The global energy transition is accelerating, and at its heart lies a powerful alliance: solar photovoltaics (PV) and battery energy storage systems (BESS). Once considered niche technologies, they have now become essential components of national energy strategies, particularly in emerging markets where energy demand is rapidly growing.
Falling Costs: A Turning Point
One of the biggest drivers behind this transformation is dramatic cost reduction.
- Solar PV: Over the past decade, the global weighted-average levelized cost of electricity (LCOE) from utility-scale solar PV has fallen from around USD 0.16/kWh in 2014 to just USD 0.044/kWh in 2023. This makes solar more than 50% cheaper than fossil fuel alternatives.
- Battery Storage: Prices for lithium-ion battery storage have dropped by more than 70% since 2014, and projections suggest costs could decline by an additional 40% by 2030.
These cost breakthroughs have removed one of the largest barriers to widespread adoption, making solar + storage not just sustainable, but also highly competitive.
Why Pairing Matters: Flexibility and Reliability
Solar power alone cannot guarantee energy supply—sunlight is intermittent. This is where battery storage changes the game.
- Provides grid stability and frequency control
- Ensures backup power during outages
- Enables peak shaving, reducing pressure on the grid
- Supports integration of more renewables without compromising reliability
Together, PV and storage deliver both affordability and resilience—a combination critical for countries expanding energy access and reducing dependency on fossil fuels.
Emerging Markets Leading the Way
While developed economies are scaling up renewables, emerging markets are increasingly at the forefront of solar + storage adoption. Policy incentives, foreign investment, and the urgent need for reliable energy are driving deployment across Africa, Asia, and Latin America.
For these regions, the benefits go beyond decarbonization:
- Energy security through reduced fuel imports
- Economic opportunities in clean tech industries
- Improved access to electricity for remote communities
- Resilience against climate-driven disruptions
This is not just an energy shift—it’s a development opportunity.
What Comes Next?
The rise of solar PV and battery storage is reshaping how we think about energy. As costs continue to decline, the technologies will move from pilot projects to mainstream solutions. However, scaling up will require:
- Policy frameworks that encourage investment
- Financing mechanisms tailored for emerging markets
- Grid modernization to handle distributed and flexible power systems
The momentum is undeniable. The challenge is to accelerate deployment fast enough to meet climate goals and growing energy demand.
Conclusion
Solar PV and battery storage are no longer optional—they are essential tools for building a sustainable, secure, and inclusive energy future. Emerging markets, with their rising demand and strong need for resilience, are poised to benefit the most.
As the International Renewable Energy Agency (IRENA) highlights, this dynamic duo is set to define the next phase of the global energy transition.
👉 The question is not if solar + storage will dominate, but how fast the world can scale them.
Read more here: https://www.irena.org/News/expertinsights/2025/Aug/The-Rise-of-Solar-PV-and-Battery-Storages-Prominence-in-Emerging-Markets