Solar Energy Storage Battery Market Forecasts to 2030 – Global Analysis By Type (Lead Acid, Lithium Ion, Flow Battery and Other Types), Installation (On grid and Off grid), Capacity, Application and by Geography

Solar Energy Storage Battery Market Forecasts to 2030 – Global Analysis By Type (Lead Acid, Lithium Ion, Flow Battery and Other Types), Installation (On grid and Off grid), Capacity, Application and by Geography

According to Stratistics MRC, the Global Solar Energy Storage Battery Market is accounted for $4.97 billion in 2024 and is expected to reach $16.56 billion by 2030 growing at a CAGR of 22.2% during the forecast period. In renewable energy systems, solar energy storage batteries play a crucial role by storing excess energy produced by solar panels for future use. When there is no sunlight, as occurs at night or in overcast conditions, these batteries offer a constant energy source that improves the efficiency and dependability of solar power. Lead-acid, flow, and lithium-ion batteries are common varieties of solar storage batteries, and each has unique benefits in terms of longevity, capacity, and efficiency. Moreover, the need for solar energy storage solutions is growing as the world transitions to more environmentally friendly energy systems.

According to the IEA, the global number of installed public charging points was up 40% in 2023 relative to 2022.

Market Dynamics:

Driver:

Growing interest in renewable energy

A growing global consciousness of climate change and its consequences is fueling the drive toward renewable energy. Installing more solar power has become more common as a result of governments and organizations setting aggressive goals to cut greenhouse gas emissions. There is an increasing need for efficient storage options as solar energy contributes more to the energy mix. Harvesting and storing solar energy allows people to make use of it even in the absence of sunlight. Additionally, the decreasing cost of solar photovoltaic (PV) systems is contributing to this demand by increasing the appeal of solar installations for industrial and residential use.

Restraint:

Insufficient grid infrastructure

The lack of suitable grid infrastructure is one of the main factors influencing the market for solar energy storage batteries. Many of the power grids that are in place today are antiquated and ill-suited to meet the needs of modern solar energy systems, especially in rural and isolated areas. Due to grid operators' difficulty balancing supply and demand, particularly during peak usage periods, this obsolescence hinders the effective integration of large-scale solar energy storage systems. Furthermore, the grid's dependability and stability are impacted by weak electric networks, which make it challenging for solar storage technologies to realize their full potential and provide efficient energy distribution support.

Opportunity:

Increasing use in residential and commercial settings

The commercial and residential sectors present one of the biggest opportunities. Effective storage options are becoming more and more important as more homes and businesses use solar energy. Solar storage systems are becoming more affordable and enticing for these markets thanks to advancements in battery technology, such as increased energy density and longer life spans. Moreover, demand for these systems is predicted to soar as more individuals and companies become aware of the advantages of solar storage, which include energy independence, financial savings, and environmental sustainability.

Threat:

Commercial barriers and geopolitical tensions

Geopolitical tensions and trade barriers pose a significant threat to the market for solar energy storage batteries. Batteries and solar equipment are major imports into many countries, especially in Asia Pacific, with China accounting for a large share of these imports. But continuing trade disputes and tariffs from nations like the US have raised the bar and driven up the cost of solar projects. Additionally, these trade restrictions not only increase the trade deficit but also make it harder for home producers to compete with imports.

Covid-19 Impact

The market for solar energy storage batteries has seen varying effects from the COVID-19 pandemic. It brought about operational and financial difficulties at first, which resulted in a 20% decrease in projections for the addition of solar capacity globally by 2020, but it also made clear how crucial robust and dependable energy systems are. Manufacturing processes suffered due to labor shortages, plant closures, and disruptions in the supply chain caused by the pandemic. However, as more people work from home, there is a greater need for residential solar and battery storage systems, which has created opportunities for the industry to innovate and adapt.

