Wind Energy Market (By Location: Onshore and Offshore; By Application: Utility and Non-utility; By Component: Turbine, Support Structure, Electrical Infrastructure, Others) - Global Industry Analysis, Size

data

KEY MARKET INSIGHTS
 Listen to Audio Version
The global solar energy storage battery market size was valued at USD 3.33 billion in 2022. The market size is projected to grow from USD 4.40 billion in 2023 to USD 20.01 billion by 2030, exhibiting a CAGR of 24.2% during the forecast period. Asia Pacific dominated the global market with a share of 53.75% in 2022.

The solar energy storage battery is a crucial component of renewable energy systems. It allows for the efficient capture and storage of excess electricity generated by solar panels for use during periods of low or no sunlight. These batteries, often based on lithium-ion storage technology, store the energy and release it when needed, reducing reliance on the grid and maximizing self-consumption. Solar battery storage systems provide numerous benefits, including increased energy independence, grid resilience, and cost savings by avoiding peak electricity rates. They contribute to the transition towards a cleaner and more sustainable energy future, enabling individuals and businesses to harness the sun's power even when it's not shining.

COVID-19 IMPACT
Disruption in Supply Chain & Slow Down in Commercial Sector Slowed Market Growth

The COVID-19 pandemic has positively and negatively impacted the solar energy storage battery industry. On the negative side, COVID-19 poses a risk to investments made by individuals and small-scale to medium-sized enterprises in renewable energy sources. These investments run a higher risk of delay or cancellation.  However, the impact of COVID-19 has highlighted the importance of reliable & resilient energy systems, driving interest in solar systems and battery storage. More people working from home and spending more time indoors resulted in demand for residential solar and battery storage systems. While COVID-19 initially presented challenges, it also created opportunities for the solar energy battery storage industry to adapt, innovate, and contribute to a more sustainable and resilient energy future.

LATEST TRENDS
Request A Free Sample to learn more about this report.

Global Movement Towards Renewable Energy and Grid Modernization to Spur Market Opportunities

Broad support for renewables and carbon emissions reduction also drives the adoption of solar battery storage solutions. The critical role that batteries can play in offsetting the intermittency of renewables and reducing curtailment is well known. Still, the strength and pervasiveness of the desire for clean energy among all types of electricity customers resulted in a rise in market demand. For example, In November 2021, Panasonic launched EverVolt 2.0, the next-generation solar energy battery storage system. The battery has AC- and DC-coupled, allowing the battery to work on both new and existing solar energy systems. It offers a weatherproof design helping in the easy installation and flexible placement.

Moreover, many developed countries use grid modernization programs to boost resilience in severe weather events, reduce system outages linked to aging infrastructure, and improve overall efficiency. These programs often involve deploying smart technologies within established electrical grids to enable two-way communication, advanced digital control systems, and integration of distributed energy resources.

DRIVING FACTORS
National Policy Framework across Key Countries Aids Market Growth

Additional opportunities for battery storage providers are arising from national policies to further various strategic objectives. Many countries see renewables plus storage as a new way to lessen their dependence upon energy imports, fill gaps in their generation mix, enhance the reliability and resiliency of their systems, and move toward environmental goals and de-carbonization targets. Some nations, such as Italy and Japan, are actively subsidizing and promoting energy storage as part of broad restructuring efforts to ensure reliability and reduce dependency on international energy companies and imports. These factors promise significant opportunities for solar energy storage battery market growth.