphite, Lithium, and Cobalt are key raw materials used in the production of rechargeable batteries, primarily Lithium-ion batteries, which dominate the solar energy storage market. Solar panel systems, such as Photovoltaic (PV) systems and solar panels, generate excess solar power during peak sunlight hours. Energy storage batteries, including solar batteries, help store this excess power for use during periods of energy demand or when the sun is not available. Decentralized energy systems and resilient energy systems rely heavily on solar energy storage technologies to ensure a consistent electricity supply. Renewable power sources, such as wind power and hydropower, also benefit from energy storage solutions to balance the renewable electricity mix. Inverters play a crucial role in converting DC power from solar panels into AC power for use in homes and businesses. Sustainable energy, clean energy, and emissions reduction are primary drivers for the adoption of solar energy storage. Energy conservation and meeting electricity demand during peak hours are additional benefits. The solar energy storage market is expected to grow significantly in the coming years as the world transitions to a more renewable energy-driven power network.

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