Solar Battery Market
Solar Battery Market Forecasts to 2030 - Global Analysis By Battery Size (Small-Scale Batteries, Medium-Scale Batteries and Large-Scale Batteries), Integration, Technology, Application, End User and By Geography
|
Years Covered |
2022-2030 |
|
Estimated Year Value (2024) |
US $4.32 BN |
|
Projected Year Value (2030) |
US $21.62 BN |
|
CAGR (2024 - 2030) |
25.6% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Solar Battery Market is accounted for $4.32 billion in 2024 and is expected to reach $21.62 billion by 2030 growing at a CAGR of 25.6% during the forecast period. A solar battery is a device that stores energy generated from solar panels for later use. It enables solar power systems to provide electricity when sunlight is unavailable, such as during night time or cloudy days. By storing excess energy produced during peak sunlight hours, solar batteries enhance energy independence, ensure a consistent power supply, and can reduce reliance on the grid.
According to the China Photovoltaic Industry Association, China's capacity for photovoltaic energy grew by 34% year-on-year in 2018.
Market Dynamics:
Driver:
Increasing awareness and commitments to reduce carbon footprints
Increasing awareness and commitments to reduce carbon footprints encourages individuals, businesses, and governments to transition towards sustainable energy solutions. Solar batteries enable the storage of renewable energy, reducing reliance on fossil fuels and lowering carbon emissions associated with electricity generation. As more stakeholders prioritize environmental sustainability, there is a growing demand for reliable energy storage solutions like solar batteries. This trend is supported by policies, incentives, and initiatives aimed at promoting renewable energy adoption and achieving climate goals, further boosting market growth.
Restraint:
Intermittency of solar power
Solar panels generate electricity only when exposed to sunlight, resulting in varying output levels throughout the day and across seasons. This variability requires effective energy storage solutions to store excess energy produced during peak sunlight hours for use during periods of low or no sunlight. The need for reliable and efficient storage technologies increases costs and complexity. Therefore, intermittency of solar power, caused by factors like weather patterns and time of day, poses challenges for the growth of the solar battery market.
Opportunity:
Smart grid integration
Smart grid integration enhances the growth of the solar battery by enabling optimized energy management and grid stability. It facilitates real-time monitoring and control of energy flows, allowing solar batteries to store excess energy during low demand periods and discharge it during peak times. This capability reduces strain on the grid, improves efficiency, and supports higher penetration of renewable energy sources like solar. Additionally, smart grid technologies enable utilities to offer demand response programs, incentivizing consumers to use stored solar energy during peak demand, thereby promoting the adoption of solar batteries.
Threat:
High upfront investment
The high upfront investment in solar batteries primarily stems from the cost of the batteries themselves and the associated installation expenses. Solar batteries use advanced technology like lithium-ion cells, which are initially expensive to manufacture. Additionally, integrating these batteries into existing solar systems requires professional installation, further adding to costs. This high initial investment acts as a barrier to widespread adoption, particularly for residential and small-scale commercial consumers.
Covid-19 Impact
The covid-19 pandemic disrupted the solar battery market, causing supply chain delays and project postponements. However, it also highlighted the need for reliable energy storage as more people worked from home, driving increased residential demand. Government incentives and a growing emphasis on renewable energy recovery plans further supported the market's resilience and growth, despite initial setbacks and economic uncertainties.
The emergency backup segment is expected to be the largest during the forecast period
The emergency backup segment is estimated to have a lucrative growth. Solar batteries for emergency backup provide crucial power during grid failures or emergencies. These systems store energy harvested from solar panels during periods of sunlight, ensuring continuous electricity supply when traditional sources fail. By storing renewable energy, solar batteries enhance resilience and reduce reliance on fossil fuels, making them a sustainable choice for emergency preparedness and disaster response.
The commercial sector segment is expected to have the highest CAGR during the forecast period
The commercial sector segment is anticipated to witness the fastest CAGR growth during the forecast period. In the commercial sector, solar batteries play a pivotal role by optimizing energy usage and reducing electricity costs. They also offer businesses greater energy independence, stability against power outages, and the ability to support sustainability goals by reducing carbon footprints through increased use of renewable energy sources.
Region with largest share:
The solar battery market in the Asia-Pacific region is experiencing rapid growth, driven by increasing investments in renewable energy, government incentives, and rising energy storage needs. Countries like China, Japan, and India are leading the charge with substantial solar infrastructure developments. The region's focus on reducing carbon emissions and ensuring energy security is propelling demand for efficient solar battery solutions, making the Asia-Pacific a key player in the global solar battery industry.
Region with highest CAGR:
The solar battery market in North America is expanding swiftly, driven by strong governmental incentives, such as tax credits and renewable energy mandates. The United States leads the region with significant investments in solar energy infrastructure and energy storage solutions. Residential, commercial, and utility sectors are increasingly adopting solar batteries for improved energy independence and resilience against grid disruptions. This growing adoption reflects North America's commitment to sustainable energy and reducing carbon footprints.
Key players in the market
Some of the key players profiled in the Solar Battery Market include Tesla, LG Chem, Panasonic, BYD, Samsung SDI, Sonnen, SimpliPhi Power, Enphase Energy, Pika Energy, SolarEdge, Aquion Energy, Blue Planet Energy, EnerSys, Trojan Battery Company, Alpha-ESS, Radiant Solar Technology, Bosch Solar Energy, BAE Batterien.
