Solar Battery Market
Report ID: SQMIG55A2047
Solar Battery Market Size, Share, Growth Analysis, By Type (Lead Acid Battery, Lithium-ion Battery, and Others), By End Users(Telecommunication Industries, Home and Residential, Industrial, and Automobile Applications), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55A2047 |
Region:
Global |
Published Date: April, 2024
Pages:
180
|Tables:
64
|Figures:
74
Solar Battery Market Insights
Global Solar Battery Market size was valued at USD 179.3 Million in 2022 and is poised to grow from USD 204.22 Million in 2023 to USD 578.49 Million by 2031, growing at a CAGR of 13.9% in the forecast period (2024-2031).
The global solar battery market is characterized by ongoing technological developments, regulatory developments, and consumer preferences. Advances in battery chemistry, energy management software, and grid integration technologies are creating new jobs and expanding the capabilities of solar battery systems. Manufacturers and participants in the solar battery market are focused on reducing costs so, improved efficiency and increased efficiency with solar PV systems and utility networks.
In addition, by encouraging the use of solar energy, encouraging the use of energy storage, and efforts to facilitate grid modernization, regulatory frameworks and government incentives play an important role in keeping market shareholders abreast of regulatory challenges, market uncertainties, evolving customer needs and emerging opportunities to capitalize and drive sustainable growth in the dynamic global solar battery market.
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Solar Battery Market Segmental Analysis
The global solar battery market is segmented based on type and end-user. Based on type the market is segmented into the lead acid battery, lithium-ion battery, and others. Further, based on end-user, the market is classified into telecommunication industries, home and residential, industrial, and automobile applications. Based on Region the market is segmented as, North America, U.S., Canada, Mexico, Europe, Germany, UK, Italy, France, Spain, Rest of Europe, Asia-Pacific, Japan, China, India, South Korea, Australia, Rest of Asia-Pacific, LAMEA, Brazil, Saudi Arabia, Rest of LAMEA.
Analysis by Type
The lead-acid battery is the dominating segment in the market which plays an important role in the global solar battery market, especially in terms of cost-effective operation, reliability and proven technology. Copper-acid batteries are well established and widely used in solar energy storage systems, as their upfront costs are relatively low, compared to battery chemicals such as lithium-ion a, this cost-effective copper acid. The battery is an attractive alternative to residential, commercial and off-grid solar, especially in markets where affordability is a key consumer consideration.
The lithium-ion battery segment is expected to hold the largest share in the global solar battery market. Compared to competitors such as nickel-cadmium batteries, lithium-ion batteries have higher capacity, require less maintenance, and have lower self-discharge rates. They also have higher open-circuit voltage and strength to load ratio. A major factor driving the segment's growth is the significant increase in the adoption of electronic devices worldwide. The increasing adoption of these electronic devices has led to an unstoppable demand for high-quality rechargeable batteries, which is expected to fuel market growth Also, focus on sustainable development on a larger scale, as well as a growing awareness of the negative effects of conventional vehicles. Stricter federal emissions regulations are likely to have a significant impact on the market.
Analysis by End User
Residential is the dominating segment in the market which performs a vital position in riding the boom and adoption of sun battery structures within the market. One of the primary drivers for residential adoption of solar battery systems is the desire for strength independence. Homeowners are searching to lessen their reliance on the conventional application grid by generating their own energy via sun panels and storing extra energy in batteries for use throughout low sunlight or grid outages. Solar battery systems empower house owners to manipulate their energy intake, reduce utility bills, and mitigate the effect of rising electricity costs.
The industrial segment is expected to grow at a CAGR of over 12% between 2021 and 2028. This is due to high demand for more energy storage solutions from various end-user industries and governments across the globe urging energy to encourage adoption of sustainability. This led to the introduction of new government tax breaks and incentive schemes to encourage the adoption of green options. All these factors are likely to attract the growth of solar batteries in this segment.
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Solar Battery Market Regional Insights
Asia-Pacific is the dominating region in the global solar battery market, with rapid urbanization, increasing energy demand and government policies promoting the use of renewable energy. Countries such as China, Japan and India are seeing widespread deployment of solar power systems, supported by a sound regulatory framework and investment incentives. It turned out that the region’s manufacturing efficiency combined with advances in battery technology and energy storage solutions positions Asia Pacific as the dominant region in the global solar battery market.
North America is the fastest growing region in the market. The solar battery market benefits from increased focus on renewable energy goals, energy resilience and climate change mitigation in North America Residential solar installations and increasing trade in the US. and Canada, energy independence. As well as investments in battery and storage solutions to improve grid stability, regulatory frameworks such as net metering schemes and renewable energy mandates are driving adoption of solar batteries, especially in areas that tend to grid outages and natural disasters.
