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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

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.

Global Solar Energy Storage Market Report Summary Description Value
Base Year USD Billion 2023
Historical Period USD Billion 2018-2023
Forecast Period USD Billion 2024-2032
Market Size 2023 USD Billion XX
Market Size 2032 USD Billion XX
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 61.0%
CAGR 2024-2032 - Market by Region Asia Pacific 70.3%
CAGR 2024-2032 - Market by Country India 75.2%
CAGR 2024-2032 - Market by Country China 67.4%
CAGR 2024-2032 - Market by Storage Material Molten Salt 67.1%
CAGR 2024-2032 - Market by End Use Residential and Commercial 68.3%
Market Share by Country 2023 UK 3.6%

Global Solar Energy Storage

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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.

Global Solar Energy Storage Market By Technology

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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:

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.

Global Solar Energy Storage Market By Region

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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.

CAGR 2024-2032 - Market by Country
India 75.2%
China 67.4%
UK 55.8%
USA 54.4%
Germany 50.2%
Canada XX%
France XX%
Italy XX%
Japan 42.0%
Australia XX%
Saudi Arabia XX%
Brazil XX%
Mexico XX%

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:

  • Storage Material
  • Technology
  • Application
  • End Use
  • Region
Breakup by Storage Material
  • Water
  • Molten Salt
  • PCM
  • Others
Breakup by Technology
  • Sensible Heat
  • Latent Heat
  • Thermochemical
  • Others
Breakup by Application
  • Power Generation
  • District Heating and Cooling
  • Process Heating and Cooling
Breakup by End Use
  • Residential and Commercial
  • Industrial
  • Utility
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • BYD Motors Inc.
  • LG Chem  
  • EnerSys 
  • Leclanché  
  • Saft 
  • Adara Power
  • Others
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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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.

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63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124