Global Solar Energy Storage Market Report and Forecast 2023-2028

Global Solar Energy Storage Market Report and Forecast 2023-2028


Market Outlook

According to the report by Expert Market Research (EMR), the global solar energy storage market is projected to grow at a CAGR of 34.85% between 2023 and 2028 to reach a value of USD 88.94 billion by 2028. 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 2028.

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.

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.

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
Competitive Landscape

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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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.


1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Solar Energy Storage Market Analysis
8.1 Key Industry Highlights
8.2 Global Solar Energy Storage Historical Market (2018-2022)
8.3 Global Solar Energy Storage Market Forecast (2023-2028)
8.4 Global Solar Energy Storage Market by Storage Material
8.4.1 Water
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Molten Salt
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 PCM
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Others
8.5 Global Solar Energy Storage Market by Technology
8.5.1 Sensible Heat
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Latent Heat
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Thermochemical
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Others
8.6 Global Solar Energy Storage Market by Application
8.6.1 Power Generation
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 District Heating and Cooling
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Process Heating and Cooling
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.7 Global Solar Energy Storage Market by End Use
8.7.1 Residential and Commercial
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Industrial
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Utility
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.8 Global Solar Energy Storage Market by Region
8.8.1 Market Share
8.8.1.1 North America
8.8.1.2 Europe
8.8.1.3 Asia Pacific
8.8.1.4 Latin America
8.8.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 BYD Motors Inc.
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 LG Chem
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 EnerSys
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 Leclanché
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Saft
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 Adara Power
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 Others
13 Industry Events and Developments
List of Key Figures and Tables
1. Global Solar Energy Storage Market: Key Industry Highlights, 2018 and 2028
2. Global Solar Energy Storage Historical Market: Breakup by Storage Material (USD Billion), 2018-2022
3. Global Solar Energy Storage Market Forecast: Breakup by Storage Material (USD Billion), 2023-2028
4. Global Solar Energy Storage Historical Market: Breakup by Technology (USD Billion), 2018-2022
5. Global Solar Energy Storage Market Forecast: Breakup by Technology (USD Billion), 2023-2028
6. Global Solar Energy Storage Historical Market: Breakup by Application (USD Billion), 2018-2022
7. Global Solar Energy Storage Market Forecast: Breakup by Application (USD Billion), 2023-2028
8. Global Solar Energy Storage Historical Market: Breakup by End Use (USD Billion), 2018-2022
9. Global Solar Energy Storage Market Forecast: Breakup by End Use (USD Billion), 2023-2028
10. Global Solar Energy Storage Historical Market: Breakup by Region (USD Billion), 2018-2022
11. Global Solar Energy Storage Market Forecast: Breakup by Region (USD Billion), 2023-2028
12. North America Solar Energy Storage Historical Market: Breakup by Country (USD Billion), 2018-2022
13. North America Solar Energy Storage Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Europe Solar Energy Storage Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Europe Solar Energy Storage Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Asia Pacific Solar Energy Storage Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Asia Pacific Solar Energy Storage Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Latin America Solar Energy Storage Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Latin America Solar Energy Storage Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Middle East and Africa Solar Energy Storage Historical Market: Breakup by Country (USD Billion), 2018-2022
21. Middle East and Africa Solar Energy Storage Market Forecast: Breakup by Country (USD Billion), 2023-2028
22. Global Solar Energy Storage Market Structure

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