Solar Battery Market Research Report: Information by Type (Lithium-Ion, Lead-acid, and Flow Battery), End Use (Industrial, Commercial, and Residential), and Region (North America, South America, Europe, Asia-Pacific, and Middle East & Africa)—Forecast till 2030
ID: MRFR/E&P/9140-HCR | July 2021 | Region: Global | 111 Pages
Table of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List of Assumptions
4 Market Landscape
5 Market Dynamics
5.1 Introduction
5.2 Market Drivers
5.3 Market Restraints
5.4 Market Opportunities
5.5 Porter’s Five Forces Analysis
5.5.1 Threat of New Entrants
5.5.2 Bargaining Power of Buyers
5.5.3 Bargaining Power of Suppliers
5.5.4 Threat of Substitutes
5.5.5 Intensity of Rivalry
5.6 Value Chain/Supply Chain Analysis
6 Global Solar Battery Market, byType
6.1 Introduction
6.2 Lithium-Ion
6.2.1 Market Estimates & Forecast, 2021–2027
6.2.2 Market Estimates & Forecast, byRegion, 2021–2027
6.3 Lead Acid
6.3.1 Market Estimates & Forecast, 2021–2027
6.3.2 Market Estimates & Forecast, byRegion, 2021–2027
6.3.3 Market Estimates & Forecast, 2021–2027
6.4 Flow Battery
6.4.1 Market Estimates & Forecast, 2021–2027
6.4.2 Market Estimates & Forecast, by Region, 2021–2027
6.4.3 Market Estimates & Forecast, 2021–2027
7 Global Solar Battery Market, byEnd Use
7.1 Introduction
7.2 Industrial
7.2.1 Market Estimates & Forecast, 2021–2027
7.2.2 Market Estimates & Forecast, byRegion, 2021–2027
7.3 Commercial
7.3.1 Market Estimates & Forecast, 2021–2027
7.3.2 Market Estimates & Forecast, byRegion, 2021–2027
7.4 Residential
7.4.1 Market Estimates & Forecast, 2021–2027
7.4.2 Market Estimates & Forecast, by Region, 2021–2027
8 Global Solar Battery Market, byRegion
8.1 Introduction
8.2 North America
8.2.1 Market Estimates & Forecast, byType, 2021–2027
8.2.2 Market Estimates & Forecast, byEnd Use, 2021–2027
8.2.3 Market Estimates & Forecast, by Country, 2021–2027
8.2.4 US
8.2.4.1 Market Estimates & Forecast, byType, 2021–2027
8.2.4.2 Market Estimates & Forecast, by End Use, 2021–2027
8.2.5 Canada
8.2.5.1 Market Estimates & Forecast, byType, 2021–2027
8.2.5.2 Market Estimates & Forecast, by End Use, 2021–2027
8.2.6 Mexico
8.2.6.1 Market Estimates & Forecast, byType, 2021–2027
8.2.6.2 Market Estimates & Forecast, by End Use, 2021–2027
8.3 Europe
8.3.1 Market Estimates & Forecast, byType, 2021–2027
8.3.2 Market Estimates & Forecast, byEnd Use, 2021–2027
8.3.3 Market Estimates & Forecast, by Country, 2021–2027
8.3.4 Germany
8.3.4.1 Market Estimates & Forecast, byType, 2021–2027
8.3.4.2 Market Estimates & Forecast, by End Use, 2021–2027
8.3.5 Russia
8.3.5.1 Market Estimates & Forecast, byType, 2021–2027
8.3.5.2 Market Estimates & Forecast, by End Use, 2021–2027
8.3.6 UK
8.3.6.1 Market Estimates & Forecast, byType, 2021–2027
8.3.6.2 Market Estimates & Forecast, by End Use, 2021–2027
8.3.7 France
8.3.7.1 Market Estimates & Forecast, byType, 2021–2027
8.3.7.2 Market Estimates & Forecast, by End Use, 2021–2027
8.3.8 Rest of Europe
8.3.8.1 Market Estimates & Forecast, byType, 2021–2027
8.3.8.2 Market Estimates & Forecast, by End Use, 2021–2027
8.4 Asia-Pacific
8.4.1 Market Estimates & Forecast, byType, 2021–2027
8.4.2 Market Estimates & Forecast, byEnd Use, 2021–2027
8.4.3 Market Estimates & Forecast, by Country, 2021–2027
8.4.4 China
8.4.4.1 Market Estimates & Forecast, byType, 2021–2027
8.4.4.2 Market Estimates & Forecast, by End Use, 2021–2027
8.4.5 India
8.4.5.1 Market Estimates & Forecast, byType, 2021–2027
8.4.5.2 Market Estimates & Forecast, by End Use, 2021–2027
8.4.6 Japan
8.4.6.1 Market Estimates & Forecast, byType, 2021–2027
8.4.6.2 Market Estimates & Forecast, by End Use, 2021–2027
8.4.7 Australia
8.4.7.1 Market Estimates & Forecast, byType, 2021–2027
