Solar Battery Market: Global Industry Analysis and Forecast (2023-2029)

Solar Battery Market size was valued at USD 180.28 Mn. in 2022 and the total Solar Battery revenue is expected to grow by 16% from 2023 to 2029, reaching nearly USD 509.53 Mn.

Solar Battery Market Overview:

A solar battery is simply a storage device that is charged using solar panel energy and may be used to store excess energy for later use. This is especially beneficial at night or on cloudy days when solar panels aren't producing energy. One of the most prevalent concerns for consumers thinking about purchasing a solar battery is safety. Solar batteries are normally fairly safe, but just like any other battery you could use around the house, it's critical to read the instructions and follow the advice of your solar installation. Solar batteries exist in a range of sizes and chemical compositions, each with its own set of advantages and disadvantages. The solar battery is often built of lithium-ion or lead acid and is used to store solar electricity and discharge it as needed. These rechargeable batteries are commonly used in solar cell systems to store extra energy. The increasing focus on providing sustainable energy storage solutions would drive the global solar battery market. Additionally, increased government support for sustainable energy sources and lower pollution rates would help the growth of the global solar battery market. The limited availability of fossil fuels such as oil, coal, and other fossil energy resources would then increase the demand for renewable energy based on addition, the installation of solar battery storage technologies and increasing industry investments would drive market growth. Stringent government regulations aimed at reducing carbon emissions would increase demand for solar technology for power generation. Likewise, creative tactics performed by government players would assist the total solar battery industry.

Report Scope:

The report provides a thorough analysis of the current market scenario, including historical and expected market size in terms of value and volume, technological advancement, macroeconomic considerations, and market regulating factors. The report contains specific information on the industry's major players' strategies, as well as a full evaluation of the key market segments and geographies. The report analyses the global market as well as growth trends, competitive landscape analysis, and the key region's development status. Policies and growth goals, as well as production methods and cost structures, are investigated. This report also includes figures for import/export consumption, supply and demand, cost, price, sales, and gross margins. The researcher utilized PESTLE and PORTER analysis to focus on the market's drivers, constraints, opportunities, and challenges for market growth. In addition, the analysis also aids in the adjustment and resolution of issues related to the global Solar Battery market environment. External and internal market aspects that are anticipated to have a favorable or negative impact on the market have been investigated, providing decision-makers with a clear picture of the company's future. The report also aids in understanding market trends and structure by analyzing market segments and forecasting market size. The research focuses on the important industry participants, including company profiles, components, and services offered, as well as financial data from the last three years and notable developments in the previous five years. However, essential business profiles and SWOT analysis, their marketing strategies, etc. are included in the report.Solar Battery MarketTo know about the Research Methodology :- Request Free Sample Report

Research Methodology:

The bottom-up technique is used to estimate and validate the global market size. The revenue produced by all significant competitors has been used to evaluate the market size. In addition, The industry's year-on-year (Y-O-Y) growth is taken into account when determining the market size. Primary expert insights are also utilized to correct, validate, and confirm the market. The Solar Battery market size was derived by multiplying the market by the penetration (market share) of application-based use cases, corporate advancements, and primary insights. The global market is further divided into regions based on characteristics such as regional developments, etc. All significant components affecting the markets included in this report had been studied, thoroughly, validated through primary research, and evaluated to provide the final quantitative and qualitative data. Market size is balanced for top-level markets and sub-segments, and market forecasting takes into account the impact of inflation, economic downturns, policy changes, and other variables. Throughout the report, the data is supported by extensive inputs and analysis. Intensive primary research was carried out to collect information and to check and confirm the crucial numbers arrived at after intensive market engineering and calculations for market statistics such as market size estimations, estimates, segmentation, and data analysis and interpretation.

Solar Battery Market Dynamics:

Shortage of Coal and other Natural Gases.

Oil, coal, and other fossil fuels are in short supply, which would increase the demand for technology-based renewable energy. Additionally, the adoption of solar battery storage technologies and rising industry investments drive market growth. Rising natural gas and coal costs have resulted in a rise in global average commercial power prices. Higher commodity power costs in Germany, the United Kingdom, and Spain more than quadrupled from January to October 2022 as compared to levels seen in 2019 and 2020. Despite prior equipment price increases owing to high commodity and energy costs, higher natural gas and coal prices have enhanced the competitiveness of solar batteries. Fixed-price renewable energy contracts have increased the value of such bilateral agreements by acting as a hedge against higher spot market prices. Larger power costs do not translate into higher subsidies for solar PV for governments, as over 90% of all wind and PV projects have long-term fixed-price PPAs through FITs or CFDs.  

