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Lithium-Ion Solar Energy Storage Market Trends

Report ID: GMI7828
Published Date: Jan 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

Global lithium-ion solar energy storage industry was valued at USD 52.9 billion in 2023 and is estimated to grow at 15.2% CAGR through 2034, owing to the large scale integration of renewables and restructuring & revamping of existing power networks.

The off grid solar energy storage market held a share of over 5% in 2023, backed by the rising adoption of sustainable energy solutions such as mini-grids and standalone systems, which offer cost-competitive electricity access.

North America lithium-ion solar energy storage industry was valued at USD 16.5 billion in 2023 and will continue to grow through 2032, fueled by the surge in energy consumption owing to urbanization and population growth, along with the constant push for technological innovations.

SAMSUNG SDI CO., BMW Group, BYD Company, Primus Power, Maxwell Technologies, LG Electronics, ENERSYS, Leclanché SA, and Saft among others.