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Solar Battery Market: By Type (Lead Acid, Lithium lon, Flow Battery, Others), By Capacity (Below 75 AH, 75 to 150 AH, Above 150 AH), By End User (Industrial, Commercial, Residential), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Solar battery is used to store solar power for later use. It enables consumers to continue using appliances in the night or during a power outage. Users may be able to power their homes primarily with solar energy if their rooftop solar system and battery are large enough. In addition, depending on the time of day and the local energy rates, using electricity from this battery may be less expensive per kilowatt-hour than using electricity from the utility grid. Batteries also prevent the possibility of rising electricity costs and declining feed-in tariffs. Currently, lithium-ion batteries are the most widely used type of solar battery. This technology is present in many modern batteries, including smartphones.
The Solar Battery Market is expected to project a notable CAGR of 16.1% in 2032.
Solar Battery to surpass USD 756.2 million by 2032 from USD 146.93 million in 2021 at a CAGR of 16.1% in the coming years, i.e., 2022-32. One of the main factors propelling the Solar Battery Market is the increased use of solar batteries in systems such as grid-tied systems, solar streetlights, smart grid, and backup power. For solar streetlights, solar batteries provide consistent power with a high cycle life, enabling quick payback on significant capital investments. Similar to smart grids, the continuous flow provides some of the main advantages of these batteries to a variety of applications by saving extra energy and returning essential energy to the grid during peak hours. These advantages are anticipated to drive the Solar Battery Market growth.
FIGURE: MARKET ANALYSIS OF SOLAR BATTERY MARKET
FIGURE: MARKET ANALYSIS OF GLOBAL SOLAR BATTERY
Growth Drivers
Increasing Use of Solar Batteries in Multiple Applications
The widespread application of solar batteries in grid-tied systems, backup power, solar streetlights, and smart grid is the main reason propelling the Solar Battery Market. Moreover, the expanding lithium-ion battery market is probably encouraging the installation of solar batteries across a variety of businesses. The production of wearable electronics, implanted medical devices, and flexible electronics is also anticipated to increase, which will further support the growth of the Solar Battery Market.
Growing Government Support and Players’ Inclination Towards Renewable Energy Storage Solutions
Since sustainable energy sources are being promoted by governments all over the world, the demand for solar batteries is anticipated to rise during the anticipated period. The use of solar batteries in the residential and commercial sectors increases the owner's independence and makes them energy independent. It can decrease the grid power use in small-scale applications in the residential area. By further lowering the monthly electricity expense, this strategy can attract new customers. Also, increased interest of industry participants in renewable energy storage technologies is anticipated to attract additional investments over the projection period.
Restraint
High Initial Investment and Maintenance Cost of Solar Battery
The biggest obstacles for business owners or industry players in this sector are the expensive installation and ongoing maintenance costs of solar batteries. Solar battery storage now depends a lot on government tax credit and subsidy programs. These restrictions limit the use of solar batteries to tiny residential areas, which negatively impacts the market.
Solar Battery Market:
Key Players
Solar Battery Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The Solar Battery Market was dominated by the Asia-Pacific region in 2021 and the region is anticipated to hold the largest share of the Solar Battery Market during the projected period. The expanding industrial sector in the area is contributing to the growth of the Solar Battery Market. These batteries can be employed in a variety of settings, including factories and as power supplies for electronic equipment.
Over the past two decades, the solar business has seen rapid expansion. However, this momentum was severely hampered by the COVID issue. Numerous solar battery production facilities had to temporarily close shut down due to the abrupt COVID-19 pandemic outbreak and the strict lockdown measures that were enacted in response. Governments from all over the world are working to address these issues and decide how quickly solar energy will be deployed in the near future in order to end this calamity.
Solar Battery Market Segments:
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REPORT ATTRIBUTE |
DETAILS |
|
Market Size Value in 2021 |
USD 146.93 million |
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Revenue Forecast in 2032 |
USD 756.2 million |
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Growth Rate |
CAGR of 16.1% from 2022 to 2032 |
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Base Year for Estimation |
2021 |
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Quantitative Units |
Revenue in USD million and CAGR from 2022 to 2032 |
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Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments Covered |
Type, Capacity, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key Companies Profiled |
BYD Co. Ltd., Panasonic, Tesla, CATL, LG Chem, Eastman, EnerSys, Exide, Loom Solar, BAE Batterien GmbH, Luminous, Okaya, Amaron, HBL Power, Base Battery, and Other Prominent Players. |
The Solar Battery Market size was estimated at USD 146.93 million in 2021 and is expected to reach USD 756.2 million in 2032.
A solar battery is used to store solar power for later use. It enables consumers to continue using appliances in the night or during a power outage
The Lithium lon and Industrial segments accounted for the larger share of the Solar Battery Market.
Key players in the Solar Battery Market are BYD Co. Ltd., Panasonic, Tesla, CATL, LG Chem, Eastman, EnerSys, Exide, Loom Solar, BAE Batterien GmbH, Luminous, Okaya, Amaron, HBL Power, Base Battery, and Other Prominent Players.
The widespread application of solar batteries in grid-tied systems, backup power, solar streetlights, and smart grid and a significant rise in the use of environment-friendly and cost-efficient energy solutions worldwide due to strict norms by governments to reduce dependability on exhaustible resources are the main reasons propelling the Solar Battery Market.
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