The solar energy storage market is forecasted to grow by USD 6960.7 mn during 2023-2028, accelerating at a CAGR of 10.22% during the forecast period. The report on the solar energy storage market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by reduction in costs of solar PV systems, rise in energy demand, and growth in government support.
Market Scope
Base Year
2024
End Year
2028
Series Year
2024-2028
Growth Momentum
Accelerate
YOY 2024
9.36%
CAGR
10.22%
Incremental Value
$6960.7 mn
Technavio's solar energy storage market is segmented as below:
By End-user
Utilities
Residential
Commercial and industrial
By Installation Sites
On-grid
Off-grid
By Geographical Landscape
APAC
North America
Europe
Middle East and Africa
South America
This study identifies the rising adoption of clean energy technologies as one of the prime reasons driving the solar energy storage market growth during the next few years. Also, increasing investment in renewable energy sources and growing popularity of microgrids and zero-energy buildings will lead to sizable demand in the market.
The report on the solar energy storage market covers the following areas:
Solar energy storage market sizing
Solar energy storage market forecast
Solar energy storage market industry analysis
The vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading solar energy storage market vendors that include ABB Ltd., Abengoa SA, Acciona SA, AEG Power Solutions BV, Aura Power Developments Ltd., BASF SE, BYD Co. Ltd., Canadian Solar Inc., Enact Systems Inc., EnerSys, General Electric Co., Helios New Energy Technology Australia Pty. Ltd., Leclanche SA, LG Electronics Inc., Primus Power Solutions, Samsung Electronics Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., Tesla Inc., and TotalEnergies SE. Also, the solar energy storage market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.
Table of Contents
1 Executive Summary
1.1 Market overview
Executive Summary - Chart on Market Overview
Executive Summary - Data Table on Market Overview
Executive Summary - Chart on Global Market Characteristics
Executive Summary - Chart on Market By Geographical Landscape
Executive Summary - Chart on Market Segmentation by End-user
Executive Summary - Chart on Market Segmentation by Installation Sites
Executive Summary - Chart on Incremental Growth
Executive Summary - Data Table on Incremental Growth
Executive Summary - Chart on Company Market Positioning
2 Market Landscape
2.1 Market ecosystem
Parent Market
Data Table on - Parent Market
2.2 Market characteristics
Market characteristics analysis
2.3 Value chain analysis
Value Chain Analysis
3 Market Sizing
3.1 Market definition
Offerings of companies included in the market definition
3.2 Market segment analysis
Market segments
3.3 Market size 2023
3.4 Market outlook: Forecast for 2023-2028
Chart on Global - Market size and forecast 2023-2028 ($ million)
Data Table on Global - Market size and forecast 2023-2028 ($ million)
Chart on Global Market: Year-over-year growth 2023-2028 (%)
Data Table on Global Market: Year-over-year growth 2023-2028 (%)
4 Historic Market Size
4.1 Global Solar Energy Storage Market 2018 - 2022
Historic Market Size - Data Table on Global Solar Energy Storage Market 2018 - 2022 ($ million)