8.4.7.2 Market Estimates & Forecast, by End Use, 2021–2027
8.4.8 Malaysia
8.4.8.1 Market Estimates & Forecast, byType, 2021–2027
8.4.8.2 Market Estimates & Forecast, by End Use, 2021–2027
8.4.9 Rest of Asia-Pacific
8.4.9.1 Market Estimates & Forecast, byType, 2021–2027
8.4.9.2 Market Estimates & Forecast, by End Use, 2021–2027
8.5 Middle East& Africa
8.5.1 Market Estimates & Forecast, byType, 2021–2027
8.5.2 Market Estimates & Forecast, byEnd Use, 2021–2027
8.5.3 Market Estimates & Forecast, by Country, 2021–2027
8.5.4 Saudi Arabia
8.5.4.1 Market Estimates & Forecast, byType, 2021–2027
8.5.4.2 Market Estimates & Forecast, by End Use, 2021–2027
8.5.5 UAE
8.5.5.1 Market Estimates & Forecast, byType, 2021–2027
8.5.5.2 Market Estimates & Forecast, by End Use, 2021–2027
8.5.6 South Africa
8.5.6.1 Market Estimates & Forecast, byType, 2021–2027
8.5.6.2 Market Estimates & Forecast, by End Use, 2021–2027
8.5.1 Rest of Middle East & Africa
8.5.1.1 Market Estimates & Forecast, byType, 2021–2027
8.5.1.2 Market Estimates & Forecast, by End Use, 2021–2027
8.6 South America
8.6.1 Market Estimates & Forecast, byType, 2021–2027
8.6.2 Market Estimates & Forecast, byEnd Use, 2021–2027
8.6.3 Market Estimates & Forecast, by Country, 2021–2027
8.6.4 Brazil
8.6.4.1 Market Estimates & Forecast, byType, 2021–2027
8.6.4.2 Market Estimates & Forecast, by End Use, 2021–2027
8.6.5 Argentina
8.6.5.1 Market Estimates & Forecast, byType, 2021–2027
8.6.5.2 Market Estimates & Forecast, by End Use, 2021–2027
8.6.6 Rest of South America
8.6.6.1 Market Estimates & Forecast, byType, 2021–2027
8.6.6.2 Market Estimates & Forecast, by End Use, 2021–2027
9 Competitive Landscape
9.1 Competitive Benchmarking of the Global Solar Battery Market
9.2 Market Share Analysis: Global Solar Battery Market
9.3 New Product Developmentsin the Solar Battery Market
9.4 Mergers & Acquisitions in the Solar Battery Market
9.5 Partnership/Collaboration/Joint Ventures in the Solar Battery Market
9.6 Contracts & Agreements in the Solar Battery Market
9.7 Expansions &Investments in the Solar Battery Market
10 Company Profile
10.1 Tesla
10.1.1 Company Overview
10.1.2 Products/ServicesOffered
10.1.3 Financial Overview
10.1.4 Key Developments
10.1.5 Key Strategies
10.1.6 SWOT Analysis
10.2 LG
10.2.1 Company Overview
10.2.2 Products/ServicesOffered
10.2.3 Financial Overview
10.2.4 Key Developments
10.2.5 Key Strategies
10.2.6 SWOT Analysis
10.3 CATL
10.3.1 Company Overview
10.3.2 Products/ServicesOffered
10.3.3 Financial Overview
10.3.4 Key Developments
10.3.5 Key Strategies
10.3.6 SWOT Analysis
10.4 Loom Solar
10.4.1 Company Overview
10.4.2 Products/ServicesOffered
10.4.3 Financial Overview
10.4.4 Key Developments
10.4.5 Key Strategies
10.4.6 SWOT Analysis
10.5 Panasonic
10.5.1 Company Overview
10.5.2 Products/ServicesOffered
10.5.3 Financial Overview
10.5.4 Key Developments
10.5.5 Key Strategies
10.5.6 SWOT Analysis
10.6 BAE BatterienGmbH
10.6.1 Company Overview
10.6.2 Products/ServicesOffered
10.6.3 Financial Overview
10.6.4 Key Developments
10.6.5 Key Strategies
10.6.6 SWOT Analysis
10.7 BYD Co. Ltd.
10.7.1 Company Overview
10.7.2 Products/ServicesOffered
10.7.3 Financial Overview
10.7.4 Key Developments
10.7.5 Key Strategies
10.7.6 SWOT Analysis
10.8 EnerSys
10.8.1 Company Overview
10.8.2 Products/ServicesOffered
10.8.3 Financial Overview
10.8.4 Key Developments
10.8.5 Key Strategies
10.8.6 SWOT Analysis
10.9 Luminous
10.9.1 Company Overview
10.9.2 Products/ServicesOffered
10.9.3 Financial Overview
10.9.4 Key Developments
10.9.5 Key Strategies
10.9.6 SWOT Analysis
10.10 Exide
10.10.1 Company Overview
10.10.2 Products/Services Offered
10.10.3 Financial Overview
10.10.4 Key Developments
10.10.5 Key Strategies
