Solar Battery Market Forecasts to 2028 – Global Analysis By Technology (Sodium, Li-Ion), Application (Meteorological Field, Photovoltaic Power Station), End User (Commercial, Industrial, Military) and By Geography
According to Stratistics MRC, the Global Solar Battery Market is accounted for $130.98 million in 2020 and is expected to reach $475.88 million by 2028 growing at a CAGR of 17.5% during the forecast period. Rising concerns regarding conventional power generation, Growing demand for sustainable energy storage solutions are driving the market growth. However, high initial installation and maintenance costs are hampering the growth of the market.
Solar battery is generally deep cycle battery used to store solar power and discharge the power as per requirement. These batteries are made of lithium ion or lead acid. Solar batteries basically convert the DC power energy produced by solar energy into AC power for the later use. Solar batteries are used in solar cell systems to store excess energy since they are rechargeable.
Based on the technology, the lithium ion (Li-Ion) solar batteries segment is going to have lucrative growth during the forecast period as these batteries help in harvesting large amount of energy this is attributed to high charge and discharge efficiencies of lithium ion batteries. By geography, Asia Pacific is going to have high growth during the forecast period owing to rise in concern from governments across emerging nations, such as South Korea, India, and China, regarding renewable energy storage. Moreover, China being the largest producer of solar power will positively influence the demand for solar battery in Asia Pacific region.
Some of the key players profiled in the Solar Battery Market include Carnegie Clean Energy, Samsung SDI, LG Chem, East Penn Manufacturing, Exide Technologies, Kokam.Co, HOPPECKE Batterien GmbH & Co. KG, Alpha Technologies, A123 Systems, Panasonic, Bosch Solar Energy, Radiant Solar Technology, First Solar and BAE Batterien.
Estimated Market Size in 2020:
USD 130.98 million
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 475.88 million
Tables, Graphs& Figures
Technology, Application, End Userand Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• Flow Batteries
• Sodium Based Batteries
• Lead Acid Batteries
• Lithium Ion (Li-Ion) Solar Batteries
• Communication Field
• Meteorological Field
• Transportation Field
• Aerospace and Defense Field
• Photovoltaic Power Station
• User Solar Power
End Users Covered:
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Solar Battery Market is majorly driven by growing demand for sustainable energy storage solutions, growing concerns over the implication of burning fossils on the environment fuel and rising concerns regarding conventional power generation.
The industrial segment is growing at a highest CAGR to strong demand from various industrial end-users for additional energy storage solutions.
North America dominated with a significant market share due to the factors such the high degree of renewable penetration in the region, the need for reliable and uninterrupted power supply, and the aging grid infrastructure.
Asia Pacific market is growing at a highest CAGR owing to rise in concern from governments across emerging nations, such as South Korea, India, and China, regarding renewable energy storage.
Key players in Solar Battery Market include Carnegie Clean Energy, Samsung SDI, LG Chem, East Penn Manufacturing, Exide Technologies, Kokam.Co, HOPPECKE Batterien GmbH & Co. KG, Alpha Technologies, A123 Systems, Panasonic, Bosch Solar Energy, Radiant Solar Technology, First Solar and BAE Batterien.
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