Lithium-Ion Solar Energy Storage Market - By Capacity (≤ 50 kW, 51 to 250 kW, 251 to 500 kW, 501 to 1,000 kW, 1001 to 2500 kW, 2,501 to 5,000 kW, 5,001 to 10,000 kW, > 10,000 kW), By Installation (On-Grid, Off-Grid), By Application & Forecast, 2024 – 2034

Lithium-ion Solar Energy Storage Market Size

Lithium-ion Solar Energy Storage Market size in 2023 was valued at USD 52.9 billion and is estimated to grow at 15.2% CAGR by 2034. Large scale integration of renewables and restructuring & revamping of existing power networks will also play a major role in shaping the demand curve for the industry.
 

The implementation of rigorous regulations aimed at promoting environmental sustainability, coupled with a growing demand for energy, will enhance the overall industry outlook. Additionally, continuous technological advancements and the adoption of cost-competitive strategies within the sector are likely to contribute positively to the business dynamics. For instance, the renewable based electricity generation across Asia Pacific region witness a growth rate of about 5% in 2022.  

Lithium-ion solar energy storage refers to the use of lithium-ion batteries as a means to store electrical energy generated by solar photovoltaic systems. In solar power systems, energy production is intermittent and dependent on sunlight availability. Lithium-ion batteries serve as a crucial component by storing excess energy produced during periods of high solar input and releasing it when demand or sunlight is low.

COVID– 19 Impact

The pandemic had significant effect on the lithium ion solar energy storage, the market experienced significant changes owing to the effects of COVID- 19. The supply chain disruptions affected the production and delivery of lithium ion solar energy storage components. Construction and installation projects were often delayed or temporarily halted owing to lockdowns, social distancing measures, and disruptions in the availability of labor. This affected the timeline for deploying lithium-ion solar energy storage solutions. The focus on sustainability and the transition to clean energy sources is expected to drive continued growth in the long term, with companies adapting to the new normal and governments reaffirming commitments to renewable energy goals.

Lithium-Ion Solar Energy Storage Market Trends

The solar energy storage market is anticipated to witness an appreciable momentum owing to growing environmental concerns and strict regulations aimed at reducing emissions. The push for effective energy conservation measures will contribute to the expansion of the market. Additionally, ongoing efforts to enhance cost competitiveness through continuous improvements and upgrades will positively impact the industry. The adoption of solar energy storage technologies is driven by the integration of intermittent renewable energy sources and the increasing demand for electricity.
 

Lithium-Ion Solar Energy Storage Market Analysis

Based on capacity, the market is segmented as ≤ 50 kW, 51 to 250 kW, 251 to 500 kW, 501 to 1,000 kW, 1001 to 2500 kW, 2,501 to 5,000 kW, 5,001 to 10,000 kW and > 10,000 kW. The 5,001 to 10,000 kW lithium ion solar energy storage industry size will witness growth rate of 15.6% by 2034. The industry landscape is poised for positive changes with regulatory support favoring self-consumption and the implementation of advantageous incentives by grid operators to effectively handle grid feed-in. Additionally, the growing prevalence of battery energy storage (BES), driven by decreasing costs, is leading to the widespread integration of small-scale photovoltaics, thereby stimulating the demand for these systems.

Based on installation, the lithium-ion solar energy storage market is segmented as on-grid and off-grid. The off grid solar energy storage market holds a share of over 5% in 2023. Rising adoption of sustainable energy solutions such as mini-grids and standalone systems, which offer cost-competitive electricity access will favor the industry dynamic. Continuous technological progress, coupled with inventive delivery approaches, has resulted in noteworthy cost reductions, rendering these solutions feasible for diverse stakeholders, including local entrepreneurs, communities, and the private sector.
 

A favorable regulatory environment, backed by consumer preferences for self-sufficient and sustainable electricity solutions, stands out as pivotal in shaping the overall expansion of market share for off-grid renewable energy solutions.
 

