Solar Energy Storage Market to Reach $20.9 Billion, Globally, by 2031 at 7.9% CAGR: Allied Market Research
Rise in demand for eco-friendly and cost-effective energy solutions for industrial and commercial storage are majorly driving the growth of the global solar energy storage market.
PORTLAND, Ore., Nov. 8, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Solar Energy Storage Market by Type (Lead Acid, Lithium Ion, Flow Battery, and Others), by Installation (On grid and Off grid): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global solar energy storage industry generated $9.8 billion in 2021, and is estimated to reach $20.9 billion by 2031, witnessing a CAGR of 7.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Rise in demand for eco-friendly and cost-effective energy solutions for industrial and commercial storage are majorly driving the growth of the global solar energy storage market. Apart from this, deployment of solar battery for reducing carbon emissions and need for reducing dependence on fossil fuels to boost the global market trends. However, high initial costs of deploying solar energy storage systems for small & medium-sized firms hamper the global market surge. Nevertheless, escalating demand for renewable energy storage solutions will help in generating huge investment for solar energy storage, thereby creating high growth opportunities for the global market.
- The outbreak of the COVID-19 pandemic negatively impacted the growth of the global solar energy storage market. This was due to delayed installation of solar energy storage systems and cancellation of new projects related to the installation of solar energy storage systems.
- Furthermore, a sharp decline in consumer expenditure on solar energy storage systems due to lockdown in the pandemic period impeded the growth of the global market.
The lithium ion segment to dominate the global market in terms of revenue during the forecast period
Based on type, the lithium ion segment was the largest in 2021, occupying more than two-fifths of the overall solar energy storage market share and is likely to dominate the global market share during the forecast period. Moreover, the same segment is expected to grow at the fastest CAGR of 8.6% during 2022-2031. The growth of the segment during the forecast period can be attributed to rise in industrialization, urbanization, and growing consumer demand for various electric-based devices, vehicles and growing prominence of sustainable energy solutions. The report also includes other segments such as lead acid, flow battery, and others.
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The on grid segment to achieve the fastest growth during the forecast period
Based on installation, the on grid segment held the largest share of more than three-fifths of the global solar energy storage market share in 2021, and is expected to maintain a prominent growth during the forecast period. Moreover, the same segment is likely to exhibit the highest CAGR of 8.2% in 2031. The growth of the segment over the forecasted timeframe can be attributed to rise in urbanization, advancement in technology in the field of solar energy storage, and an increase in the number of installment of on-grid solar energy systems in both developed and developing economies such as the U.S., China, and India. Moreover, the demand for solar energy system has increased owing to its ease of installment, cost effective operations, and generation of electricity which is routed to the grid from where it is used to run the various household appliances such as AC, TV, and electrical appliances. This is escalating the demand for on-grid solar energy storage systems. The report also includes other segments such off grid.
Asia-Pacific to maintain its leadership in terms of revenue by 2031
Based on region, the market in the Asia-Pacific region held the largest market share in 2021, accounting for more than one-third of the global solar energy storage market share, and is likely to lead the trail throughout the forecast period. The same region is likely to record the highest CAGR of nearly 8.6% during the forecast timeline. The growth of the market in the region over the forecast period can be credited to the growing demand for solar energy storage batteries in the Asia-Pacific region. Moreover, China being the largest producer of solar power, it is expected to further foster the growth of the market in Asia-Pacific region. In addition, a growing number of investment opportunities in new solar power projects will further influence the market growth in this region. The other regions discussed in the report are North America, Europe, and LAMEA.
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Leading Market Players
- Adara Power Inc.
- BASF SE
- Bayerische Motoren Werke AG
- Evonik Industries AG
- Leclanché SA
- LG Chem Ltd.
- LG Electronics
- Maxwell Technologies Inc.
- Owens Corning
- PPG Industries, Inc.
- Primus Power Corporation
- The Samsung Group
- Siemen AG
- Sumitomo Chemical Co., Ltd.
- The Lubrizol Corporation
The report analyzes these key players of the global solar energy storage market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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