Batteries for Solar Energy Storage Market Analysis and Forecast to 2032: By Battery Type (Lead Acid, Lithium-Ion, Nickel Cadmium, and Others), Application (Residential, Commercial, Industrial), Connectivity (Off-Grid, On-Grid), and Region
The Batteries for Solar Energy Storage market size was USD 2.4 Billion in 2022 and is anticipated to reach USD 18.5 Billion in 2032, growing at a rate of 22.7% from 2023 to 2032
Batteries for solar energy storage are a type of battery that is specifically designed to store energy from solar panels. Solar batteries are typically made from lead acid, lithium ion, or nickel-cadmium. Lead acid batteries are the most common type of battery used for solar energy storage, but lithium ion batteries are becoming more popular due to their higher energy density. Solar batteries typically have a lifespan of 5-10 years.
Key Trends
There are a few key trends in batteries for solar energy storage technology. One is the use of lithium-ion batteries, which are more efficient and have a longer lifespan than other types of batteries. Another trend is the use of solar energy storage systems that can be used to store excess energy from solar panels during the daytime so that it can be used at night or during power outages.
Key Drivers
The key drivers of Batteries for Solar Energy Storage market are declining cost of solar PV, increasing demand for renewable energy, and government policies and incentives.
The cost of solar PV has declined significantly in recent years, making it a more cost-competitive option for new power generation. This, combined with the increasing demand for renewable energy, has led to a significant increase in solar PV installations around the world.
Government policies and incentives are also playing a role in driving the growth of the Batteries for Solar Energy Storage market. Many countries have set targets for renewable energy generation and are offering financial incentives to encourage the development of new solar PV projects.
Restraints & Challenges
The key restraints and challenges in Batteries for Solar Energy Storage market are:
1) High initial investment cost: The initial investment cost for setting up a solar energy storage system is quite high. This is one of the key factors restraining the growth of the market.
2) Lack of awareness: There is still lack of awareness about solar energy storage systems among the general public. This is another key factor restraining the market growth.
3) Intermittency of solar power: Solar power is an intermittent source of energy and the storage system is required to store the excess power generated during daytime for use during nighttime or during cloudy days. This is one of the key challenges faced by the market.
4) Limited storage capacity: The storage capacity of currently available solar energy storage systems is quite limited. This is another key challenge faced by the market.
Market Segments
The Batteries for Solar Energy Storage Market is segmented by battery type, application, connectivity, and region. Based on battery type, the market is segmented into lead acid, lithium-ion, nickel cadmium, and others. Based on application, it is divided into residential, commercial, and industrial. Based on connectivity, it is bifurcated into off-grid and on-grid. Region-wise, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World.
Key Players
The Batteries for Solar Energy Storage Market includes players such as BYD Company Limited, General Electric, Hitachi, Ltd., Honeywell Corporation, LG Energy Solutions CO., Ltd., Panasonic Corporation, SAMSUNG SDI Co., Ltd., Siemens AG, Tesla, Inc. and Toshiba Corporation.
