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Global Solar Energy Storage Market Size, Share, Forecast: By Storage Material: Water, Molten Salt, PCM, Others; By Technology: Sensible Heat, Latent Heat, Thermochemical, Others; By Application: Power Generation, District Heating and Cooling, Process Heating and Cooling; By End Use; Regional Analysis; Competitive Landscape; 2024-2032
Global Solar Energy Storage Market Outlook
The global solar energy storage market is estimated to grow in the forecast period of 2024-2032 at a CAGR of 61%. The market is driven by the rising demand for global energy.
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Properties and Applications
The solar energy storage is referred to as the device which works by discarding excess electricity and then storing it.
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The market is segmented based on storage materials, technology, applications, and end-uses.
Based on the storage material, the industry is segmented into:
- Water
- Molten Salt
- PCM
- Others
Based on technology, the industry is categorised into:
- Sensible Heat
- Latent Heat
- Thermochemical
- Others
Based on applications, the industry is divided into:
- Power Generation
- District Heating and Cooling
- Process Heating and Cooling
Based on end-uses, the industry is divided into:
- Residential and Commercial
- Industrial
- Utility
The EMR report looks into the regional markets of solar energy storage like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
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Solar Energy Storage Market Analysis
The global solar energy storage market is being driven by the escalated energy demand globally. The industry is further enhanced by the rising investments in renewable energy sources. China and the United States represent the largest energy demand. The industry growth is expected to be enhanced by the predicted demand from the emerging economies. The electrification of transportation and heat sector, the digitalization of modern economies, and an increase in the number of electronically connected devices is expected to accelerate the industry growth of solar energy storage. The industries are adopting electric motor systems, further propelling the industry growth.
Competitive Landscape
The report presents a detailed analysis of the following key players in the global solar energy storage market, looking into their capacity, competitive landscape, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- BYD Motors Inc.
- LG Chem
- EnerSys
- Leclanché
- Saft
- Adara Power
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Storage Material |
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| Breakup by Technology |
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| Breakup by Application |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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 Opportunities and Challenges in the Market
8 Global Solar Energy Storage Market Analysis
8.1 Key Industry Highlights
8.2 Global Solar Energy Storage Historical Market (2018-2023)
8.3 Global Solar Energy Storage Market Forecast (2024-2032)
8.4 Global Solar Energy Storage Market by Storage Material
8.4.1 Water
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Molten Salt
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 PCM
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Solar Energy Storage Market by Technology
8.5.1 Sensible Heat
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Latent Heat
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Thermochemical
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Others
8.6 Global Solar Energy Storage Market by Application
8.6.1 Power Generation
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 District Heating and Cooling
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Process Heating and Cooling
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Solar Energy Storage Market by End Use
8.7.1 Residential and Commercial
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Industrial
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Utility
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.8 Global Solar Energy Storage Market by Region
8.8.1 North America
8.8.2 Europe
8.8.3 Asia Pacific
8.8.4 Latin America
8.8.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
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 (2018-2023)
9.2.2 Forecast Trend (2024-2032)
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 (2018-2023)
9.3.2 Forecast Trend (2024-2032)
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 (2018-2023)
9.4.2 Forecast Trend (2024-2032)
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 (2018-2023)
9.5.2 Forecast Trend (2024-2032)
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 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Solar Energy Storage Market: Key Industry Highlights, 2018 and 2032
2. Global Solar Energy Storage Historical Market: Breakup by Storage Material (USD Billion), 2018-2023
3. Global Solar Energy Storage Market Forecast: Breakup by Storage Material (USD Billion), 2024-2032
4. Global Solar Energy Storage Historical Market: Breakup by Technology (USD Billion), 2018-2023
5. Global Solar Energy Storage Market Forecast: Breakup by Technology (USD Billion), 2024-2032
6. Global Solar Energy Storage Historical Market: Breakup by Application (USD Billion), 2018-2023
7. Global Solar Energy Storage Market Forecast: Breakup by Application (USD Billion), 2024-2032
8. Global Solar Energy Storage Historical Market: Breakup by End Use (USD Billion), 2018-2023
9. Global Solar Energy Storage Market Forecast: Breakup by End Use (USD Billion), 2024-2032
10. Global Solar Energy Storage Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Solar Energy Storage Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Solar Energy Storage Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Solar Energy Storage Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Solar Energy Storage Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Solar Energy Storage Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Solar Energy Storage Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Solar Energy Storage Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Solar Energy Storage Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Solar Energy Storage Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Solar Energy Storage Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Solar Energy Storage Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Solar Energy Storage Market Structure
Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 61% between 2024 and 2032.
The major market drivers include the growing demand for energy across the globe, the rising adoption of electric motor systems, and the surging investments in renewable energy sources in both developed and developing countries.
The key trends guiding the market include the electrification of heat and transportation sector, the increasing number of electronically connected devices, and the digitalisation of modern economies.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major storage materials considered in the market report are water, molten salt, and PCM, among others.
The various technologies of solar energy storage considered in the market report include sensible heat, latent heat, and thermochemical, among others.
The significant applications of solar energy storage in the market are power generation, district heating and cooling, and process heating and cooling.
The several end uses of solar energy storage include residential and commercial, industrial, and utility.
The major players in the market are BYD Motors Inc., LG Chem, EnerSys, Leclanché, Saft, and Adara Power, among others.
Analyst Review
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