According to research by InsightAce Analytic, the global solar energy storage market was valued at $45.63bn in 2022 and is projected to reach $154.30bn by 2031, growing at a compound annual growth rate (CAGR) of 14.7% from 2023 to 2031.
Solar energy storage involves capturing and storing energy generated from solar panels for future use, offering a clean, abundant, and cost-free energy source.
This market is driven by factors such as population growth, urban expansion, and increasing awareness of solar energy’s economic and environmental benefits.
The market’s growth is further fueled by innovations like building integrated PV, floating solar, and advancements in lithium-ion batteries for electric vehicles.
However, challenges include high installation costs, space requirements, and the intermittent nature of solar energy, which depends on sunlight and is impacted by weather conditions.
Several prominent players in the market include Samsung SDI, Tesla, ABB, LG Electronics, Siemens Energy, and Schneider Electric, among others.
Market growth is expected to be driven by the electrification of transportation, the digitalisation of economies, and the increasing use of electric motor systems in industries.
Regionally, North America holds a significant share of the market, driven by advancements in renewable energy and government incentives.
Asia-Pacific is also a key region, with countries like China and India pushing for solar energy adoption. Recent developments include GE Vernova’s collaboration in Taiwan’s energy storage sector and Fluence’s partnership with ESB on a storage system project in Europe.
Key market segments include lead-acid and lithium-ion batteries, off-grid and on-grid installations, and applications in residential, industrial, and utility sectors.
