Batteries for Solar Energy Storage Market Price, Demand and Growth 2028

Batteries for Solar Energy Storage Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Battery Type (Lead Acid, Lithium-Ion, Nickel Cadmium, and Others), Application (Residential, Commercial, Industrial), and Connectivity (Off-Grid, On-Grid)

Publication Month : Jul 2022

  • Report Code : TIPRE00006907
  • Category : Energy and Power
  • Status : Published
  • No. of Pages : 192
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The batteries for solar energy storage market size was valued at US$ 9,478.56 million by 2028 from US$ 3,149.45 million in 2022. It is expected to grow at a CAGR of 20.2% during 2022–2028.

Batteries for solar energy are used to store energy generated by PV panels in residential, commercial, and industrial renewable projects. The batteries improve the systems’ self-reliance and provide power back-ups, and so on. Factors such as a rise in the number of renewable and solar energy projects, coupled with numerous lucrative government incentives, are driving the growth of the batteries for solar energy storage market . In June 2021, Amazon announced 14 new renewable energy projects in Canada, Finland, Spain, and the US to advance its ambition to power 100% of company activities with renewable energy by 2025. It includes 375 MW solar farm, which is the largest renewable energy project in Canada. When it comes online in 2022, the plant is expected to bring Amazon’s capacity in Canada to more than 1 million MWh, i.e., enough to power more than 100,000 Canadian homes. Thus, increasing focus on renewable energy projects to harness solar energy is likely to drive the batteries for solar energy storage market size over the forecast period.

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Batteries for Solar Energy Storage Market: Strategic Insights

batteries-for-solar-energy-storage-market
Market Size Value inUS$ 3,149.45 Million in 2022
Market Size Value byUS$ 9,478.56 Million by 2028
Growth rateCAGR of 20.2% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Impact of COVID-19 Pandemic on Batteries for Solar Energy Storage Market Growth 

The COVID-19 outbreak dramatically impacted the global economy during its peak in 2020 in its initial days, and the crisis hampered the business activities in manufacturing industries. The power industry has a potential influence on the country’s economy. As a result, the lockdown and slowdown of industrial activities in India and China is primarily attributed to the disruption of the supply chain for various raw materials and goods. India, one of the leading countries in Asia Pacific region in producing solar energy, which imports around 80% of the components for solar power from China. Notably, the US is one of the world's worst-affected countries, and the crisis led to a cascading impact on multiple industries, including IT, automotive, and telecommunication. The operation in these industries was put on hold, which hampered the power demand in the first half of 2020. According to the US Energy Storage Association, around two-thirds of energy storage businesses experienced delays in projects due to COVID-19, which led to an “immediate and potentially devastating” impact. In March 2020, the US government released the third relief and stimulus spending package in response to this unprecedented national emergency, solar, energy storage, and other subsets of renewable energy. Thus, increasing investments in battery technologies for storing the solar energy are likely to fuel the batteries for solar energy storage market in the post-pandemic recovery period.

Lucrative Regions: Batteries for Solar Energy Storage Market Anaysis

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Market Insight – Batteries for Solar Energy Storage Market Demand

Expansion of Grid Infrastructure Projects Drives Market Growth

The expansion of grid infrastructure projects is leading to a rise in demand for grid energy storage systems. In March 2022, TenneT, a Dutch transmission system operator, announced that it will increase its annual investments in grid infrastructure to ~US$ 6.6 billion by 2025. In July 2022, Chile’s grid coordinator CEN awarded 26 grid expansion projects with an investment worth US$ 162 million. In March 2021, Tata Power installed a 150 KW (kilowatt)/528 kWh (kilowatt hour) battery storage system in collaboration with Nexcharge, a lithium-ion battery and storage company, offering six-hour storage to enhance the supply reliability at the distribution side and reduce the peak load on the distribution transformers. Thus, growing initiatives for strengthening the grid projects is anticipated to drive the batteries for solar energy storage market growth over the coming years.

