According to The Insight Partners, Latest research report on “Batteries for Solar Energy Storage Market Size, Revenue, Global Analysis and Forecast to 2028,” the market was valued at US$ 3,149.45 million in 2022 and is projected to reach US$ 9,478.56 million by 2028; it is expected to grow at a CAGR of 20.2 from 2022 to 2028.
The adoption of batteries for solar energy storage among commercial, residential, and industrial sector drives the growth of the batteries for solar energy storage market. In June 2022, General Electric announced its plans for expanding its solar and battery energy storage manufacturing capacity to 9 GW per annum. In many countries, government agencies encourage people to adopt solar energy by offering tax credits to those who install rooftop solar panels. Thus, such growing initiatives from key players, along with the rising deployment of solar systems in the industrial sector, are anticipated to drive the batteries for solar energy storage market growth during the projected period.
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Key players profiled in the batteries for solar energy storage market analysis are Alpha ESS Co., Ltd.; BYD Motors Inc.; HagerEnergy GmbH; ENERSYS; Kokam; Leclanché SA; LG Electronics; SimpliPhi Power; sonnen GmbH; and SAMSUNG SDI CO., LTD.
The batteries for solar energy storage market analysis has been carried on the basis of battery type, the batteries for solar energy storage market is segmented into lead acid, lithium-ion, nickel cadmium, and others segment. In 2021, lithium-ion segment accounted for the largest market share owing to its featured characteristics such as higher depth of discharge, long lifespan, higher energy density, high efficiency, and less maintenance. The lithium-ion batteries are commonly used in rechargeable cellphones and electric vehicles (EVs), among others. The others segment, which includes flow batteries and nickel–iron batteries, is expected to record the fastest CAGR during the forecast period. On the basis of application, the batteries for solar energy storage market is segmented into residential, commercial, and industrial. In 2021, the industrial segment accounted for the largest market share. Stringent regulatory compliances with upcoming safety mandates and increasing demand for renewable energy storage systems are fueling the growth of this segment. On the basis of connectivity, the batteries for solar energy storage market is bifurcated into off-grid and on-grid segment. The on-grid segment accounted for a larger share of the market in 2021. With growing awareness in the residential sector for adopting solar energy, the demand for battery storage solutions is also on rise which drives the on-grid segment’s growth, which further assists the batteries for solar energy storage market growth over the forecast period.
Asia Pacific, which includes many developing countries, is at the forefront of adopting renewable energy. In October 2021, the government of Maharashtra, India, announced its plan to implement new renewable energy policy to complete 12,930 MW of solar power projects by 2025. Such upcoming solar projects are driving the demand for batteries systems, which helps propel the batteries for solar energy storage market growth. Several important market players have been studied and analyzed during the course of this market report study to get a holistic view of the global batteries for solar energy storage market size and its ecosystem.
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Increase in Number of Renewable and Solar Energy Projects Fuels Batteries for Solar Energy Storage Market Growth
An increase in the number of renewable and solar energy projects is the key factor fueling the growth of batteries for solar energy storage market. As per the data released by the National Energy Administration (NEA), China installed 25.56 GW of new solar energy projects in the first three financial quarters of 2021, reporting a rise of 36.68% Y-o-Y growth on the 18.7 GW installed during the same period in 2020. In September 2021, rooftop solar installations in China stood at 2.14 GW, recording an increase of 64.61% compared to 1.3 GW installed in the same period in 2020. Furthermore, the country has targeted to raise the percentage of renewable power generation to more than 50% of the total energy consumption during 2021–2025. As per the US Energy Information Administration (EIA) data, power plant developers and operators are expected to add 51 GW of new solar and battery storage projects to the US power grid from 2022 to 2023, which will account for 60% of new power generation capacities. According to the US Energy Information Administration (EIA) forecast, 21.5 GW of solar generating capacity will be added to the country’s power grid in 2022. Further, in April 2022, The US Bureau of Land Management (BLM) planned to construct 39 utility-scale solar projects, which sums up more than 29 GW of plant capacity on federal lands in 6 western states by the third quarter of 2025. Such ongoing solar installation projects are expected to bolster the batteries for solar energy storage market size during the forecast period.
Further, grid infrastructure expansion projects are leading to a rise in demand for grid energy storage systems. For instance, in March 2022, Power Grid Corporation of India approved the total investment of US$ 103.42 million (INR 821.29 crore) on five projects across India. Similarly, in June 2022, the State Grid Corporation of China planned to invest an all-time high of ~US$ 74.5 billion in power grid projects. Thus, the resultant surge in demand for grid energy storage systems boosts the batteries for solar energy storage market growth.
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