According to the latest report by IMARC Group, “Global Solar Battery Market Growth, Share, Size, Industry Trends, Opportunity and Forecast 2022-2027“, the global solar battery market reached a value of US$ 156.14 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 358.15 Million by 2027, exhibiting a CAGR of 14.10% during 2022-2027.
A solar photovoltaic (PV) system is used for ensuring continuous power supply and reducing the carbon footprint. It consists of solar panels, electrical hardware, mechanical hardware, and an inverter that helps in storing electrical energy in solar batteries. Solar batteries are typically subjected to frequent charging and discharging cycles and provide power to electrical loads at a stable voltage by suppressing voltage fluctuations in a solar PV system.
|Base Year: 2021|
|Forecast Year: 2022-2027|
Solar Battery Market Trends and Drivers:
The increasing demand for eco-friendly and cost-effective energy solutions and the launch of favorable policies by government bodies across countries to minimize reliance on non-renewable energy resources are among the primary factors driving the solar battery market. In addition to this, solar PV systems find widespread applications in grid systems, which is further catalyzing the market growth.
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Moreover, the elevating product requirement in solar streetlights is acting as another significant growth-inducing factor. Besides this, solar PV systems are used in smart grids to supply critical energy during peak hours, which is also augmenting the global market.
Furthermore, the expanding adoption of these systems in residential and commercial establishments to enhance the energy self-reliance of owners and reduce the monthly electricity bill is bolstering the market growth. Apart from this, the emerging trend of energy trading using blockchain and artificial intelligence (AI) technologies is projected to fuel the solar battery market in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Solar Battery Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
BAE Batterien GmbH, BYD Co. Ltd., Contemporary Amperex Technology Co. Ltd., EnerSys, Exide Industries Limited, LG Electronics Inc. (LG Corporation), Loom Solar Pvt Ltd., Luminous Power Technologies Private Limited (Schneider Electric SE), Okaya Power Pvt. Ltd., Panasonic Corporation, SAFT (TotalEnergies SE), Samsung SDI Co. Ltd and Tesla Inc.
The report has segmented the market on the basis of region, type, capacity and end user.
Breakup by Type:
- Lead Acid
- Lithium Ion
- Flow Battery
Breakup by Capacity:
- Below 75 AH
- 75 To 150 AH
- Above 150 AH
The Breakup by End User:
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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