Table of Contents
Chapter 1. Market Introduction
1.1. Objectives of the Study
1.2. Market Definition and Research & Scope
1.3. Research Methodologies
1.4. Market Estimation Techniques
Chapter 2. Executive Summary
2.1. Summary
2.2. Key Highlights of the Market
Chapter 3. Batteries for Solar Energy Storage Market Outlook
3.1. Batteries for Solar Energy Storage Market segmentation
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.1.1. Driver 1
3.2.1.2. Driver 2
3.2.1.3. Driver 3
3.2.2. Market Restraints
3.2.2.1. Restraint 1
3.2.2.2. Restraint 2
3.2.3. Market Opportunities
3.2.3.1. Opportunity 1
3.2.3.2. Opportunity 2
3.3. Porter’s Five Forces Analysis
3.3.1. Threat of New Entrants
3.3.2. Threat of Substitutes
3.3.3. Bargaining Power of Buyers
3.3.4. Bargaining Power of Supplier
3.3.5. Competitive Rivalry
3.4. PESTLE Analysis
3.5. Value Chain Analysis
3.5.1. Raw Material Suppliers
3.5.2. Manufacturers
3.5.3. Wholesalers and/or Retailers
3.6. Impact of the Russia and Ukraine War on the Batteries for Solar Energy Storage Market
Chapter 4. Economic Impact of COVID-19
4.1. Overall Impact of COVID-19
4.2. Impact of COVID On the Batteries for Solar Energy Storage Market
4.3. Economic Impact Analysis
Chapter 5. Batteries for Solar Energy Storage Market by Battery Type
5.1. Market Overview
5.2. Lead Acid
5.2.1. Market Size and Forecast, 2022-2032 ($Million)
5.2.2. Market Size and Forecast, by Region, 2022-2032 ($Million)
5.3. Lithium-Ion
5.3.1. Market Size and Forecast, 2022-2032 ($Million)
5.3.2. Market Size and Forecast, by Region, 2022-2032 ($Million)
5.4. Nickel Cadmium
5.4.1. Market Size and Forecast, 2022-2032 ($Million)
5.4.2. Market Size and Forecast, by Region, 2022-2032 ($Million)
5.5. Others
5.5.1. Market Size and Forecast, 2022-2032 ($Million)
5.5.2. Market Size and Forecast, by Region, 2022-2032 ($Million)
Chapter 6. Batteries for Solar Energy Storage Market by Application
6.1. Market Overview
6.2. Residential
6.2.1. Market Size and Forecast, 2022-2032 ($Million)
6.2.2. Market Size and Forecast, by Region, 2022-2032 ($Million)
6.3. Commercial
6.3.1. Market Size and Forecast, 2022-2032 ($Million)
6.3.2. Market Size and Forecast, by Region, 2022-2032 ($Million)
6.4. Industrial
6.4.1. Market Size and Forecast, 2022-2032 ($Million)
6.4.2. Market Size and Forecast, by Region, 2022-2032 ($Million)
Chapter 7. Batteries for Solar Energy Storage Market by Connectivity
7.1. Market Overview
7.2. Off-Grid
7.2.1. Market Size and Forecast, 2022-2032 ($Million)
7.2.2. Market Size and Forecast, by Region, 2022-2032 ($Million)
7.3. On-Grid
7.3.1. Market Size and Forecast, 2022-2032 ($Million)
7.3.2. Market Size and Forecast, by Region, 2022-2032 ($Million)
Chapter 8. Batteries for Solar Energy Storage Market, by Region
8.1. Overview
8.2. North America
8.2.1. Key Market Trends and Opportunities
8.2.2. North America Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.2.3. North America Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.2.4. North America Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.2.5. North America Batteries for Solar Energy Storage Market Size and Forecast by Country, 2022-2032, ($Million)
8.2.6. The U.S.
8.2.6.1. The U.S. Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.2.6.2. The U.S. Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.2.6.3. The U.S. Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.2.7. Canada
8.2.7.1. Canada Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.2.7.2. Canada Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.2.7.3. Canada Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.2.8. Mexico
8.2.8.1. Mexico Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.2.8.2. Mexico Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.2.8.3. Mexico Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.3. Europe
8.3.1. Key Market Trends and Opportunities
8.3.2. Europe Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.3.3. Europe Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.3.4. Europe Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.3.5. Europe Batteries for Solar Energy Storage Market Size and Forecast by Country, 2022-2032, ($Million)
8.3.6. Germany
8.3.6.1. Germany Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.3.6.2. Germany Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.3.6.3. Germany Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.3.7. France
8.3.7.1. France Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.3.7.2. France Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.3.7.3. France Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.3.8. U.K.
