Solar Battery Market Research Report‚ÄĒGlobal Forecast till 2030

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)‚ÄĒForecast till 2030

ID: MRFR/E&P/9140-HCR | 111 Pages | Published By Anshula Mandaokar on March 2023         

Solar Battery Market Speak to Analyst Request a Free Sample

Solar Battery Market

Solar Battery Market share is projected to be worth USD 589.21 Million by 2030, registering a CAGR of 16.2% during the forecast period (2022-2030).

Segmentation
By Type Lithium-Ion Lead-acid Flow Battery
By End-Use Industrial Commercial Residential
Key Players
Companies Profiled   Tesla    LG    CATL    Loom Solar    Panasonic    BAE Batterien GmbH    BYD Co. Ltd.    EnerSys    Luminous    Exide    Okaya    Amaron    HBL Power    Base Battery    Eastman
Drivers
Market Driving Forces   Growing energy storage industry    Increasing use of these batteries in applications
Request a Free Sample

Solar Battery Market Scenario


Solar Battery Market is projected to be worth USD 589.21 Million, registering a CAGR of 16.2% during the forecast period (2022-2030). The Solar Battery 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‚ÄĮdue‚ÄĮto 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 Solar Battery 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.


Solar Battery Market Segmentation


Solar Battery MarketThe 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 batteries during 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.


Solar Battery Market Key Players


List of the key major companies operating in the global solar battery market are


Tesla, 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 2027 : USD 375.83 Million 2030 : USD 589.21 Million
  CAGR   16.2% 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


Speak to Analyst Ask for Customization

Frequently Asked Questions (FAQ) :

Solar Battery market is predicted to grow at 16.2% through forecast period of 2022-2030.

The forecast period for Solar Battery market research report is 2022-2030.

Global Solar Battery market is dominated by APAC region.

Top key players in the industry are Tesla, LG, CATL, Loom Solar, Panasonic, BAE Batterien GmbH, BYD Co. Ltd., EnerSys, Luminous, Exide, Okaya, Amaron, HBL Power, Base Battery, and Eastman, and others.