Solar Energy Storage Market size to grow by USD 5,508.04 million from 2022 to 2027|Rise in global energy demand to boost the market – Technavio

NEW YORK, July 7, 2023 /PRNewswire/ — The solar energy storage market size is estimated to grow by USD 5,508.04 million from 2022 to 2027, at a CAGR of 9%, according to a recent market study by Technavio. APAC is estimated to account for 59% of the market growth. The main countries in APAC which have significantly contributed to the solar energy storage market growth in the region include South Korea, Japan, and China. One of the prominent players in the market is China as it is planning to build large cities, factories, and supporting infrastructure, housing, and R&D centers for facilitating energy storage capacity. In Japan, due to certain initiatives undertaken by the government, there has been an increase in the adoption of solar PV systems by the residential and utility sectors. Hence, such factors are expected to drive the market growth in the region during the forecast period. For more insights on the historic period (2017 to 2021), and forecast market size (2023 to 2027) – Request a sample report

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Solar Energy Storage Market – Segmentation Assessment
Segment Overview
The market is segmented by end-user (utilities, residential, commercial, and industrial), installation sites (on-grid and off-grid), and geography (APAC, North America, Europe, Middle East and Africa, and South America). 

• The utility segment will account for a significant share of market growth during the forecast period. There is an increasing transition in several countries to renewable power in the grid, due to the stringent regulations by governments to minimize carbon emissions during power generation. Energy storage has become a key aspect in helping governments decarbonize economies due to the increase in utilization of renewables including solar and wind energy, which are main sources of power generation. Hence, such factors are expected to drive the growth of this segment which in turn will drive the market growth during the forecasting period.

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) – Download a Sample Report

Solar Energy Storage Market – Market Dynamics
Key factor driving market growth
An increase in global energy demand is a major factor driving the growth of the solar energy storage market. There has been a decline in the cost of solar PV modules and associated equipment making solar energy economical. The economies of scale from large manufacturing capacities and decreasing energy storage costs have significantly contributed to the low cost of manufacturing. There is increasing adoption of solar PVs across the world due to the rising demand for efficient storage solutions. Hence, such factors are expected to drive market growth during the forest period.

Leading trends influencing the market 

Rising investment in renewable energy sources is a primary trend shaping the solar energy storage market. There is a rapid global shift towards achieving a sustainable and less carbon-intensive environment and renewable energy resources plays a significant role in this transition. Factors such as a sharp reduction in the cost of solar PV systems and wind power systems are fuelling the demand for renewable energy sources globally. Furthermore, there is an increase in demand for clean energy. For example, as per the IEA, the annual global energy investment increased to USD 1.9 trillion in 2021, rebounding nearly 10% from 2020. Hence, such factors are expected to drive market growth during the forest period.

Major challenges hindering the market growth

The challenges associated with solar energy storage are hindering the market growth. There is a significant lack of utility-scale energy storage solutions despite the increasing popularity of energy storage. The cost, technological readiness, safety concerns, and quantification of storage value are some of the major factors which significantly affect the deployment of energy storage. Furthermore, there is a lack of awareness regarding the advantages of solar energy storage solutions in developing economies such as India leading to delayed permits from government authorities in such countries. Hence, such factors are hindering the market growth during the forecast period.

Drivers, Trends, and Challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this Solar Energy Storage Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the solar energy storage market between 2023 and 2027
• Precise estimation of the solar energy storage market size and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the solar energy storage market across APAC, North America, Europe, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of solar energy storage market vendors

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The solar energy market size in South Africa is estimated to grow at a CAGR of 29.91% between 2022 and 2027. The market size is forecast to increase by 2,307.36 thousand toe. This solar energy market report extensively covers market segmentation by application (grid-connected and off-grid) and end-user (utility and rooftop). One of the key factors driving the solar energy market growth in South Africa is the rising government support.

The solar energy market size in Japan is expected to increase by 505.28 terawatt-hours from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 29.78%. Furthermore, this report extensively covers the solar energy market in Japan segmentation by end-user (utility and rooftop) and application (grid-connected and off-grid). The high electricity demand is one of the key drivers supporting the solar energy market growth in Japan.

