Solar Energy and Battery Storage Market Research Report – Forecast to 2027

Solar Energy and Battery Storage System Market by Battery Type (Lead-Acid, Li-ion, NaS) End-User (Utility, Industrial & Commercial, Residential) by Solar Technology, Connection Type, Application, & Region – Till 2027

ID: MRFR/E&P/4410-HCR | February 2021 | Region: Global | 125 pages

Solar Energy and Battery Storage Market Overview


The Solar Energy and Battery Storage Market are predicted to increase at a CAGR of 30% for the forecast period. Solar energy and battery storage are essential to managing the power system. It is also important to operate the power system with advanced technology and utilities. Normally, batteries are extensively used to store energy during blackouts, power shortages, or peak demand. Hence, the investment in solar power is increasing, leading to drive the Solar Energy and Battery Storage Market Growth.


The Solar Energy and Battery Storage Market are segregated based on solar technology, battery type, application, connection type, region, and end-user. For instance, the li-ion batteries type is growing its demand due to its high efficiency. Moreover, the increasing demand for Li-ion batteries is its offering over the improved energy version to density ratio. Hence, it has been expected that the Li-ion batteries will drive the growth of the Solar Energy and Battery Storage Industry for the forecast period. 


In the mature and new market, the utility storage system has expected to enhance its growth due to its advanced technology. In the North American and European region, the major driving factors like increasing project developers, regulations, and innovative vendors are boosting up the growth of the utility market. On the other hand, the residential end-user segment is predicted to generate higher Solar Energy and Battery Storage Market Growth during the research period. The constant growth has been seen in this residential segment due to the increasing use of clean & locally generated electricity, increasing demand for residential energy consumption, and increasing electricity prices. Moreover, the countries like Germany, Japan, Australia, and the U.S. are in a high concentration to lead the residential Solar Energy and Battery Storage Market.


COVID-19 Impact analysis


The productivity and sales of the Solar Energy and Battery Storage Industry have been affected due to the ongoing COVID-19 pandemic. It has found a reduction in the dependency on fossil-fired electricity. During the pandemic, the global market players have experienced challenges like delivering end products, attracting workers from quarantines to work, developing battery storage systems, and developing solar energy.


Moreover, the global Solar Energy and Battery Storage Market has experienced disruption in the supply chains, created the scarcity of component production and key raw materials. Hence, the global players have implied advanced methods and ideas to enhance the strength of the global market. In the present scenario, the global market has predicted to generate the higher Solar Energy and Battery Storage Market Size for the forecast period.


Market Overview 



Major Drivers of the Market



  • According to the Solar Energy and Battery Storage Market Trends report, the global market is driving its growth rapidly due to the rising demand for electricity among various regions. Moreover, the technological advancement for energy storage is boosting the growth of the global market. 

  • According to Eurostat 2015 report, European counties depend more on prime renewable energy sources like solar energy. The report says that this region has contributed a total primary energy production of 6.4%. Nowadays, much construction work related to solar power projects is going on. Therefore, the high demand for renewable energy sources is driving the growth of the Solar


Energy and Battery Storage Market.


Opportunities of the global market


  • The global Solar Energy and Battery Storage Market have more growth opportunities due to the proper management of energy systems, which can be used whenever needed.

  • Moreover, launching a new product and increasing investment in the research and developmental work bring growth opportunities for the manufacturers and key players. 


Market Restraints


  • The global solar Energy and Battery Storage Market might experience market restraints due to the spiked product prices, mobilization demand, and lack of awareness.

  • Therefore, the global Solar Energy and Battery Storage Market have involved many strategies and ideas to uplift the growth of the global market.


Market Growth challenges


  • The global Solar Energy and Battery Storage Market have many major challenges that can hamper the growth of the global market. The ongoing pandemic is one of the major challenges for the global market as it has disrupted the market productivity and sales on a large scale.

  • Moreover, the global Solar Energy and Battery Storage Market might experience a growth challenge due to the lack of awareness of advanced technology and mobilization demand. Hence, the global key players are working effectively on these challenges to boost up the growth of the global Solar Energy and Battery Storage Market.


Cumulative growth Analysis


  • The global Solar Energy and Battery Storage Market are showing cumulative growth due to product standardization, increased lab & field tests, and enhanced research & innovations. Moreover, technological advancement boosts the Solar Energy and Battery Storage Market Size for the forecast period. 