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Solar Battery Market Dynamics
Drivers
Rapid Growth of Solar Energy Installations
- The growing adoption of sun strength systems, pushed by way of elements including declining sun panel prices, authorities' incentives, and environmental issues, is a massive driving force of the sun battery market. Solar batteries play a vital position in storing excess sun strength generated during height sunlight hours for later use, thereby improving power self-sufficiency and grid independence for residential, business, and commercial clients.
Technological Advancements in Battery Storage
- Technological innovations in battery garages, including improvements in electricity density, cycle lifestyles, and performance, are using increase within the sun battery market. Advancements including lithium-ion chemistry, glide batteries, and hybrid battery structures are permitting more efficient and cost-effective electricity storage answers for sun installations. These improvements growth the viability of sun batteries as dependable resources of backup energy and grid stabilization.
Restraints
High Initial Cost
- High cost of solar battery system remains an important restraint for market growth. While the cost of solar panels has dropped dramatically in recent years, the cost of battery storage, particularly advanced lithium-ion batteries, can still be prohibitive for many consumers.
Intermittent Nature of Solar Power
- Periodic production of solar electricity poses challenges for solar battery systems. Solar energy production depends on weather conditions and daylight hours, causing daytime energy production to fluctuate. Solar batteries must handle excess energy efficiently and be stored during periods of high sunlight for use during periods of low or no sunlight. However, limitations in battery capacity and charging/discharging rates can affect the reliability and solar energy storage solution.
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Solar Battery Market Competitive Landscape
The major players in the Indian solar battery market are Usha Shriram Enterprises Pvt. Ltd., Luminous India, Exide Industries Ltd., Su-Kam, Okaya Power Pvt. Ltd., Eastman Auto & Power Ltd., Microtech, HBL Power Systems Ltd., Servotech Power Systems, Amara Raja Energy and Mobility Ltd., V-Guard Industries Ltd., Loom Solar Pvt. Ltd. To further increase their market share, these companies use various strategies, such as mergers and acquisitions, partnerships, joint ventures, licensing agreements and new type launches.
Top Player’s Company Profiles
- Johnson Controls
- East Penn Manufacturing
- Exide
- Samsung
- Hitachi
- BYD Company
- LG Chem
- Panasonic
- Mutlu
- Enersys
- Systems Sunlight
- GS Yuasa
- Amara Raja Batteries
- Hoppecke Batteries
- Haze Batteries
- Banner Batterien
- Midac
- NorthStar Battery Company
- BAE Batterien
Recent Developments
- March 2023 - LG Energy Solution announces a $5.5 billion (about $17 per person in the US) battery plant in Arizona (US). It will have two manufacturing units, one for lithium iron phosphate (LFP) pouch type batteries for energy storage systems (ESS), and the other for cylindrical batteries for electric vehicles (EV).
- February 2023 - LG Energy Solution signs a Memorandum of Understanding (MoU) with three Hanwha Group companies to expand its battery business. For this purpose, LG Energy Solution will co-invest to develop ESS business models in the United Kingdom.
- January 2023 - Enphase Energy, Inc. today announced a partnership with Enrix to expand the Enphase product offering in Europe. Through this partnership, Enrix will supply Enphase Energy Systems powered by IQ Microinverters and IQ Batteries to its network of over 100 franchise partners across Germany and Austria.
Solar Battery Key Market Trends
- Integration Of Smart Energy Systems: A major trend in the solar battery market is the integration of smart energy systems to provide energy efficiency, for their own high-volume consumers and enhance grid connectivity. Smart energy management systems use advanced analytics, predictive algorithms and real-time monitoring. This architecture enables dynamic load management, demand response and grid balancing capabilities, facilitates seamless integration with the utility grid and provides energy efficiency and cost savings for customers.
Solar Battery Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global solar battery market is driven by the combination of rapidly growing solar installations, technological advancements in battery storage and smart energy management systems but challenges such as high start-up costs and intermittent solar outages hinder the growth of the market. Asia-Pacific and North America plays an important role in market expansion aided by favorable regulatory environment, increasing use of renewable energy, and advancements in battery technology While the market is growing, stakeholders innovate using applications to foster long-term growth in the solar battery market, and focuses on regulatory compliance.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 179.3 Million |
| Market size value in 2031 | USD 578.49 Million |
| Growth Rate | 13.9% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Solar Battery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Solar Battery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Solar Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Solar Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Solar Battery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Solar Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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