10.10.6 SWOT Analysis
10.11 Okaya
10.11.1 Company Overview
10.11.2 Products/Services Offered
10.11.3 Financial Overview
10.11.4 Key Developments
10.11.5 Key Strategies
10.11.6 SWOT Analysis
10.12 Amaron
10.12.1 Company Overview
10.12.2 Products/Services Offered
10.12.3 Financial Overview
10.12.4 Key Developments
10.12.5 Key Strategies
10.12.6 SWOT Analysis
10.13 HBL Power
10.13.1 Company Overview
10.13.2 Products/Services Offered
10.13.3 Financial Overview
10.13.4 Key Developments
10.13.5 Key Strategies
10.13.6 SWOT Analysis
10.14 Base Battery
10.14.1 Company Overview
10.14.2 Products/Services Offered
10.14.3 Financial Overview
10.14.4 Key Developments
10.14.5 Key Strategies
10.14.6 SWOT Analysis
10.15 Eastman
10.15.1 Company Overview
10.15.2 Products/Services Offered
10.15.3 Financial Overview
10.15.4 Key Developments
10.15.5 Key Strategies
10.15.6 SWOT Analysis
List of Tables
Table 1 Global Solar Battery Market, by Region, 2021–2027 (USD Million)
Table 2 North America Solar Battery Market, by Country, 2020–2027
Table 3 Europe Solar Battery Market, by Country, 2021–2027 (USD Million)
Table 4 Asia-Pacific Solar Battery Market, by Country, 2021–2027 (USD Million)
Table 5 Middle East & Africa Solar Battery Market, by Country, 2020–2027
Table 6 South America Solar Battery Market, by Country, 2021–2027 (USD Million)
Table 7 Global Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 8 North America Solar Battery Market, by Type, 2020–2027
Table 9 Europe Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 10 Asia-Pacific Solar Battery Market, by Type, 2020–2027
Table 11 Middle East & Africa Solar Battery Market, by Type,
Table 12 South America Solar Battery Market, by Type, 2020–2027
Table 13 Asia-Pacific Solar Battery Market, by End Use, 2020–2027
Table 14 Middle East & Africa Solar Battery Market, by End Use,
Table 15 South America Solar Battery Market, by End Use, 2020–2027
Table 16 Global Solar Battery Market: by Region, 2021–2027 (USD Million)
Table 17 North America Solar Battery Market, by Country, 2020–2027
Table 18 North America Solar Battery Market, by Type, 2020–2027
Table 19 North America Solar Battery Market, by End Use, 2020–2027
Table 20 US Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 21 US Solar Battery Market, by End Use, 2021–2027 (USD Million)
Table 22 Canada Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 23 Canada Solar Battery Market, by End Use, 2021–2027 (USD Million)
Table 24 Mexico Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 25 Mexico Solar Battery Market, by End Use, 2021–2027 (USD Million)
Table 26 Europe Solar Battery Market, by Country, 2021–2027 (USD Million)
Table 27 Europe Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 28 Europe Solar Battery Market, by End Use, 2021–2027 (USD Million)
Table 29 UK Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 30 UK Solar Battery Market, by End Use, 2021–2027 (USD Million)
Table 31 France Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 32 France Solar Battery Market, by End Use, 2021–2027 (USD Million)
Table 33 Germany Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 34 Germany Solar Battery Market, by End Use, 2021–2027 (USD Million)
Table 35 Russia Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 36 Russia Solar Battery Market, by End Use, 2021–2027 (USD Million)
Table 37 Rest of Europe Solar Battery Market, by Type, 2020–2027
Table 38 Rest of Europe Solar Battery Market, by End Use, 2020–2027
Table 39 Asia-Pacific Solar Battery Market, by Country, 2020–2027
Table 40 Asia-Pacific Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 41 Asia-Pacific Solar Battery Market, by End Use, 2020–2027
