Solar Energy and Battery Storage Market Summary
As per Market Research Future Analysis, the Global Solar Energy and Battery Storage Market was valued at 168.47 USD Billion in 2023 and is projected to reach 600.2 USD Billion by 2035, reflecting a CAGR of 11.17% from 2025 to 2035. The market is driven by increasing demand for renewable energy, technological advancements, and supportive government policies aimed at reducing greenhouse gas emissions.
Key Market Trends & Highlights
The Solar Energy and Battery Storage Market is witnessing significant momentum due to various factors.
- Market size in 2024: 187.29 USD Billion; driven by residential (40.0 USD Billion), commercial (50.0 USD Billion), and utility (97.29 USD Billion) sectors.
- Global renewable energy capacity reached 3,064 Gigawatts in 2020, with solar energy accounting for a substantial share.
- Efficiency of solar panels improved from around 15% in the early 2000s to over 22% today.
- North America leads the market with a valuation of 70.0 USD Billion in 2024.
Market Size & Forecast
2023 Market Size | USD 168.47 Billion |
2024 Market Size | USD 187.29 Billion |
2035 Market Size | USD 600.2 Billion |
CAGR (2025-2035) | 11.17% |
Major Players
Key players include ABB, NextEra Energy, Brookfield Renewable Partners, Vivint Solar, LONGi Green Energy, Tesla, JinkoSolar, Sunrun, Enphase Energy, BYD, Trina Solar, Canadian Solar, First Solar, LG Energy Solution, and SMA Solar Technology.