Battery Type-based Insights

The batteries for solar energy storage market has been analyzed on the basis of battery type, application, and connectivity. Based on battery type, the batteries for solar energy storage market is segmented into lead acid, lithium-ion, nickel cadmium, and others. The lithium-ion segment is held the largest market share in 2021, owing to its featured characteristics and associated advantages. The others segment reported the fastest CAGR during the projected period; this category includes flow batteries and nickel–iron batteries. The flow battery is preferable in solar energy storage owing to its longer service life, no standby loss, low maintenance requirements, recyclability and safety, charging characteristics, and modularity. Nickel–iron batteries are also used in solar energy storage applications as they are robust and capable of withstanding overcharge and over-discharge. Moreover, these batteries can attain a high depth of discharge, such as deep cycling, which allows them to remain discharged for long periods without damage. Hence, such featured battery systems are accelerating the adoption of batteries for storing the energy which helps drive the batteries for solar energy storage market over the projected period.

Players operating in the batteries for solar energy storage market are mainly focused on the development of advanced and efficient products.

  • In January 2022, BYD won a contract worth US$ 61 million of lithium extraction of up to 80,000 metric tonnes from the Ministry of Mining of Chile. With this, BYD will begin lithium extraction and production to build sustainable ecosystem across Chile.
  • In June 2021, Leclanche successfully developed lithium-ion battery modules for e-transport in the marine, railway, and commercial vehicle industries. The company had announced the launch of new production line in Europe for high production volumes.

The batteries for solar energy storage market is analyzed on the basis of battery type, application, and connectivity. Based on battery type, the market is segmented into lead acid, lithium-ion, nickel cadmium, and others. Based on application, the market is segmented into residential, commercial, and industrial. Based on connectivity, the batteries for solar energy storage market analysis is bifurcated into off-grid and on-grid.

The batteries for solar energy storage market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America, respectively. Further, Europe is expected to register the highest CAGR in the batteries for solar energy storage market during 2022–2028. The market analysis helps understand the upcoming trends, new technologies, and macro and micro factors that influence the market growth.

Key players profiled in the batteries for solar energy storage market analysis are Alpha ESS Co., Ltd.; BYD Motors Inc.; HagerEnergy GmbH; ENERSYS; Kokam; Leclanché SA; LG Electronics; SimpliPhi Power; sonnen GmbH; and SAMSUNG SDI CO., LTD. The insights provided by this market report on the batteries for solar energy storage market are likely to help key players to plan their growth strategies accordingly in the coming years.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Battery Type, Application, and Connectivity

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What is the estimated global market size for batteries for solar energy storage market in 2028?

The batteries for solar energy storage market is estimated to grow at US$ 9,478.56 million in 2028 at a CAGR of 20.2%.

What are the driving factors impacting the batteries for solar energy storage market?

The increased in number of renewable & solar energy projects and expansion of grid infrastructure projects are driving the batteries for solar energy storage market

What are the future trends in the batteries for solar energy storage market?

The rise in awareness about renewable energy and supportive government incentives and regulatory policies is the future trends for the batteries for solar energy storage market.

Which are the key players holding the major market share in the batteries for solar energy storage market?

BYD Company Ltd; ENERSYS; SolarEdge Technologies Inc; sonnenGroup; and SAMSUNG SDI CO., LTD are the key players holding the major market share in the batteries for solar energy storage market.

Which country is holding major market share of batteries for solar energy storage market?

Asia Pacific region is holding major market share of batteries for solar energy storage market.

Which is the leading application segment in the batteries for solar energy storage market?

Industrial is the leading application segment in the batteries for solar energy storage market.

What is the incremental growth of batteries for solar energy storage market during the forecast period?

The incremental growth of batteries for solar energy storage market during the forecast period is US $ 6,819.07 million.

The List of Companies - Batteries for Solar Energy Storage Market

  1. Alpha ESS Co., Ltd.
  2. BYD Motors Inc.
  3. HagerEnergy GmbH
  4. ENERSYS
  5. Kokam
  6. Leclanché SA
  7. LG Electronics
  8. SimpliPhi Power
  9. sonnen GmbH
  10. SAMSUNG SDI CO., LTD.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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