Table of Contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Installation Sites
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global solar energy storage market 2017 – 2021
• Exhibit 18: Historic Market Size – Data Table on global solar energy storage market 2017 – 2021 ($ million)

• 4.2 By End-user Segment Analysis 2017 – 2021
• Exhibit 19: Historic Market Size – By End-user Segment 2017 – 2021 ($ million)

• 4.3 By Installation site Segment Analysis 2017 – 2021
• Exhibit 20: Historic Market Size – By Installation site Segment 2017 – 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 – 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ million)

• 4.5 Country Segment Analysis 2017 – 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments 
• Exhibit 30: Chart on End-user – Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user – Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Utilities – Market size and forecast 2022-2027
• Exhibit 34: Chart on Utilities – Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Utilities – Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Utilities – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Utilities – Year-over-year growth 2022-2027 (%)

• 6.4 Residential – Market size and forecast 2022-2027
• Exhibit 38: Chart on Residential – Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Residential – Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Residential – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Residential – Year-over-year growth 2022-2027 (%)

• 6.5 Commercial and industrial – Market size and forecast 2022-2027 
• Exhibit 42: Chart on Commercial and industrial – Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Commercial and industrial – Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Commercial and industrial – Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Commercial and industrial – Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by End-user 
• Exhibit 46: Market opportunity by End-user ($ million)
• Exhibit 47: Data Table on Market opportunity by End-user ($ million)

7 Market Segmentation by Installation Sites

• 7.1 Market segments 
• Exhibit 48: Chart on Installation Sites – Market share 2022-2027 (%)
• Exhibit 49: Data Table on Installation Sites – Market share 2022-2027 (%)

• 7.2 Comparison by Installation Sites 
• Exhibit 50: Chart on Comparison by Installation Sites
• Exhibit 51: Data Table on Comparison by Installation Sites

• 7.3 On-grid – Market size and forecast 2022-2027
• Exhibit 52: Chart on On-grid – Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on On-grid – Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on On-grid – Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on On-grid – Year-over-year growth 2022-2027 (%)

• 7.4 Off-grid – Market size and forecast 2022-2027
• Exhibit 56: Chart on Off-grid – Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Off-grid – Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Off-grid – Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Off-grid – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Installation Sites
• Exhibit 60: Market opportunity by Installation Sites ($ million)
• Exhibit 61: Data Table on Market opportunity by Installation Sites ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 APAC – Market size and forecast 2022-2027
• Exhibit 67: Chart on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.4 North America – Market size and forecast 2022-2027
• Exhibit 71: Chart on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.5 Europe – Market size and forecast 2022-2027
• Exhibit 75: Chart on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.7 South America – Market size and forecast 2022-2027
• Exhibit 83: Chart on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.8 China – Market size and forecast 2022-2027
• Exhibit 87: Chart on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.9 US – Market size and forecast 2022-2027
• Exhibit 91: Chart on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.10 Japan – Market size and forecast 2022-2027
• Exhibit 95: Chart on Japan – Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on Japan – Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on Japan – Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Japan – Year-over-year growth 2022-2027 (%)

• 9.11 India – Market size and forecast 2022-2027
• Exhibit 99: Chart on India – Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on India – Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on India – Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on India – Year-over-year growth 2022-2027 (%)

• 9.12 Germany – Market size and forecast 2022-2027
• Exhibit 103: Chart on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ million)
• Exhibit 108: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 ABB Ltd. 
• Exhibit 115: ABB Ltd. – Overview
• Exhibit 116: ABB Ltd. – Business segments
• Exhibit 117: ABB Ltd. – Key news
• Exhibit 118: ABB Ltd. – Key offerings
• Exhibit 119: ABB Ltd. – Segment focus

• 12.4 Abengoa SA 
• Exhibit 120: Abengoa SA – Overview
• Exhibit 121: Abengoa SA – Product / Service
• Exhibit 122: Abengoa SA – Key news
• Exhibit 123: Abengoa SA – Key offerings

• 12.5 Acciona SA 
• Exhibit 124: Acciona SA – Overview
• Exhibit 125: Acciona SA – Business segments
• Exhibit 126: Acciona SA – Key news
• Exhibit 127: Acciona SA – Key offerings
• Exhibit 128: Acciona SA – Segment focus

