Batteries for Solar Energy Storage Market Forecast (2024-2031)
The Batteries for Solar Energy Storage Market size is projected to reach US$ 15,985.71 million by 2031 from US$ 3,744.38 million in 2023. The market is expected to register a CAGR of 19.9% in 2023–2031. The growing environmental awareness to decrease carbon emissions through the integration of effective energy conservation is likely to remain a key batteries for solar energy storage market trends.
Batteries for Solar Energy Storage Market Analysis
The growing expansion of solar and renewable energy projects is the key factor stimulating the requirement for batteries for solar energy storage. Renewable energy sources portray a critical role in securing sustainable energy with lower emissions. The growing awareness for energy efficiency has been encouraged to increase the application of solar, biomass, wind, waste, and hydropower energies. Clean energy is less harmful and often cheaper. Solar energy storage systems are devices that preserve energy for later consumption after sundown or during energy demand peaks. Hence, developed and developing economies are strongly promoting and adopting solar energy as an alternative to conventional energy sources, which is driving the demand for batteries for solar energy storage.
Batteries for Solar Energy Storage Market Overview
The rise in demand for solar energy is driven by an increase in environmental pollution and the provision of government incentives & tax rebates to install solar panels. Supportive government policies and regulations for installing solar panels are driving the market. In countries such as China, the US, and India, FiT, investment tax credits, and capital subsidies are the prominent policies and regulations boosting the installation of solar plants, which is having an encouraging impact on the growth of the solar energy storage market globally.
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Batteries for Solar Energy Storage Market: Strategic Insights
Market Size Value in US$ 3,149.45 Million in 2022 Market Size Value by US$ 9,478.56 Million by 2028 Growth rate CAGR of 20.2% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Batteries for Solar Energy Storage Market: Strategic Insights
| Market Size Value in | US$ 3,149.45 Million in 2022 |
| Market Size Value by | US$ 9,478.56 Million by 2028 |
| Growth rate | CAGR of 20.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Batteries for Solar Energy Storage Market Drivers and Opportunities
Development of Grid Infrastructure Projects Driving Demand for Batteries for Solar Energy Storage
The growing financial aids in the grid-scale battery storage system is driving the market’s growth. For instance, in July 2022, Solar Energy Corp. and NTPC accomplished the tenders for standalone energy storage systems. This helped in accelerating the investment, supporting domestic manufacturing and accelerating the development of new business models. The development of grid infrastructure projects is fueling the demand for grid energy storage systems, further driving the batteries for the solar energy storage market. For example, in March 2022, Power Grid Corporation of India invested in five projects worth US$ 103.42 million across India. Likewise, in June 2022, the State Grid Corporation of China annouced to fund about US$ 74.5 billion in power grid projects. Thus, such investments and initiatives in grid expansion projects are propelling the demand for grid energy storage systems.
Decline in Prices of Lithium-Ion Batteries – An Opportunity in Batteries for Solar Energy Storage Market
The drop in the price of lithium-ion batteries is continuing a favorable growth opportunity for the market. As per the studies conducted by the Massachusetts Institute of Technology, further steep declines in cost could be possible, which could positively impact items such as cell phones, laptops, stationary storage, electric vehicles, and battery storage, which still need to become more reasonable for the mass uptake that is foreseen. The drop in the price of lithium-ion batteries is primarily attributed to public-funded research, primarily in chemistry and materials science, which has contributed the most to the cost reduction of the batteries. Thus, declining prices of lithium-ion batteries hold lucrative opportunities for battery manufacturers, augmenting production capabilities and helping the market grow faster.
Batteries for Solar Energy Storage Market Report Segmentation Analysis
Key segments that contributed to the derivation of the batteries for solar energy storage market analysis are battery type, application, and connectivity.
- Based on the battery type, the batteries for the solar energy storage market have been divided into lead-acid, lithium-ion, nickel cadmium, and others. The lithium-ion segment held a larger market share in 2023.
- In terms of application, the market has been segmented into residential, commercial, and industrial. The industrial segment dominated the market in 2023.
- In terms of connectivity, the market has been segmented into off-grid and on-grid. The on-grid segment dominated the market in 2023.
Batteries for Solar Energy Storage Market Share Analysis by Geography
The geographic scope of the batteries for solar energy storage market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
The Asia Pacific is leading the batteries for the solar energy storage market in 2023. Countries such as China, India, and Japan are the leading countries holding a large portion of the market share, which is projected to increase in the coming years. The faster deployment of solar PV plants, growing awareness among consumers, increasing investment from leading players in the solar industry, and supportive policy frameworks and regulations from the government are the key factors attributed to the growth of batteries for the solar energy storage market in the Asia Pacific region. The countries in the Asia Pacific are moving towards increasing the production of solar energy. The regulatory bodies and favorable policy framework are helping escalate the production. To achieve the ambitious target, the Government of India introduced various schemes to encourage the generation of solar power in the country, such as the Solar Park Scheme, CPSU Scheme, Defense Scheme, VGF Schemes, Bundling Scheme, Canal bank & Canal top Scheme, and Grid Connected Solar Rooftop Scheme. China is one of the leading countries in the production of solar energy along with storage solutions globally.
Batteries for Solar Energy Storage Market Report Scope
Batteries for Solar Energy Storage Market News and Recent Developments
The Batteries for Solar Energy Storage Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In January 2023, AlphaESS introduced a modular portable power station equipped with LiFePO4 Batteries at CES 2023. (Source: AlphaESS, Press Release/Company Website/Newsletter)
- In February 2024, EnerSys announced its plan to establish a 4-GWh lithium cell factory in South Carolina. (Source: EnerSys, Press Release/Company Website/Newsletter)
Batteries for Solar Energy Storage Market Report Coverage and Deliverables
The “Batteries for Solar Energy Storage Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- Batteries for Solar Energy Storage Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Batteries for Solar Energy Storage Market Trends
- Detailed PEST and SWOT analysis
- Batteries for Solar Energy Storage Market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
- Batteries for Solar Energy Storage Industry, landscape and competition analysis, covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Battery Type, Application, and Connectivity
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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