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Rising Demand for PV Inverters Drives the Solar Battery Market
According to MRFR, the global solar battery market value is expected to escalate from USD 121.61 Million in 2020 to USD 375.83 Million by 2027, expanding at a 16.17% CAGR from 2021 to 2027. The global solar battery market is expected to reach exponential heights in the upcoming years.
Solar Battery Market Overview
Solar batteries provide an efficient and reliable power source in off-grid solar panels used for commercial, industrial, and residential uses. Resultantly, the rising installations of off-grid solar panel installations in commercial, industrial, and residential applications positively impact market growth. Besides, the rapid uptake of solar battery storage systems fosters market revenues.
Continually growing energy demand worldwide, alongside growing installations and government initiatives & funding support, benefit the solar battery market. Solar technology has just begun to impact the adopter markets and new markets. As traditional power resources fail to meet the rising energy demand, the focus is shifted towards alternative energy resources.
Key players involved in the market are,
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Besides, increasing consumer purchasing power and regulatory changes represent significant growth drivers scaling the solar battery market share. Also, the growing number of vast production capacities and renewable technology providers positively impact the market growth.
|
Report Attribute/Metric |
Details |
|
Market Size |
2027: USD 375.83 Million 2030: Significant value |
|
CAGR |
16.17% CAGR: (2022-2030) |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2030 |
|
Historical Data |
2019 & 2020 |
|
Forecast Units |
Value (USD Million |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Industry Trends
Grid-scale energy storage solutions facilitate the reliable storage of solar power. Most energy generation successes revolve around renewables. Rising solar installations in residential and home setups boost the solar battery market size. Moreover, rising sales of solar batteries, product standardization, and increased research & innovations are major market trends.
Growing concerns about significant energy consumption and environmental impact influence market growth. Governments take various initiatives to boost renewable/clean energy generation to reduce pollution levels. Also, the growing nuclear and renewable energy generation accelerates the solar battery market shares.
Lack of awareness of advanced storage solutions is a key factor impeding the solar battery market growth. Moving from conventional energy generation systems needs large-scale community awareness programs and demonstrations. Also, high initial investment requirements for installing and maintaining solar battery systems affect market growth, challenging market players.
The rise in renewables was reassuringly robust amid the COVID-19 challenges, dramatically reducing the dependency on fossil-fired electricity. However, the solar battery market is witnessing increasing energy demand. Also, the demand for solar batteries is estimated to pick up even more post the lockdown mandates get relaxed in many countries.
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Segments
The market report is segmented into types, end uses, and regions. The type segment is bifurcated into lead-acid, lithium-ion (Li-ion), flow battery, and others. The Li-ion battery type segment is the largest market share, witnessing vast adoption. The end-user segment is bifurcated into residential, commercial, and industrial. The region segment is sub-segmented into the Americas, Asia-Pacific, Europe, and rest-of-the-world.
Regional Analysis
The Asia Pacific solar battery market is growing rapidly. The market growth is led by increasing investments in renewables and the rise in grid development projects. The significant industrial sector expansion and the presence of leading global players influence the solar energy and battery storage system market demand.
The renewable energy market in APAC is growing rapidly, witnessing vast growth in the solar industry. Furthermore, increasing government initiatives drive the solar battery market growth. With favorable government policies for solar energy and battery storage system manufacturing, emerging countries offer significant opportunities to international players.
Competitive Analysis
The solar battery market outlook appears highly competitive, with several well-established players forming a competitive landscape. Players focus on product development & expansion. Industry players seek opportunities to enhance the value chain extensively, focusing on R&D investments and strategic initiatives. New entrants enter the market with competitive pricing to gain footholds in international markets.
For instance, on Sep.14, 2022, Canadian Solar announced its plan to launch a new grid-scale LFP battery – EP Cube, at the RE+ conference to be held from Sept. 19-22 in Anaheim, California. RE+ conference is a large event bringing together leaders in renewable energy and clean technologies. The company aims to quadruple its battery manufacturing capacity by the end of 2023.
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In another instance, on Aug. 30, 2022, Reliance Industries (India) announced its scaled-up solar battery ambitions. Its 10 GW solar cell and module factory in Gujarat will commence production by 2024. The company will then scale its annual output capacity to 20 GW by 202, using REC Solar‘s advanced technology for solar manufacturing at the Jamnagar factor. This is expected to be a first-of-its-kind quartz-to-module facility globally.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