Table 42 China Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 43 China Solar Battery Market, by End Use, 2021–2027 (USD Million)
Table 44 India Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 45 India Solar Battery Market, by End Use, 2021–2027 (USD Million)
Table 46 Japan Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 47 Japan Solar Battery Market, by End Use, 2021–2027 (USD Million)
Table 48 Australia Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 49 Australia Solar Battery Market, by End Use, 2021–2027 (USD Million)
Table 50 Malaysia Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 51 Malaysia Solar Battery Market, by End Use, 2021–2027 (USD Million)
Table 52 Rest of Asia-Pacific Solar Battery Market, by Type, 2020–2027
Table 53 Rest of Asia-Pacific Solar Battery Market, by End Use, 2020–2027
Table 54 Middle East & Africa Solar Battery Market, by Type, 2020–2027
Table 55 Middle East & Africa Solar Battery Market, by End Use, 2020–2027
Table 56 Middle East & Africa Solar Battery Market, by Region, 2020–2027
Table 57 Saudi Arabia Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 58 Saudi Arabia Solar Battery Market, by End Use, 2020–2027
Table 59 UAE Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 60 UAE Solar Battery Market, by End Use, 2021–2027 (USD Million)
Table 61 South Africa Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 62 South Africa Solar Battery Market, by End Use, 2020–2027
Table 63 Rest of Middle East & Africa Solar Battery Market, by Type,
Table 64 Rest of Middle East & Africa Solar Battery Market, by End Use,
Table 65 South America Solar Battery Market, by Type, 2020–2027
Table 66 South America Solar Battery Market, by End Use, 2020–2027
Table 67 South America Solar Battery Market, by Country, 2020–2027
Table 68 Brazil Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 69 Brazil Solar Battery Market, by End Use, 2021–2027 (USD Million)
Table 70 Argentina Solar Battery Market, by Type, 2021–2027 (USD Million)
Table 71 Argentina Solar Battery Market, by End Use, 2021–2027 (USD Million)
Table 72 Rest of South America Solar Battery Market, by Type, 2020–2027
Table 73 Rest of South America Solar Battery Market, by End Use, 2020–2027
List of Figures
Figure 1 Research Process of MRFR
Figure 2 Top-Down and Bottom-Up Approach
Figure 3 Market Dynamics
Figure 4 Impact Analysis: Market Drivers
Figure 5 Impact Analysis: Market Restraints
Figure 6 Porter’s Five Forces Analysis
Figure 7 Value Chain Analysis
Figure 8 Global Solar Battery Market Share, byType, 2019 (%)
Figure 9 Global Solar Battery Market, byType, 2021–2027 (USD Million)
Figure 10 Global Solar Battery Market Share, byEnd Use, 2019 (%)
Figure 11 Global Solar Battery Market, byEnd Use, 2021–2027 (USD Million)
Figure 12 Global Solar Battery Market Share (%), byRegion, 2019
Figure 13 Global Solar Battery Market, byRegion, 2021–2027 (USD Million)
Figure 14 North America Solar Battery Market Share (%), 2019
Figure 15 North America Solar Battery Market, by Country, 2020–2027 (USD Million)
Figure 16 Europe Solar Battery Market Share (%), 2019
Figure 17 Europe Solar Battery Market, by Country, 2021–2027 (USD Million)
Figure 18 Asia-PacificSolar Battery Market Share (%), 2019
Figure 19 Asia-PacificSolar Battery Market, by Country, 2020–2027 (USD Million)
Figure 20 Middle East & Africa Solar Battery Market Share (%), 2019
Figure 21 Middle East & Africa Solar Battery Market, byRegion, 2021–2027 (USD Million)
Figure 22 South America Solar Battery Market Share (%), 2019
Figure 23 South America Solar Battery Market, byRegion, 2021–2027 (USD Million)
Solar Battery Market
Solar Battery Market share is projected to be worth USD 375.83 Million by 2027, registering a CAGR of 16.17% during the forecast period (2021 - 2027).
