Solar Batteries

Global Solar Batteries Market to Reach US$14.8 Billion by 2030

The global market for Solar Batteries estimated at US$8.1 Billion in the year 2024, is expected to reach US$14.8 Billion by 2030, growing at a CAGR of 10.4% over the analysis period 2024-2030. Lithium-Ion Battery, one of the segments analyzed in the report, is expected to record a 11.5% CAGR and reach US$8.6 Billion by the end of the analysis period. Growth in the Lead-Acid Battery segment is estimated at 8.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$2.2 Billion While China is Forecast to Grow at 14.5% CAGR

The Solar Batteries market in the U.S. is estimated at US$2.2 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.2 Billion by the year 2030 trailing a CAGR of 14.5% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 7.6% and 8.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.2% CAGR.

Global Solar Batteries Market - Key Trends and Drivers Summarized

Why Are Solar Batteries Gaining Momentum in the Energy Storage Market?
Solar batteries have emerged as a crucial component in renewable energy systems, enabling efficient storage and utilization of solar power. They store excess energy generated by solar panels during the day and release it during periods of low sunlight or high demand, ensuring a continuous and reliable power supply. With the growing focus on energy independence, grid stability, and sustainable energy consumption, the adoption of solar batteries is expanding across residential, commercial, and industrial sectors. The integration of solar batteries in off-grid and hybrid solar systems is particularly gaining traction, providing backup power and enhancing self-consumption of solar energy. The rising demand for energy storage solutions, coupled with government incentives and subsidies for renewable energy, is driving the growth of the solar battery market.

How Are Technological Advancements Transforming the Solar Battery Market?
Technological advancements in battery storage solutions, such as lithium-ion, flow batteries, and solid-state batteries, are significantly enhancing the capabilities of solar batteries, making them more efficient, durable, and cost-effective. Lithium-ion batteries, known for their high energy density, longer lifespan, and faster charging capabilities, are currently the most widely used in solar energy storage applications. The development of solid-state batteries, which offer higher safety and energy storage capacity, is expected to further drive market growth in the coming years. Moreover, innovations in battery management systems (BMS) and integration with smart grids, AI, and IoT technologies are enabling better monitoring, optimization, and control of energy storage systems. These technological advancements are expanding the application scope of solar batteries, supporting their adoption across various end-use markets.

Which Market Segments Are Leading the Growth of the Solar Battery Industry?
Battery types include lithium-ion, lead-acid, flow batteries, and others, with lithium-ion batteries holding the largest market share due to their superior performance and declining costs. Capacities of solar batteries range from below 10 kWh to above 150 kWh, with the 10–30 kWh segment being the most popular for residential and small commercial applications. Applications of solar batteries span residential, commercial, and utility-scale energy storage, with residential applications leading the market due to the increasing adoption of solar-plus-storage systems for energy independence and backup power. Geographically, North America and Europe are the largest markets for solar batteries, driven by strong government support for renewable energy storage and increasing investments in smart grid infrastructure, while Asia-Pacific is expected to witness significant growth due to the expansion of solar PV installations and the rising need for reliable power supply.

What Are the Key Drivers of Growth in the Solar Battery Market?
The growth in the solar battery market is driven by several factors, including the rising adoption of solar power systems, technological advancements in battery storage solutions, and the increasing focus on energy independence and sustainability. The need to store excess solar energy, provide backup power, and optimize self-consumption is driving the demand for solar batteries across various applications. Technological innovations in lithium-ion, solid-state, and flow battery technologies are enhancing energy storage capacity, safety, and efficiency, supporting market growth. The integration of solar batteries with smart grids, virtual power plants, and energy management systems is creating new opportunities for market players. Additionally, the focus on reducing carbon footprint, enhancing grid stability, and achieving energy security is further propelling the growth of the solar battery market.

SCOPE OF STUDY:

The report analyzes the Solar Batteries market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Battery Technology (Lithium-Ion Battery, Lead-Acid Battery, Other Battery Technologies); Application (Commercial Application, Residential Application, Other Applications)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 54 Featured) -

• ABB Ltd.
• ABB S.p.A
• Ahorrosolar SL
• Artesyn Embedded Power
• BAE Batterien GmbH
• Battery Energy Power Solutions Pty
• Battery Wholesale of Toledo, Inc.
• Battery-Biz Inc.
• BatteryDukaan
• BELECTRIC Solar & Battery GmbH

AI INTEGRATIONS
We`re transforming market and competitive intelligence with validated expert content and AI tools.

Instead of following the general norm of querying LLMs and Industry-specific SLMs, we built repositories of content curated from domain experts worldwide including video transcripts, blogs, search engines research, and massive amounts of enterprise, product/service, and market data.

TARIFF IMPACT FACTOR
Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by increasing the Cost of Goods Sold (COGS), reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher. Show more