Key Developments:
In March 2023, LG Energy Solution announced an investment of USD 5.5 billion to build a battery manufacturing complex in Arizona (U.S.). It will consist of two manufacturing units one is for lithium iron phosphate (LFP) pouch-type batteries for energy storage systems (ESS), and the other is for cylindrical batteries for electric vehicle.
In January 2023, Enphase Energy, Inc. announced a partnership with Enerix to expand Enphase product offerings in Europe. Enerix will offer Enphase Energy Systems, powered by IQ Microinverters and IQ Batteries, to its network of more than 100 franchise partners across Germany and Austria through this partnership.
Battery Sizes Covered:
• Small-Scale Batteries
• Medium-Scale Batteries
• Large-Scale Batteries
Integrations Covered:
• Off-grid Systems
• Grid-tied Systems
• Grid Stabilization
Technologies Covered:
• Lithium-ion (Li-ion) Batteries
• Lead-acid Batteries
• Flow Batteries
• Nickel-based Batteries
• Other Technologies
Applications Covered:
• Emergency Backup
• Rural Electrification
• Electric Vehicle (EV) Charging
• Microgrids
• Other Applications
End Users Covered:
• Residential Sector
• Commercial Sector
• Industrial Sector
• Transportation
• Agriculture
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
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 2022, 2023, 2024, 2026, and 2030
- 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
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Solar Battery Market, By Battery Size
5.1 Introduction
5.2 Small-Scale Batteries
5.3 Medium-Scale Batteries
5.4 Large-Scale Batteries
6 Global Solar Battery Market, By Integration
6.1 Introduction
6.2 Off-grid Systems
6.3 Grid-tied Systems
6.4 Grid Stabilization
7 Global Solar Battery Market, By Technology
7.1 Introduction
7.2 Lithium-ion (Li-ion) Batteries
7.3 Lead-acid Batteries
7.4 Flow Batteries
7.5 Nickel-based Batteries
7.6 Other Technologies
8 Global Solar Battery Market, By Application
8.1 Introduction
8.2 Emergency Backup
8.3 Rural Electrification
8.4 Electric Vehicle (EV) Charging
8.5 Microgrids
8.6 Other Applications
9 Global Solar Battery Market, By End User
9.1 Introduction
9.2 Residential Sector
9.3 Commercial Sector
9.4 Industrial Sector
9.5 Transportation
9.6 Agriculture
9.7 Other End Users
10 Global Solar Battery Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Tesla
12.2 LG Chem
12.3 Panasonic
12.4 BYD
12.5 Samsung SDI
12.6 Sonnen
12.7 SimpliPhi Power
12.8 Enphase Energy
12.9 Pika Energy
12.10 SolarEdge
12.11 Aquion Energy
12.12 Blue Planet Energy
12.13 EnerSys
12.14 Trojan Battery Company
12.15 Alpha-ESS
12.16 Radiant Solar Technology
12.17 Bosch Solar Energy
12.18 BAE Batterien
List of Tables
1 Global Solar Battery Market Outlook, By Region (2022-2030) ($MN)
2 Global Solar Battery Market Outlook, By Battery Size (2022-2030) ($MN)
3 Global Solar Battery Market Outlook, By Small-Scale Batteries (2022-2030) ($MN)
4 Global Solar Battery Market Outlook, By Medium-Scale Batteries (2022-2030) ($MN)
5 Global Solar Battery Market Outlook, By Large-Scale Batteries (2022-2030) ($MN)
6 Global Solar Battery Market Outlook, By Integration (2022-2030) ($MN)
7 Global Solar Battery Market Outlook, By Off-grid Systems (2022-2030) ($MN)
8 Global Solar Battery Market Outlook, By Grid-tied Systems (2022-2030) ($MN)
9 Global Solar Battery Market Outlook, By Grid Stabilization (2022-2030) ($MN)
10 Global Solar Battery Market Outlook, By Technology (2022-2030) ($MN)
11 Global Solar Battery Market Outlook, By Lithium-ion (Li-ion) Batteries (2022-2030) ($MN)
12 Global Solar Battery Market Outlook, By Lead-acid Batteries (2022-2030) ($MN)
13 Global Solar Battery Market Outlook, By Flow Batteries (2022-2030) ($MN)
14 Global Solar Battery Market Outlook, By Nickel-based Batteries (2022-2030) ($MN)
15 Global Solar Battery Market Outlook, By Other Technologies (2022-2030) ($MN)
16 Global Solar Battery Market Outlook, By Application (2022-2030) ($MN)
17 Global Solar Battery Market Outlook, By Emergency Backup (2022-2030) ($MN)
18 Global Solar Battery Market Outlook, By Rural Electrification (2022-2030) ($MN)
19 Global Solar Battery Market Outlook, By Electric Vehicle (EV) Charging (2022-2030) ($MN)
20 Global Solar Battery Market Outlook, By Microgrids (2022-2030) ($MN)
21 Global Solar Battery Market Outlook, By Other Applications (2022-2030) ($MN)
22 Global Solar Battery Market Outlook, By End User (2022-2030) ($MN)
23 Global Solar Battery Market Outlook, By Residential Sector (2022-2030) ($MN)
24 Global Solar Battery Market Outlook, By Commercial Sector (2022-2030) ($MN)
25 Global Solar Battery Market Outlook, By Industrial Sector (2022-2030) ($MN)
26 Global Solar Battery Market Outlook, By Transportation (2022-2030) ($MN)
27 Global Solar Battery Market Outlook, By Agriculture (2022-2030) ($MN)
28 Global Solar Battery Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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