$375.83 Million
Market Size
16.17%
CAGR
Asia Pacific
Dominating Region
2021-2027
Forecast Period
Segmentation
Key Players
- Tesla
- LG
- CATL
- Loom Solar
- Panasonic
- BAE Batterien GmbH
- BYD Co. Ltd.
- EnerSys
- Luminous
- Exide
- Okaya
- Amaron
- HBL Power
- Base Battery
- Eastman
Drivers
- Growing energy storage industry
- Increasing use of these batteries in applications
Solar Battery Market Scenario
Solar Battery Market is projected to be worth USD 375.83 Million by 2027, registering a CAGR of 16.17% during the forecast period (2021 - 2027), The market was valued at USD 121.61 Million in 2020.
The solar system would not be complete without solar batteries. Both grid-connected and stand-alone solar energy systems can benefit from these technologies. Floated lead-acid, absorbed glass mat sealed lead-acid, and gelled electrolyte sealed lead-acid batteries are the three types of solar batteries accessible. The most prevalent type of solar battery is the flooded lead-acid battery, which has the lowest cost per amp-hour, the longest lifespan, and requires the most care. Absorbed glass mat sealed lead-acid batteries are ideal for grid-tied solar since they are inexpensive and require little maintenance. Gelled electrolyte sealed lead-acid batteries charge more slowly than the other two varieties, although they are losing market share to the other two.
The rising usage of solar batteries in applications such as grid-tied systems, backup power, solar streetlights, and smart grid is a major factor driving the solar battery industry. Solar batteries, for example, serve as an emergency power source for renewable energy systems that are connected to the local utility grid. Solar batteries provide stable power with a long cycle life in solar streetlights, allowing for speedy payback on large capital projects. Similarly, in smart grids, the continuous flow saves extra energy and returns crucial energy to the grid at peak hours are some of the primary benefits that these batteries bring to diverse applications.
The major factor driving the solar battery market is the increasing use of these batteries in applications such as grid-tied systems, backup power, solar streetlights, and smart grid. For instance, in grid systems, solar batteries act as an emergency power source for renewable energy systems, which are tied to the local utility grid. In solar streetlights, solar batteries provide reliable power with significant cycle life in all the conditions to ensure quick payback on large capital projects. Similarly, in smart grids, the consistent flow stores excess energy and provides critical energy back to the grid during peak hours are some major advantages that these batteries provide to various applications. Moreover, the growing energy storage industry is also likely to boost the installation of solar batteries, including lithium-ion batteries, in various industries. Additionally, the increasing manufacturing of wearable electronics, implantable medical devices, and flexible electronics is expected to further fuel the growth of the solar battery market.Moreover, due to the growing focus on reducing carbon emissions and the effects of generating electricity using non-renewable sources, the demand for renewable energy solutions is expected to increase, including solar batteries. Thus, the increasing demand for energy generation from renewable energy sources is expected to drive the growth of the global solar battery market during the forecast period.
However, the solar sector has been affectedby the ongoing pandemic situation. Being one of the key enablers in the government target to achieve the clean energy target, the solar sector has faced an uncertain halt in projects. Although, the solar sector has experienced significant growth over the past two decades. But the covid crisis could considerably disrupt this momentum. To overcome this crisis, governments of all the countries are aiming to tackle these challenges and determining the pace of the deployment of solar energy in the near future. Additionally, according to reports by the Ministry of New and Renewable Energy (MNRE), in India, only ~222 MW of solar capacity was achieved in March as all activities have come to a halt due to the pandemic. Thus, the installation of power generation equipment, including solar batteries, is expected to remain slow due to the pandemic. Moreover, India and many other countries in Asia are dependent on other countries for solar batteries, especially China, which has put many upcoming renewable projects on hold and can slow down the overall installation process. However, there are various factors that the governments are taking into consideration while rejuvenating the clean energy projects as corrective measures. These factors includethe adoption of new digital technologies such as solar software, analysis of the viability of future projects, and investment in innovation such as batteries or bifacial modules.
