Base Year
Historical Year
Forecast Year
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% |
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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:
Based on technology, the industry is categorised into:
Based on applications, the industry is divided into:
Based on end-uses, the industry is divided into:
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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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% |
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:
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.
| 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. |
*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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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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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