Performance of the end-users in the global solar energy storage market.

The global solar energy storage market is expected to grow at a CAGR of 63.06% during the forecast period. Based on the end-user, the global solar energy storage market has been segmented into commercial and industrial, utilities, and residential.

With rising energy demand from the commercial and industrial sector, the use of renewables, such as solar PV, has been rising to reduce carbon emissions and boost efficiency. Thus, the rapid adoption of solar power in the commercial and industrial sector has been propelling the growth potential of the market in focus. New state-level energy goals and innovative utility program offerings are being developed to address challenges, such as grid constraints, fluctuating electricity prices, and environmental concerns.

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Energy storage can ensure a reliable power supply and reduce the electricity cost for commercial and industrial consumers. The adoption of solar energy storage in the commercial and industrial sector is driven by a rise in the need for backup power, an increase in the economic benefits of ESS, and a reduction in renewable energy costs. Hence, several commercial and industrial facilities have been opting for solar energy and storage solutions, thereby driving the growth of the global solar energy storage market during the forecast period.