  • The European region is also dominating the market by generating Solar Energy and Battery Storage Market Share. The Asia Pacific region is predicted to generate the highest CAGR for the forecast period. Thus, key players of this region have more growth opportunities.


Market segment overview


By End-users:


  • Based on the end-user segment, the Solar Energy and Battery Storage Market has been classified into residential, industrial & commercial, and utility. 

  • Out of all, the utility solar energy and battery storage system segment is predicted to generate the higher Solar Energy and Battery Storage Market Share for the research period. 


By Battery Type:


  • The Solar Energy and Battery Storage Market have been classified into sodium-sulfur, lithium-ion (Li-ion), lead-acid, and others based on battery type. 

  • The Li-ion segment has dominated the global market by generating the higher Solar Energy and Battery Storage Market Size for the forecast period.


Regional Analysis


The global Solar Energy and Battery Storage Market have been segregated into different regions like Asia Pacific, Europe, North America, and the World. These regions are playing a significant role in boosting up the Solar Energy and Battery Storage Market Growth.


Out of all these regions, the European Solar Energy and Battery Storage Market dominate the global market by contributing higher Solar Energy and Battery Storage Market Share for the forecast period. In the present scenario, the European region can store the cumulative energy with nearly 30 G.W. Apart from that; the Asian Pacific region is predicted to meet the higher CAGR in the research period due to the growing energy demand and increasing environmental concerns in this region.


Competitive Landscape Analysis


The global Solar Energy and Battery Storage Market are showing a higher growth potential due to the innovation in the marketing field and the collective efforts of the key players. These key players are;



  • L.G. Chem, Ltd. (South Korea), 

  • ABB Ltd. (Switzerland), 

  • General Electric Company (U.S.), 

  • Samsung SDI Co., Ltd (South Korea), 

  • AEG Power Solutions (Germany),

  • Tesla, Inc. (U.S.), 

  • eSolar Inc. (U.S.), 

  • BrightSource Energy, Inc. (U.S.), 

  • Abengoa S.A. (Spain), 

  • ACCIONA, S.A. (Spain), 

  • Alpha Technologies (U.S.),

  • EVERGREEN SOLAR INC. (U.S.).


According to the Solar Energy and Battery Storage Industry report, these global key players are focusing on the better construction of the solar power projects and applying new ideas to thrive the growth of the global market.


Recent Developments



  • On July 07, 2021, Trans Grid’s commercial arm called Lumea had announced to development grid-scale battery storage system with a 300 MW in the region of Victoria, Australia. This announcement mentioned issuing an expression of interest (EoI) to grow the project separately without government interventions and funding. 


Report Overview


According to the Solar Energy and Battery Storage Market Trends report, the global market has gathered data, including the combination of secondary and primary methodology. Here, the key players, competitors, and dealers interview has been taken to understand the performance and competition of the global market across the various regions. Moreover, the secondary data has been collected through various governmental portals, historical data, statistical data, articles, reports, and many others to develop the global Solar Energy and Battery Storage Market continuously over the years.


Along with that, the Solar Energy and Battery Storage Market Trends report has highlighted the market segmentation, market dynamics, regional analysis, recent developments, and competitive landscape analysis along with the current market size and share to get a deeper insight into the global market.


Segmental Table:


By End-users:



  • residential, 

  • industrial & commercial,

  • utility


By Battery type:



  • sodium sulfur, 

  • lithium ion (Li-ion), 

  • lead-acid, 

  • others



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: Significant Value
  CAGR   30% CAGR (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Battery Type, End-User, Solar Technology, Connection Type and Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   ABB Ltd. (Switzerland), LG Chem, Ltd. (South Korea) , Samsung SDI Co., Ltd (South Korea), General Electric Company (U.S.), Tesla, Inc. (U.S.), AEG Power Solutions (Germany), eSolar Inc. (U.S.), Abengoa S.A. (Spain), BrightSource Energy, Inc. (U.S.), ACCIONA, S.A. (Spain), EVERGREEN SOLAR INC. (U.S.), and Alpha Technologies (U.S.)
  Key Market Opportunities   New product launches and R&D amongst major key players
  Key Market Drivers   Increasing demand for electricity across the globe


Frequently Asked Questions (FAQ) :


The European region is generating a higher Solar Energy and Battery Storage Market share for the forecast period.

The global Solar Energy and Battery Storage Market have estimated to achieve an 8.89% CAGR for the forecast period.

The global Solar Energy and Battery Storage Market have been classified into connection type, region, end-user, solar technology, battery type, and application.