The batteries for solar energy storage market size was valued at US$ 9,478.56 million by 2028 from US$ 3,149.45 million in 2022. It is expected to grow at a CAGR of 20.2% during 2022โ2028.
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Batteries for solar energy are used to store energy generated by PV panels in residential, commercial, and industrial renewable projects. The batteries improve the systemsโ self-reliance and provide power back-ups, and so on. Factors such as a rise in the number of renewable and solar energy projects, coupled with numerous lucrative government incentives, are driving the growth of the batteries for solar energy storage market . In June 2021, Amazon announced 14 new renewable energy projects in Canada, Finland, Spain, and the US to advance its ambition to power 100% of company activities with renewable energy by 2025. It includes 375 MW solar farm, which is the largest renewable energy project in Canada. When it comes online in 2022, the plant is expected to bring Amazonโs capacity in Canada to more than 1 million MWh, i.e., enough to power more than 100,000 Canadian homes. Thus, increasing focus on renewable energy projects to harness solar energy is likely to drive the batteries for solar energy storage market size over the forecast period.