Based on application, the lithium-ion solar energy storage market is segmented as residential, commercial & industrial and utility. The residential application is set to grow on account of increasing demand for advanced technology in efficiently storing surplus energy and a shifting consumer preference toward renewable energy sources. The industry is set to benefit from the rising electricity demand in remote, urban, and suburban areas, as well as the upgrading of existing energy networks. Furthermore, ongoing technological advancements, coupled with escalating investments in research and development for product innovation, are expected to further enhance the dynamics of the residential energy storage sector.  
 

The North America lithium-ion solar energy storage industry was valued at USD 16.5 billion in 2023. Growing concerns about rising energy prices and their environmental impact have sparked a heightened interest in energy-efficient technologies. The industry is fueled by the surge in energy consumption owing to urbanization and population progress. The constant push for technological innovation, combined with legislative requirements and policies aimed at harmonizing energy efficiency, has further driven the dynamics of the industry.
 

Ongoing technological advancements in battery technology along with declining battery costs will augment the business landscape. Government incentives and regulatory support will favor the industry scenario. Moreover, the integration of solar energy storage with smart grid technologies allows for better management of energy resources, load balancing, and increased grid resilience, which in turn will accelerate the business potential.

Lithium-Ion Solar Energy Storage Market Share

The leading companies in the solar energy storage sector are strategically directing their efforts towards marketing initiatives, technological advancements, brand recognition, and operational efficiencies to effectively navigate the competitive market. Their key objective is centered around developing intelligent designs for storage systems, integrating advanced technological features and ergonomic capabilities into energy storage solutions.
 

Lithium-ion Solar Energy Storage Market Companies

The key market players operating across the industry include:

• SAMSUNG SDI CO.
• BMW Group
• BYD Company
• Primus Power
• Maxwell Technologies
• LG Electronics
• ENERSYS
• Leclanché SA
• Saft
• NextEra Energy
• Adara Power
• Innova Renewables
• Sol Systems
• ABB
• Tesla
• Siemens Energy
• Schneider Electric
• Honeywell International
• Toshiba Corporation
• Huawei
• ESS
• Panasonic
   

Samsung SDI stands as a worldwide frontrunner in lithium ion batteries and energy storage solutions. Recognized for its innovation, the company is dedicated to propelling green technology and sustainable energy solutions forward. Emphasizing research and development, Samsung SDI significantly contributes to shaping the landscape of energy storage and electric mobility. Its state-of-the-art products continually establish benchmarks in the industry, showcasing a steadfast commitment to excellence.
 

Lithium-ion Solar Energy Storage Industry News:

• In December 2023, Leclanché SA announced that they will provide St. Kitts with a groundbreaking solar and storage project featuring 35.7 MW of solar capacity and 43.6 MWh of battery storage. The project aims to transition the island to clean, renewable energy while enhancing the power grid's reliability and efficiency. With construction scheduled to commence in Q2 2024, this venture is a landmark initiative that will meet 30-35% of the island's annual electricity demand, reduce diesel consumption and potentially cut costs compared to current diesel power generation.
   
• In March 2023, Sol Systems, one of the leading national solar energy company specializing in clean energy project development and operation, has introduced a distinctive renewable energy procurement and investment strategy in collaboration with Google. This innovative approach is designed to foster the establishment of new solar energy projects, simultaneously delivering advantages to the local communities in which these projects are situated.
   

The lithium-ion solar energy storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD” from 2019 to 2034, for the following segments:

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By Capacity, 2019 – 2034 (MW & USD)

• ≤ 50 kW
• 51 to 250 kW
• 251 to 500 kW
• 501 to 1,000 kW
• 1001 to 2500 kW
• 2,501 to 5,000 kW
• 5,001 to 10,000 kW
• > 10,000 kW

By Installation, 2019 – 2034 (MW & USD)

• On-Grid
• Off-Grid

By Application, 2019 – 2034 (MW & USD)

• Residential
• Commercial & Industrial
• Utility

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Switzerland
  • Austria
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Argentina