The latest report by IMARC Group, titled “Solar Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global solar battery market size reached US$ 156.14 Million in 2021. A solar battery is a device that stores solar energy for later consumption. It is recharged by a connected solar system and is used during nights and power outages. It helps provide energy to electrical loads at a stable voltage by suppressing voltage fluctuations in a solar PV system. It also minimizes the energy bills and reduces dependency on public energy grids. Owing to these properties, solar batteries are widely employed in solar charging stations, storage for power plants, and storage system for off-grids.
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 Trends:
The market is primarily driven by the escalating demand for eco-friendly and cost-effective energy solutions across the globe. In addition, the rising adoption of solar panels in residential and commercial sectors to reduce the monthly energy bills represent another major growth-inducing factor. Besides this, governments of numerous countries are implementing stringent regulations to minimize reliance on exhaustible resources. This, coupled with the increasing employment of solar PV systems in grid systems and solar streetlights to provide reliable power and ensure quick payback on large capital projects, is contributing to the market growth. Moreover, the market is further augmented by the growing popularity of energy trading using blockchain and artificial intelligence (AI) technologies. Furthermore, the rising product utilization in smart grids and the expanding energy sector are expected to propel market growth in the coming years. Looking forward, IMARC Group expects the market value to reach US$ 358.15 Million by 2027, exhibiting a CAGR of 14.10% during the forecast period (2022-2027).
- Based on the type, the market has been segregated into lead-acid, lithium-ion, flow battery, and others.
- On the basis of the capacity, the market has been classified into below 75 AH, 75 to 150 AH, and above 150 AH.
- Based on the end user, the market has been segmented into industrial, commercial, and residential.
- On the geographical front, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being 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
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