Solar BESS Market to reach USD 11.2 billion in 2030, at a CAGR of 30.7%

The Solar BESS Market stood at USD 1.7 billion in 2023-e, and is projected to grow at a CAGR of 30.7% through 2030 to reach USD 11.2 billion. Rise in Demand for Eco-friendly Energy Solutions is Driving the Growth of Solar BESS Market

The rise in demand for eco-friendly and cost-effective energy solutions is a significant driver of the solar battery energy storage system (BESS) market. Growing awareness of environmental issues, such as climate change and air pollution, has led to a greater emphasis on adopting clean and renewable energy sources like solar & wind power. Solar energy, coupled with battery storage, offers a sustainable alternative to fossil fuels, reducing greenhouse gas emissions and environmental degradation. Solar BESS allows businesses to meet their sustainability goals while also lowering energy costs and improving operational efficiency.

The lead-acid batteries are cost-effective to produce and offer a reasonable level of energy density suitable for many business needs. These batteries are designed to provide consistent performance over an extended lifespan, lead-acid batteries are widely available in various sizes and configurations. Kay players in the market are developing innovative batteries to reduce CO2 emissions. In November 2023, Exide, an US-based electric storage battery company launched Sprinter Pure Power battery. This battery is designed to reduce CO2 emissions by more than 20% in various application.

Third-party owned batteries are linked to solar panels to store surplus energy generated during the day for later use and can serve as a backup power source during grid outages. These batteries are designed to eliminate the need for upfront investment, as the system is owned and maintained by the third-party provider. This arrangement allows businesses to improve cost savings by using stored solar energy to reduce electricity consumption and potentially earn credits for surplus energy fed back into the grid. Moreover, these batteries provide a reliable energy source, reducing dependence on the grid and contributing to sustainability goals.

North America is anticipated to be Fastest-growing market share due to government support and technological advancements in solar BESS. Supportive policies, subsidies, and tax incentives are encouraging investments in solar energy storage. Governments throughout North America are actively promoting the adoption of clean energy, leading to increased interest in solar systems and battery storage among businesses.

The solar BESS market is dominated by key players such as ABB, BYD, EVE Energy Co., Fluence Energy, General Electric, Huawei, Samsung SDI, Siemens Energy, SunGrow, and Tesla, among others.