Wilmington, Delaware, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Recently, Allied Market Research published a report, "Solar Energy Storage Market by Type (Lead Acid, Lithium Ion, Flow Battery, and Others), by Installation (On grid and Off grid): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global solar energy storage market is predicted to gather $20.9 billion by 2031. The market accounted for $9.8 billion in 2021 and is estimated to rise with a CAGR of 7.9% during the 2022-2031 period. The report provides a comprehensive study of major segments, value chains, and the competitive scenario of the industry.
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Growth Drivers, Market Restraints, and Investment Opportunities
Growing demand for cost-effective and eco-friendly energy solutions from both industrial and commercial sectors is expected to be the primary growth driver of the market. Increasing deployment of solar batteries for reducing fossil fuel dependence is predicted to push the growth rate of the market. However, high deployment costs of solar energy storage systems might restrain the market’s growth. Nonetheless, intensifying demand for renewable energy storage solutions is expected to create new growth opportunities in the market.
The lithium-ion segment to be the most profitable during the analysis period
By type, the lithium-ion segment held the highest market share in 2021 with around two-fifths of the total share. Moreover, the same segment is predicted to have the highest CAGR of 8.6% during the 2022-2031 period. Rapid industrialization and urbanization, along with rising consumer demand for sustainable energy solutions is estimated to augment the growth rate of the segment.
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The on-grid segment to have the fastest growth throughout the analysis timeframe
By installation, the on-grid segment accounted for the largest market share with around three-fifths of the total share in 2021. Furthermore, the same segment is anticipated to have the fastest CAGR of 8.2% by 2031. Widespread installation of on-grid solar energy systems in countries including the U.S., China, and India will help the segment to achieve its fullest potential. Rising use of on-grid solar energy systems to run different household appliances will further aid the market’s growth.
Asia-Pacific to have the most dominant market share by 2031
By region, the Asia-Pacific solar energy storage market held the most dominant market share in 2021 with around one-third of the total market share. Furthermore, the market in the Asia-Pacific region is also expected to have the highest CAGR of nearly 8.6% during the analysis timeframe. Rising demand for solar energy storage batteries, along with a growing number of investment opportunities in new solar power projects will strengthen the market in this region.
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Major Companies of the Industry
- Adara Power Inc.
- Leclanché SA
- Owens Corning
- Siemen AG
- BASF SE
- LG Chem Ltd.
- PPG Industries, Inc.
- Sumitomo Chemical Co., Ltd.
- Bayerische Motoren Werke AG
- LG Chem Ltd.
- Primus Power Corporation
- The Lubrizol Corporation
- EnerSys
- LG Electronics
- The Samsung Group
- The Lubrizol Corporation
The report covers the major players in the global solar energy storage market and also studies the various strategies adopted by these players to gain an upper hand in the industry.
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