New York, July 27, 2021 (GLOBE NEWSWIRE) — Solar Battery Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Solar Battery Market Research Report, Type, End Use and Region – Forecast till 2027” the market size is projected to be worth USD 375.83 Million by 2027, registering a CAGR of 16.17% during the forecast period (2021 – 2027), The market was valued at USD 121.61 Million in 2020.
Most distributed generation successes revolve around renewables. Installations of solar power systems in residential sectors and home setups boost sales of solar batteries. Product standardization, increased research & innovations, and increased lab & field tests are major market trends, ensuing large adoption of solar batteries over the past few years.
Commercial spaces are increasingly implementing solar energy systems embedded with IoT technologies and devices, such as artificial intelligence (AI) and Blockchain for remote monitoring, payments, and security & performance analysis creating vast market opportunities for solar energy storage systems.
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Competitive Analysis
List of the Key Companies Profiled in the Solar Battery Market Research Report are:
- LG
- Tesla
- CATL
- Panasonic
- Loom Solar
- BAE Batterien GmbH
- EnerSys
- BYD Co. Ltd.
- Luminous
- Okaya
- Exide
- Amaron
- Base Battery
- HBL Power
- Eastman
The solar battery market outlook appears extremely competitive due to the strong presence of well-established market players. They seek opportunities to foster the extensive value chain and focus on R&D investments, expansion, and M&A activities. New players enter the market with competitive pricing to undercut the established providers and gain footholds in international markets.
For instance, recently, on Jun 25, 2021, Reliance Industries (RIL – India) announced its plans to foray into solar panels, battery storage, green hydrogen, and fuel cell production, investing USD 10BN. RIL would construct an integrated solar photovoltaic (PV) factory, advanced energy storage battery manufacturing unit, green hydrogen, and fuel cell facility.
These four manufacturing units of gigawatt-scale would be located in Jamnagar, Gujarat, at the base of Reliance Industries’ energy business. The first integrated solar PV gigawatt factory would start with converting raw silica to polysilicon, which would then get converted to ingot and wafers that can be used to make high-efficiency solar cells and finally assembled into high-efficiency solar modules.
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Growing Ecological concerns to Bolster the Market Growth
Renewable energy presents cost-effective solutions for energy generation, whereas conventional energy sources are far more costly and damaging to the environment. Growing concerns over the implication of burning fossils on the environment fuel the adoption of renewable energy sources and the solar battery market.
In grid systems, solar batteries attached to the local utility grid act as an emergency power source for renewable energy systems. The increasing use of these batteries in grid-tied systems, backup power, solar streetlights, and smart grids are major factors bolstering the solar battery market.
Moreover, concerns of growing energy consumption and ecological concerns influence the market growth, promoting the need for renewable/clean energy generation to reduce pollution levels. Also, the rising nuclear and renewable energy generation boosts the solar battery market size.
Development, Installing, and Maintenance Costs Hinder Market Growth
Lack of awareness and mobilization (structuring) demand are major factors affecting the solar battery market growth. Shifting from conventional practices needs large-scale community awareness programs and demonstrations. Besides, high initial investments required for installing and maintaining solar battery systems affect market growth, which challenges the market players.
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COVID-19 Impacts
Rise in renewables was reassuringly robust amid COVID 19 crises. The dependency on fossil fuels could have been reduced dramatically had the global electricity demand not been increased so hugely. Market players faced problems ranging from obtaining components required to develop solar batteries and attracting workers from quarantines to delivering end products.
Lockdown mandates to control the spread of the virus disrupted supply chains, creating the scarcity of components and key raw material production. Resultantly, product prices were spiked, and the market demand was lowered. However, the solar battery industry is rapidly returning to normalcy, witnessing the rising energy demand. The demand for solar batteries is estimated to increase after the lockdown mandates get relaxed in many countries.
Segmentation
The market is segmented into types, end uses, and regions. The type segment is sub-segmented into lithium-ion (Li-ion), lead-acid, flow battery, and others. Of these, the Li-ion battery type segment accounts for the largest market share, witnessing vast adoption. The end-user segment is sub-segmented into industrial, commercial, and residential. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Regional Analysis
The Asia Pacific region is likely to remain a highly attractive market for solar batteries during the review period. The region witnesses rapid growth in the solar industry. The technology has just begun to impact the adopters and new markets. Besides, increasing consumer purchasing power and regulatory change represent the most important growth drivers scaling the solar battery market share.
Also, increasing numbers of production capacities and renewables technology providers in the region positively impact the market growth. Increasing investments in renewables and the rise in grid development projects, alongside the significant expansion of industries, influence the market demand in the region. Furthermore, the increase in government initiatives drives the alternative energy market.
Segmentation of Market covered in the research:
Information by Information by Type (Lithium-Ion, Lead-acid, and Flow Battery), End Use (Industrial, Commercial, and Residential), and Region (North America, South America, Europe, Asia-Pacific, and Middle East & Africa)
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