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Solar Battery Market Report by Type (Lead Acid, Lithium Ion, Flow Battery, and Others), Capacity (Below 75 AH, 75 To 150 AH, Above 150 AH), End User (Industrial, Commercial, Residential), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A5268
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Market Overview:
The global solar battery market size reached US$ 204.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 590.0 Million by 2032, exhibiting a growth rate (CAGR) of 12.3% during 2024-2032.
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Report Attribute
|
Key Statistics
|
|---|---|
|
Base Year
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2023
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|
Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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US$ 204.2 Million |
|
Market Forecast in 2032
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US$ 590.0 Million |
| Market Growth Rate (2024-2032) | 12.3% |
A solar photovoltaic (PV) system is utilized for ensuring a continuous power supply and reducing carbon footprint. It consists of one or more solar panels, electrical and mechanical hardware and an inverter that aids in storing electrical energy in solar batteries. Solar batteries are subjected to frequent charging as well as discharging processes and help provide energy to electrical loads at a stable voltage by suppressing voltage fluctuations in a solar PV system.
Solar Battery Market Trends:
At present, there is a considerable increase in the utilization of eco-friendly and cost-effective energy solutions around the world on account of stringent regulations imposed by governments of several countries to minimize reliance on exhaustible resources. This represents one of the key factors bolstering the growth of the market. Moreover, solar PV systems find extensive applications in grid systems, which are attached to the local utility grid, to cater to the continuous energy requirements of the global population. They are also used in solar streetlights for providing reliable power to ensure quick payback on large capital projects, which, in turn, is strengthening the market growth. In addition, solar PV systems are utilized in smart grids to offer critical energy back to the grid during peak hours. This, along with the thriving energy sector, is fueling the market growth. Besides this, the adoption of these systems in the residential and commercial sectors is increasing the self-reliance of owners and significantly reducing the monthly electricity bill, which is impelling the market growth. Apart from this, the growing prominence of energy trading using blockchain and artificial intelligence (AI) technologies is projected to offer lucrative growth opportunities to leading players.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global solar battery market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, capacity and end user.
Breakup by Type:
- Lead Acid
- Lithium Ion
- Flow Battery
- Others
Breakup by Capacity:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Below 75 AH
- 75 To 150 AH
- Above 150 AH
Breakup by End User:
- Industrial
- Commercial
- Residential
Breakup by Region:
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- 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
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles 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.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Million |
| Segment Coverage | Type, Capacity, End User, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 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. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global solar battery market was valued at US$ 204.2 Million in 2023.
We expect the global solar battery market to exhibit a CAGR of 12.3% during 2024-2032.
The extensive utilization of solar battery as eco-friendly energy solution to control carbon emissions and conserve renewable resources, is primarily driving the global solar battery market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous manufacturing units for solar batteries.
Based on the type, the global solar battery market has been categorized into lead acid, lithium ion, flow battery, and others. Among these, lithium ion type holds the largest market share.
Based on the end user, the global solar battery market can be bifurcated into industrial, commercial, and residential. Currently, the industrial sector accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where Asia-Pacific currently dominates the global market.
Some of the major players in the global solar battery market include 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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