Implementations of government rules and regulations for reducing carbon emissions

Due to strict laws implemented by governments of numerous nations to reduce dependency on exhaustible resources, there is a noticeable surge in the use of eco-friendly and affordable energy solutions worldwide. This is one of the main elements driving the market's expansion. Additionally, solar PV systems are widely used in grid systems that are connected to the regional utility grid to provide the ongoing energy needs of the world's population. To assure speedy payback on huge capital projects, they are also employed in solar streetlights, which are supporting the market's growth. Additionally, smart grids use solar PV systems to provide vital energy back to the grid during peak hours. The surge in demand for renewable energy sources, minimal carbon emission reduction, and dependence on traditional fuels are attributed to the growing demand for PV technology. In addition, because of the increased need for energy from growing nations like India, China, and Thailand, solar PV saw a growth rate of 22% in 2019 compared to wind and hydro energy. Rapid urbanization and industrialization are blamed for the rising demand.  

Rising demand for EV vehicles

As more people switch to using electric vehicles, the demand for electric batteries to aid with transportation costs has increased. As a result, businesses are being influenced to incorporate performance-oriented storage units. The development of systems that support both stationary and mobile batteries will be encouraged by the focus of many businesses on solar-integrated EV charging stations, thus boosting the size of the solar battery market over the forecast period. Costly solar batteries pose a danger to the industry because they are common. Off-grid solar systems that use these batteries can be charged throughout the day to utilize the energy at night. However, energy demand is typically higher during the day, thus installing and properly storing solar energy is necessary. Energy storage is relatively expensive and can quickly push up the price of solar PV systems. Therefore, the consumption tariff rate affects whether an energy storage system is installed. New business opportunities were made possible by the rising popularity of energy trading using blockchain and AI technologies. The owner of solar batteries and solar PV systems will have a new option to export the excess energy and sell it for a higher price as a result. The technology in the solar energy sector is always improving, and advancements will accelerate in the next years. Nanotechnology and quantum physics advancements have the potential to boost solar panel efficiency and double or even treble the electrical input of solar power systems. Sunlight deficiency or cloudy conditions might reduce the effectiveness of solar storage. The backup system, which is a component of the solar collector, helps with additional solar heat storage when it's dark or overcast outside. It keeps the solar battery operational even on cloudy and hazy days. Therefore, such advancements will probably lead to huge market growth opportunities. Some roofs are too small to accommodate the desired number of solar PV panels because they take up a lot of areas. The generation of greenhouse gases has been linked to solar system installation and transportation. Additionally, several dangerous and toxic substances are utilized in the production of solar photovoltaic systems, which may have an indirect negative impact on the environment.  

The higher installation start-up costs

The primary economic challenge is that the higher start-up cost of installation, which is extremely expensive, may be greater than the cost of building the house in which it would be utilized. The cost of installing effective solar panels ranges from $10,000 to $20,000 or more. The cost of batteries is also a significant issue in the use of solar power systems. Solar energy must be used immediately while being stored in large batteries. These batteries, which are used in off-grid solar systems, may be charged during the day and used at night. However, energy consumption is often higher during the day, therefore there is a need for solar energy installation and sufficient storage. The cost of energy storage is rather expensive and can quickly drive up the cost of solar PV systems. As a result, the cost of establishing an energy storage system is determined by the consumption tariff rate.