• 12.6 AEG Power Solutions BV 
• Exhibit 129: AEG Power Solutions BV – Overview
• Exhibit 130: AEG Power Solutions BV – Product / Service
• Exhibit 131: AEG Power Solutions BV – Key offerings

• 12.7 Aura Power Developments Ltd. 
• Exhibit 132: Aura Power Developments Ltd. – Overview
• Exhibit 133: Aura Power Developments Ltd. – Product / Service
• Exhibit 134: Aura Power Developments Ltd. – Key offerings

• 12.8 BYD Co. Ltd. 
• Exhibit 135: BYD Co. Ltd. – Overview
• Exhibit 136: BYD Co. Ltd. – Business segments
• Exhibit 137: BYD Co. Ltd. – Key news
• Exhibit 138: BYD Co. Ltd. – Key offerings
• Exhibit 139: BYD Co. Ltd. – Segment focus

• 12.9 Canadian Solar Inc. 
• Exhibit 140: Canadian Solar Inc. – Overview
• Exhibit 141: Canadian Solar Inc. – Business segments
• Exhibit 142: Canadian Solar Inc. – Key news
• Exhibit 143: Canadian Solar Inc. – Key offerings
• Exhibit 144: Canadian Solar Inc. – Segment focus

• 12.10 EnerSys 
• Exhibit 145: EnerSys – Overview
• Exhibit 146: EnerSys – Business segments
• Exhibit 147: EnerSys – Key offerings
• Exhibit 148: EnerSys – Segment focus

• 12.11 General Electric Co. 
• Exhibit 149: General Electric Co. – Overview
• Exhibit 150: General Electric Co. – Business segments
• Exhibit 151: General Electric Co. – Key news
• Exhibit 152: General Electric Co. – Key offerings
• Exhibit 153: General Electric Co. – Segment focus

• 12.12 Helios New Energy Technology Australia Pty. Ltd.
• Exhibit 154: Helios New Energy Technology Australia Pty. Ltd. – Overview
• Exhibit 155: Helios New Energy Technology Australia Pty. Ltd. – Product / Service
• Exhibit 156: Helios New Energy Technology Australia Pty. Ltd. – Key offerings

• 12.13 LG Electronics Inc. 
• Exhibit 157: LG Electronics Inc. – Overview
• Exhibit 158: LG Electronics Inc. – Product / Service
• Exhibit 159: LG Electronics Inc. – Key offerings

• 12.14 Samsung Electronics Co. Ltd. 
• Exhibit 160: Samsung Electronics Co. Ltd. – Overview
• Exhibit 161: Samsung Electronics Co. Ltd. – Business segments
• Exhibit 162: Samsung Electronics Co. Ltd. – Key news
• Exhibit 163: Samsung Electronics Co. Ltd. – Key offerings
• Exhibit 164: Samsung Electronics Co. Ltd. – Segment focus

• 12.15 SMA Solar Technology AG 
• Exhibit 165: SMA Solar Technology AG – Overview
• Exhibit 166: SMA Solar Technology AG – Business segments
• Exhibit 167: SMA Solar Technology AG – Key offerings
• Exhibit 168: SMA Solar Technology AG – Segment focus

• 12.16 SolarEdge Technologies Inc. 
• Exhibit 169: SolarEdge Technologies Inc. – Overview
• Exhibit 170: SolarEdge Technologies Inc. – Product / Service
• Exhibit 171: SolarEdge Technologies Inc. – Key offerings

• 12.17 Tesla Inc. 
• Exhibit 172: Tesla Inc. – Overview
• Exhibit 173: Tesla Inc. – Business segments
• Exhibit 174: Tesla Inc. – Key news
• Exhibit 175: Tesla Inc. – Key offerings
• Exhibit 176: Tesla Inc. – Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 177: Inclusions checklist
• Exhibit 178: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 179: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 180: Research methodology
• Exhibit 181: Validation techniques employed for market sizing
• Exhibit 182: Information sources

• 13.5 List of abbreviations 
• Exhibit 183: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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