The Lithium Ion segment is expected to be the largest during the forecast period

The lithium-ion battery segment has the largest market share because of its broad use and exceptional performance attributes. Because of its high energy density, lithium-ion technology is preferred because it enables compact designs that can store large amounts of energy in a comparatively small footprint. These batteries allow users to store extra solar energy produced during the day for use at night or during cloudy days. They are widely used in residential and commercial solar installations. Moreover, comparing lithium-ion batteries to other battery types like flow and lead-acid batteries, the former have shorter self-discharge rates, quicker charging times, and longer life spans.

The 20-29kWh segment is expected to have the highest CAGR during the forecast period

The segment with 20–29 kWh is predicted to grow at the highest CAGR. Larger residential applications, small commercial buildings, and shared-use community solar power plants are good fits for this range of battery storage because these locations have higher electricity usage and require more storage to maintain a steady supply of electricity. Additionally, the 20-29 kWh solar battery storage systems are positioned to play a major role in meeting the growing demand for clean energy across various applications as the need for dependable and efficient energy storage solutions continues to grow.

Region with largest share:

The market for solar energy storage batteries is dominated by the Asia Pacific region. Rapid urbanization, industrialization, and rising energy consumption in nations like China, India, and Japan—which are heavily investing in renewable energy projects—are the main causes of this dominance. The adoption of solar energy storage systems is further supported by the region's advantageous regulatory frameworks and government incentives. Furthermore, Asia Pacific is expected to maintain its market-leading position as demand for dependable and sustainable energy solutions rises, especially in response to environmental concerns and energy security issues.

Region with highest CAGR:

The market for solar energy storage batteries is expected to grow at the highest CAGR in the North American region. Strong government regulations encouraging the use of renewable energy, technical developments, and a growing emphasis on energy independence are the main drivers of this growth. A number of incentives, including tax credits and rebates, are being offered by the US and Canada to promote the installation of solar panels and energy storage systems. Moreover, the need for dependable energy solutions and the increased awareness of climate change are driving up market demand.

Key players in the market

Some of the key players in Solar Energy Storage Battery market include BYD Company, Enersys, Maxwell Technologies, ABB, LG Energy Solution, SimpliPhi Power Corporation, Panasonic, Huawei, BMW Group, Tesla, VARTA AG, BMZ Group Corporation, Siemens Energy, Primus Power, AlphaESS, E3/DC Corporation and Pylontech.

Key Developments:

In September 2024, BYD Automotive GmbH and Hedin Mobility Group have entered into an agreement for the sale of the subsidiary Hedin Electric Mobility GmbH, the appointed Dealer+ of BYD vehicles and spare parts in the German market. The transaction also includes a business transfer of the two pioneer stores in Stuttgart and Frankfurt which are operated by Hedin Mobility Group’s German retail division.

In May 2024, EnerSys, the global leader in stored energy solutions for industrial applications, announced it has entered into a definitive agreement to acquire Bren-Tronics, Inc. in an all-cash transaction of $208 million. The purchase price represents approximately 8.7x Bren-Tronics’ adjusted EBITDA for the twelve months.

In March 2024, ABB is collaborating with Green Hydrogen International (GHI) on a project to develop a major green hydrogen facility in south Texas, United States. As part of the Memorandum of Understanding (MoU) ABB’s automation, electrification and digital technology will be assessed for deployment at GHI’s Hydrogen City project.

Types Covered:
• Lead Acid
• Lithium Ion
• Flow Battery
• Other Types

Installations Covered:
• On grid
• Off grid

Capacities Covered:
• Below 10kWh
• 10-19kWh
• 20-29kWh
• Above 30kWh

Applications Covered:
• Residential
• Commercial
• Industrial
• Utility
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
Market share assessments for the regional and country-level segments
Strategic recommendations for the new entrants
Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
Strategic recommendations in key business segments based on the market estimations
Competitive landscaping mapping the key common trends
Company profiling with detailed strategies, financials, and recent developments
Supply chain trends mapping the latest technological advancements