Many major players such as Tesla, LG, Loom Solar, and Panasonicare actively focusing on providing a broad product portfolio related to Solar batteries. For instance,in April 2021, Tesla announced that it would bundle its solar products, solar roofs,solar batteries, and solar panels with its Powerwall home battery pack going forward. Such developments are expected to drive the growth of the global solar battery market during the forecast period.
The global solar battery market has been segmented based on type andend use. Based on type, the solar battery market is divided intolithium-ion, lead-acid, and flow battery. The lithium-ionsegment is expected to hold the largest share in the global market during the forecast period.This can be attributed to severalmajor advantages offered by advanced lithium-ion batteries,such as high storage density, suitability for hybrid electric vehicles, and compact size. Due to these benefits, lithium-ion batteriesare the ideal type of solar battery for solar-based applications. Based onend use, the global market is divided intoindustrial, commercial, and residential. The industrial segment is expected to grow at the fastest rateasthere is strong demand from various industrial end-users for additional energy storage solutions. Moreover, new incentives and tax credit schemes from governments will further attract new end-users in this sector.
Market Segmentation
The global solar battery market is expected to rate high growth during the forecast period due to the significant surge in demand for eco-friendly energy solutions.This is expected to drive the demand for Solar batteriesduring the forecast period.
Based on region, the solar battery market is segmented into Asia-Pacific, North America, Europe, the Middle East&Africa, and South America. Asia-Pacific is likely to account for the largest share of the market during the forecast period. The growth of solar battery market in the region is being supported by the growing industrial sector. These batteries can be used for various applications ranging from factories to power sources for electronic devices. Europe is expected to be the second-largest market for solar batteries owing to the increasing deployment of solar batteries in industries. In Asia-Pacific, rapidly developing countries such as China and India are significantly focusing on the industrial sector, which is expected to be one of the major end-use segments for solar batteries in the upcoming years.Moreover, the demand for solar batteries in the region is expected to grow significantly due to the rising demand for solar power energy sources and increasing investments in the development of rural areas in the region. Solar energy is considered as the best replacement for conventional energy sources to decrease carbon emissions by meeting the electricity needs in the region. In August 2019, in India, Shapoorji Pallonji and Company Private Limited (India) and ReNewPower (India) invested approximately USD 110 million to develop a 150 MW floating solar power project in Uttar Pradesh. Moreover, several government incentives, policies, and schemes are favoring the installation of solar batteries in the region. Such factors are expected to drive the growth of the Asia-Pacific market for solar batteries during the forecast period. China is one of the major countries in the region, which is contributing a considerable share in the overall solar battery market. As per the International Energy Agency (IEA), the country added 44 GW of solar PV capacity in 2018. As the authorities in China are focusing on the development of solar energy, the demand for solar batteries is expected to grow significantly during the forecast period. Furthermore, government bodies in the country have taken numerous initiatives to increase access to electricity in rural regions. Such factors are expected to drive the growth of the solar battery market in China.
Key Players
The key players operating in the globalsolar battery marketareTesla, LG, CATL, Loom Solar, Panasonic, BAE Batterien GmbH, BYD Co. Ltd., EnerSys, Luminous, Exide, Okaya, Amaron, HBL Power, Base Battery, and Eastman.
Industry News
- Tesla stated in April 2021 that, moving forward, it would package its solar products, such as solar roofing, solar batteries, and solar panels, with its Powerwall home battery pack. During the forecast period, such developments are expected to propel the global solar battery market forward.
- Axitec (a German solar module and battery producer) introduced the AXIstorage Li SH, a lithium-ion-based solar battery, in January 2021. According to Axitec, the battery can be enlarged in 2.5 kWh increments up to 15 kWh at any moment if any family needs it due to rising demand.
Intended Audience
- Government and Research Organization
- Consulting Companies in the Power Industry
- Research Consultants
- Investors and Shareholders
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size |
|
| CAGR | 16.17% CAGR : (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, End Use, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Tesla, LG, CATL, Loom Solar, Panasonic, BAE Batterien GmbH, BYD Co. Ltd., EnerSys, Luminous, Exide, Okaya, Amaron, HBL Power, Base Battery, and Eastman |
| Key Market Opportunities | growing energy storage industry |
| Key Market Drivers | increasing use of these batteries in applications |
Frequently Asked Questions (FAQ) :
Solar Battery market is predicted to grow at 16.17% through forecast period of 2020-2027.
The forecast period for Solar Battery market research report is 2020-2027.
Global Solar Battery market is dominated by APAC region.
