Global PV Off-Grid Energy Storage Market Set for Rapid Growth
The global photovoltaic (PV) off-grid energy storage market is projected to grow at a compound annual rate of over 20% through 2030. Rising demand for energy independence, falling costs of PV and storage systems, and supportive government policies are driving the expansion. Home PV storage payback periods are expected to fall below five years.
Technology Trends
Lithium-ion batteries will remain dominant, with improvements in energy density and lifespan. Sodium-ion batteries are expected to reach commercial scale by 2027–2028, offering roughly 30% lower costs and serving applications with lower energy density needs. AI-powered energy management systems will become standard, optimizing household electricity use and enabling participation in virtual power plants for additional income.
Market Dynamics
Competition is set to intensify. Chinese suppliers, leveraging complete supply chains and cost advantages, will play a key role globally, though local content rules and trade barriers abroad present challenges. Companies must adapt to diverse regulations and meet local standards to remain competitive.
Future Outlook
By 2030, lithium batteries will dominate high-performance applications, sodium-ion batteries will serve cost-sensitive markets, and emerging technologies like solid-state batteries will start to gain traction. PV plus storage is expected to become a standard configuration for millions of households, advancing the global energy transition.