Solar BESS Market Is Expected to Reach USD 11.2 Billion by 2030 With a Cagr of 30.7 Percent

The Solar BESS market, valued at USD 1.7 billion in 2023, is projected to grow at a 30.7 percent CAGR, reaching USD 11.2 billion by 2030, driven by rising demand for eco-friendly energy solutions.

The increasing demand for eco-friendly and cost-effective energy solutions is driving the growth of the solar battery energy storage system (BESS) market. Rising awareness of environmental concerns, including climate change and air pollution, has accelerated the adoption of clean and renewable energy sources like solar and wind power. By integrating solar energy with battery storage, BESS provides a sustainable alternative to fossil fuels, helping reduce greenhouse gas emissions and environmental impact. Additionally, solar BESS enables businesses to achieve sustainability goals, lower energy costs, and enhance operational efficiency.

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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.

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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.

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