Published May 3, 2023
The global solar battery market size was valued at $113.4 million in 2019, and is projected to reach $360.4 million by 2027, growing at a CAGR of 15.5% from 2020 to 2027. A solar battery, also known as a solar energy storage system, is a type of battery that is designed to store electricity generated by solar panels. Solar batteries work by capturing excess electricity generated by solar panels during the day and storing it for use at night or during periods of low solar production.
One of the main advantages of a solar battery is that it allows homeowners or businesses to use more of the electricity they generate from their solar panels, rather than sending it back to the grid. This can help to reduce electricity bills and increase energy independence. Additionally, solar batteries can provide backup power during power outages, which can be especially useful in areas prone to severe weather or other disruptions.
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There are several types of solar batteries, including lead-acid batteries, lithium-ion batteries, and flow batteries. Lithium-ion batteries are currently the most popular type of solar battery due to their high energy density, longer lifespan, and faster charging capabilities.
Some of the key players profiled in the report include BYD Company, Kokam.Co, Carnegie Clean Energy, Primus Power, LG Chem, and EnerSys.
However, solar batteries can be expensive to install, and their efficiency can vary depending on the type of battery and the solar panel system they are paired with. Additionally, the size and capacity of the battery may need to be carefully matched to the energy demands of the home or business to ensure optimal performance and cost-effectiveness.
Asia-Pacific dominated the solar battery market with more than 40% market share.
The global solar battery market is heading toward an expansion phase. This is attributed to a significant surge in demand from residential and commercial end-users.
Rise in concern from governments across emerging nations, such as China, India, and South Korea, regarding zero emission norms is expected to drive the market growth.
Growing demand for sustainable energy storage solutions is the major factor driving the solar battery market growth.
As governments across the globe are promoting sustainable energy sources, the demand for solar power battery is expected to increase over the projected timeframe.
The application of solar battery can effectively reduce the demand for coal, oil, and other imported fossil energy resources.
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The implementation of solar battery storage systems will provide new employments, which can open new investment opportunities in the economy.
The Lead Acid battery segment is projected to grow at the highest CAGR of approximately 17.8%, in terms of revenue, during the forecast period.
By end-user, the industrial segment held more than 40% market share with a CAGR of 15.7%, in terms of revenue, during the forecast period.
Solar battery is generally used to store solar power and discharge the power as per requirement. It is made of lithium ion or lead acid. It is rechargeable and can be generally used in solar cell systems to store excess energy.
Some of the major applications of solar battery include solar charging stations, storage for power plants, and storage system for off-grids.
COVID-19 scenario analysis
The global solar battery industry had immediate impact of COVID-19 due to social distancing norms and shortage of manpower. These led to delayed installations and cancellation of new projects.
The upstream and downstream channels have been affected due to restrictions on movement, which lead to increase in the amount of inventories.
Shifting trend toward remote working is considered a vital solution to improve the market conditions. Various automation companies utilize remote connectivity to ensure the access to field operators and service engineers who cannot be on site at this time.
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The sharp decline in consumer expenditure highly affected the demand. Reduced expenditure of consumers during the lockdown highly impacted the solar battery market for solar products, including various solar storage systems.
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