The batteries for solar energy storage market size is projected to reach US$ 9.47 billion by 2028 from US$ 3.14 billion in 2022. It is expected to grow at a CAGR of 20.2% during 2022–2028.

New York, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Batteries for Solar Energy Storage Market to 2028 - Global Analysis and Forecasts by Battery Type (Lead acid, Lithium-Ion, Sodium Nickle Chloride, Others); Application (Residential, Commercial, Industrial) and Geography)” The global batteries for solar energy storage market growth is driven by increase in number of renewable and solar energy projects coupled with numerous lucrative government incentives.

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Market Size Value in	US$ 3.14 Billion in 2022
Market Size Value by	US$ 9.47 Billion by 2028
Growth rate	CAGR of 20.2% from 2022 to 2028
Forecast Period	2022-2028
Base Year	2022
No. of Pages	192
No. Tables	88
No. of Charts & Figures	83
Historical data available	Yes
Segments covered	Battery Type, Application, and Connectivity
Regional scope	North America; Europe; Asia Pacific; Latin America; MEA
Country scope	US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends

The batteries for solar energy storage market size in Europe is also expected to grow on the back of government support for promoting solar energy. In June 2020, the Italian government introduced a fiscal stimulus program worth US$ 55.37 million with new tax incentives for residential solar and storage systems. In April 2022, the German government increased renewables targets with the projected hike in solar PV capacity by 22 GW annually by 2026.

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Batteries for Solar Energy Storage Market: Competitive Landscape and Key Developments

BYD Company Ltd; ENERSYS; SolarEdge Technologies Inc; sonnenGroup; and SAMSUNG SDI CO., LTD are among the key players profiled in the batteries for solar energy storage market report. In addition, several other essential batteries for solar energy storage market players were studied and analyzed to get a holistic view of the market and its ecosystem. The batteries for solar energy storage market analysis helps to understand the upcoming trends, new technologies, and macro and micro factors that influences the batteries for solar energy storage market growth in coming years.

• In January 2022, BYD won a contract worth US$ 61 million for lithium extraction of up to 80,000 tons from Chile's Ministry of Mining. This will help in building a sustainable ecosystem across Chile.
• In March 2021, Nexcharge, a joint venture of Leclanche and Exide Industries Ltd., inaugurated India’s first grid-connected Li-ion battery-based community energy storage system at Rani Bagh, Delhi. The system was developed in collaboration with Tata Power Delhi Distribution Ltd (TPDDL)

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Batteries for Solar Energy Storage Market Analysis: COVID-19 Overview

The COVID-19 outbreak dramatically impacted the global economy during its peak in 2020, and the crisis hampered business activities in manufacturing industries. Before the outbreak, the batteries for solar energy storage market was experiencing substantial growth owing to the growing awareness of solar energy among consumers and supportive policy frameworks by governments. As per the data published in the IEA in 2019, a total of US$ 1,900 billion was witnessed in the grid-scale battery storage, in the US, Europe, Korea, China, the Middle East, and the Rest of the world. Although energy consumption in aviation, transportation, commercial, and industrial activities dramatically declined amid lockdowns, residential energy consumption surged marginally. With ease in restrictions and the reopening of business units from 2021, the power sector witnessed tremendous resilience. During the COVID-19 pandemic recovery period, the batteries for solar energy storage market witnessed a significant demand owing to the resumption of solar energy production.

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Batteries for Solar Energy Storage Market Analysis: Battery Type Overview

The batteries for solar energy storage market, by battery type, has been segmented into lead-acid, lithium-ion, nickel cadmium, and others. The market for the lithium-ion segment is expected to grow at the fastest CAGR during the forecast period. The lithium-ion batteries have featured characteristics such as higher depth of discharge, long lifespan, higher energy density, high efficiency, and less maintenance. The lithium-ion batteries last longer, are lightweight and self-dischargeable, and take up less space than other solar energy storage solutions. They are most widely used in electronics components, electric vehicles, energy storage systems, etc.

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