8.3.8.1. U.K. Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.3.8.2. U.K. Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.3.8.3. U.K. Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.3.9. Spain
8.3.9.1. Spain Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.3.9.2. Spain Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.3.9.3. Spain Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.3.10. Italy
8.3.10.1. Italy Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.3.10.2. Italy Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.3.10.3. Italy Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.3.11. Rest of Europe
8.3.11.1. Rest of Europe Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.3.11.2. Rest of Europe Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.3.11.3. Rest of Europe Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.4. Asia-Pacific
8.4.1. Key Market Trends and Opportunities
8.4.2. Asia-Pacific Batteries for Solar Energy Storage Market Size and Forecast by Country, 2022-2032, ($Million)
8.4.3. Asia-Pacific Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.4.4. Asia-Pacific Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.4.5. Asia-Pacific Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.4.6. China
8.4.6.1. China Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.4.6.2. China Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.4.6.3. China Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.4.7. India
8.4.7.1. India Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.4.7.2. India Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.4.7.3. India Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.4.8. Japan
8.4.8.1. Japan Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.4.8.2. Japan Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.4.8.3. Japan Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.4.9. South Korea
8.4.9.1. South Korea Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.4.9.2. South Korea Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.4.9.3. South Korea Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.4.10. Rest of APAC
8.4.10.1. Rest of APAC Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.4.10.2. Rest of APAC Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.4.10.3. Rest of APAC Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.5. Rest of the World
8.5.1. Key Market Trends and Opportunities
8.5.2. Rest of the World Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.5.3. Rest of the World Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.5.4. Rest of the World Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.5.5. Rest of the World Batteries for Solar Energy Storage Market Size and Forecast by Country, 2022-2032, ($Million)
8.5.6. Latin America
8.5.6.1. Latin America Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.5.6.2. Latin America Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.5.6.3. Latin America Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.5.7. Middle East
8.5.7.1. Middle East Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.5.7.2. Middle East Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.5.7.3. Middle East Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
8.5.8. Africa
8.5.8.1. Africa Batteries for Solar Energy Storage Market Size and Forecast by Battery Type, 2022-2032, ($Million)
8.5.8.2. Africa Batteries for Solar Energy Storage Market Size and Forecast by Application, 2022-2032, ($Million)
8.5.8.3. Africa Batteries for Solar Energy Storage Market Size and Forecast by Connectivity, 2022-2032, ($Million)
Chapter 9. Competitive Landscape
9.1. Market Overview
9.2. Market Share Analysis/Key Player Positioning
9.3. Developmental Strategy Benchmarking
9.3.1. New Product Development
9.3.2. Product Launches
9.3.3. Business Expansions
9.3.4. Partnerships, Joint Ventures, and Collaborations
9.3.5. Mergers and Acquisitions
Chapter 10. Company Profiles
10.1. BYD Company Limited
10.1.1. Company Snapshot
10.1.2. Financial Performance
10.1.3. Product Offerings
10.1.4. Key Strategic Initiatives
10.1.5. SWOT Analysis
10.2. General Electric
10.2.1. Company Snapshot
10.2.2. Financial Performance
10.2.3. Product offerings
10.2.4. Key Strategic Initiatives
10.2.5. SWOT Analysis
10.3. Hitachi, Ltd.
10.3.1. Company Snapshot
10.3.2. Financial Performance
10.3.3. Product offerings
10.3.4. Key Strategic Initiatives
10.3.5. SWOT Analysis
10.4. Honeywell Corporation
10.4.1. Company Snapshot
10.4.2. Financial Performance
10.4.3. Product offerings
10.4.4. Key Strategic Initiatives
10.4.5. SWOT Analysis
10.5. LG Energy Solutions CO., Ltd.
10.5.1. Company Snapshot
10.5.2. Financial Performance
10.5.3. Product offerings
10.5.4. Key Strategic Initiatives
10.5.5. SWOT Analysis
10.6. Panasonic Corporation
10.6.1. Company Snapshot
10.6.2. Financial Performance
10.6.3. Product offerings
10.6.4. Key Strategic Initiatives
10.6.5. SWOT Analysis
10.7. SAMSUNG SDI Co., Ltd.
10.7.1. Company Snapshot
10.7.2. Financial Performance
10.7.3. Product offerings
10.7.4. Key Strategic Initiatives
10.7.5. SWOT Analysis
10.8. Siemens AG
10.8.1. Company Snapshot
10.8.2. Financial Performance
10.8.3. Product offerings
10.8.4. Key Strategic Initiatives
10.8.5. SWOT Analysis
10.9. Tesla, Inc.
10.9.1. Company Snapshot
10.9.2. Financial Performance
10.9.3. Product offerings
10.9.4. Key Strategic Initiatives
10.9.5. SWOT Analysis
10.10. Toshiba Corporation
10.10.1. Company Snapshot
10.10.2. Financial Performance
10.10.3. Product offerings
10.10.4. Key Strategic Initiatives
10.10.5. SWOT Analysis
*The list of company is subject to change during the final compilation of the report
Key Players
Market Segments
By Battery Type
- Lead Acid
- Lithium-Ion
- Nickel Cadmium
- Others
By Application
- Residential
- Commercial
- Industrial
By Connectivity
- Off-Grid
- On-Grid
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East
- Africa