Solar Battery Market Segment Analysis:

By Type, the Lithium-Ion segment is dominating the market with the highest CAGR of 14.68% during the forecast period as it has the highest market share in 2022. The advancement of portable electronic communities mandates the deployment of lithium rechargeable batteries with excellent performance and power. The energy density of a lithium-ion battery (LIB) with a high discharge voltage (3.6 V) is about double that of a Ni-Cd battery, and it has a longer cycle life and a greater degree of inherent safety. The LIB has transformed human lives and is now widely used in everything from small-scale devices like mobile phones to emergency distributed power supplies, electric vehicles, and so on. Even now, lithium-ion batteries are advancing. Many current LIB research projects are centered on life extension, energy density, safety, cost reduction, and charging speed. Secondary battery solutions based on lithium provide performance gains over standard battery technologies at the expense of higher monitoring and management overhead. Because of the nature of lithium batteries, operational voltage and current must be strictly managed. Multi-cell series-connected lithium battery systems provide a tough design challenge to achieve the best performance from an energy storage solution. Lithium-based chemistries, unlike classic lead acid or NiMH batteries, lack a natural cell equalization technique. The absence of a natural equalization process in multicell lithium battery packs might result in imbalanced cells. Individual cell State of Charge (SOC) would differ from the pack's average state of charge if artificial balancing is not regulated. To manage each cell's state of charge to the desired level, the Lithium Energy Controller (LEC) integrates balancing circuits that correct each cell's unique self-discharge behavior and internal impedance. The LEC keeps records of each cell's health status as it ages with calendar life and cycle life. Tesla, LG Chem, and CATL are notable companies that provide lithium-ion batteries for solar energy storage. Lithium-ion batteries are typically preferred over other batteries because of their lightweight (50–60% less than the lead-acid equivalent). The need for lithium-ion solar batteries is anticipated to increase as sustainable energy alternatives gain popularity. Additionally, compared to other solar batteries, the lithium-ion battery has a much higher energy density and efficiency. Lithium-ion batteries have high efficiency of around 95%. In most cases, it is sufficient to provide the maximum amount of electricity for commercial and industrial purposes. But, The commercial success of lithium-ion batteries is still limited in terms of performance at high voltages and rates due to the lack of appropriate electrode materials for some purposes restricts the segment growth. Solar Battery Market By End-User, the Industrial segment is expected to dominate the market with the highest CAGR during the forecast period. Solar batteries are frequently utilized in industrial applications when there is no local power supply. Because of the possibility to save money and create its electricity, solar is also becoming increasingly popular for personal and business use. Power production, distribution, and transmission facilities, petrochemical, oil and gas, and solar battery systems are employed in severe settings. These work well as power backup systems when installed off-grid. The industrial sector's need for a consistent power supply is anticipated to drive market growth. Players in the market are attempting to use electrical equipment as efficiently as possible during blackouts, which is anticipated to accelerate market growth. Additionally, the industrial solar battery system can save maintenance and electricity costs. Solar energy is utilized to create heat for a broad range of industrial applications, such as water desalination, increased oil recovery, food processing, chemical production, and mineral processing, to name a few. This may be accomplished using either concentrating solar-thermal power (CSP) technology or photovoltaic-powered resistive heaters or heat pumps. Mirrors are used to focus sunlight onto a receiver, which may easily attain very high temperatures as compared to electric heaters when concentrating solar-thermal energy is utilized for industrial applications. According to the Energy Information Administration, the industrial sector consumed 35% of total US end-use energy and 32% of total US energy in 2019. Developing solar technology for industrial processes contributes to the US Department of Energy Solar Energy Technologies Office's objective of creating a carbon-free energy industry by 2050.

Solar Battery Market Regional Insights:

The Asia-Pacific region dominated the market with the highest share in 2022 and is expected to witness significant growth at a CAGR of 14.5% throughout the forecast period. The growing government initiatives over zero-emission standards in developing nations like South Korea, China, and India driving the market growth. Due to significant foreign investment in the solar energy business, China predominantly controls the Asia-Pacific solar battery market. The industrial power sectors also see high demand for the commodity. The region's market growth would be impacted by the growing number of investment opportunities in new solar power projects. In addition, the market growth in the anticipated timeframe is driven by the rise in demand for sustainable energy sources in various end-user industries. With a 1.3 billion population, China is the world's most populated country. It has had great economic growth over the previous three decades, with a yearly average rise in the gross domestic product of 9.8%. This growth has had significant implications for energy consumption and environmental impact. As a result of the increased demand for energy, China has added an average of 53 GW (gigawatts) of electric capacity each year during the previous 10 years to its power-producing capacities. The majority of China's electricity generating capacity is reliant on coal-fired power plants. China's carbon emissions are low per capita; China is already the world's second-largest producer of carbon emissions, after only America.Solar Battery Market With a huge push of laws, regulations, and incentives in recent years, China has set high ambitions for growing its non-hydropower renewable energy resources. Among solar energy usage technologies, concentrated solar power (CSP) is a viable choice with significant implications for China; yet, solar photovoltaic (SPV) technologies are more established than solar thermal power production technologies. As a result, solar power is unquestionably an essential CO2 reduction alternative both now and in the future. China's solar cell has experienced rapid growth subconsciously influenced the booming of the German PV market. A debate is raging among government officials, industry members, technologists, and trade specialists about the nature of the competition between the United States and the People's Republic of China (PRC) in developing, deploying, and selling solar photovoltaic (PV) electricity generation technology domestically and internationally. Over the last three years, China has substantially increased its production capacity for crystalline silicon PV modules, 90% of which are sold to Europe and the United States at continually reduced demand. Europe is expected to grow rapidly during the forecast period as Europe has the highest share of total installed PV capacity, followed by China, the United States, and Japan. In France, Germany, the United Kingdom, Spain, Italy, and the rest of Europe, the solar battery market is substantially growing. Intense R&D efforts and the presence of regulating bodies like the European Commission, which is funding some solar power and energy storage initiatives, will favorably affect industry expansion. Significant suppliers of a variety of solar batteries for small, medium, and big projects, like LG Chem Europe GmbH, Victron Energy, and BMZ Group, will also have a favorable effect on the market growth.

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Global Solar Battery Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2017 to 2022 Market Size in 2022: US$ 180.28 Mn.
Forecast Period 2023 to 2029 CAGR: 16% Market Size in 2029: US$ 509.53 Mn.
Segments Covered: by Type Lead Acid Lithium Ion Flow Battery Others
by End-User Industrial Commercial Residential
by Sales Channel Direct Channel Indirect Channel

Solar Battery Market by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina, Columbia and Rest of South America)

Solar Battery Market, Key Players are

1.Alpha Technologies, Inc. 2. BAE Batterien GmbH 3. Battery Energy Power Solutions Pty 4. Betta Batteries Europe BV 5. BYD Co., Ltd. 6. C&D Technologies, Inc. 7. East Penn Manufacturing Co., Inc. 8. EnerSys 9. Exide Technologies 10. GS Yuasa Corporation 11. HBL Power Systems Ltd. 12. LG Chem 13. SAFT 14. Samsung SDI Co., Ltd 15. Systems Sunlight S.A. 16. Tesla 17. CATL 18. Loom Solar 19. Panasonic 20. Luminous 21. Okaya 22. Amaron 23. Base Battery Frequently Asked Questions: 1] What segments are covered in the Global Solar Battery Market report? Ans. The segments covered in the Solar Battery Market report are based on Type, End-User. 2] Which region is expected to hold the highest share in the Solar Battery Market? Ans. Asia-Pacific region is expected to hold the highest share in the Solar Battery Market. 3] What is the market size of the Solar Battery Market by 2029? Ans. The market size of the Solar Battery Market by 2029 is expected to reach US$ 509.53 Bn. 4] What is the forecast period for the Solar Battery Market? Ans. The forecast period for the Solar Battery Market is 2023-2029. 5] What was the market size of the Solar Battery Market in 2022? Ans. The market size of the Solar Battery Market in 2022 was valued at US$ 180.28 Bn.
1. Global Solar Battery Market: Research Methodology 2. Global Solar Battery Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Solar Battery Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Solar Battery Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Solar Battery Market Segmentation 4.1 Global Solar Battery Market, by Type (2022-2029) • Lead Acid • Lithium Ion • Flow Battery • Others 4.2 Global Solar Battery Market, by End-User (2022-2029) • Industrial • Commercial • Residential 4.3 Global Solar Battery Market, by Sales Channel (2022-2029) • Direct Channel • Indirect Channel 5. North America Solar Battery Market(2022-2029) 5.1 North America Solar Battery Market, by Type (2022-2029) • Lead Acid • Lithium Ion • Flow Battery • Others 5.2 North America Solar Battery Market, by End-User (2022-2029) • Industrial • Commercial • Residential 5.3 North America Solar Battery Market, by Sales Channel (2022-2029) • Direct Channel • Indirect Channel 5.4 North America Solar Battery Market, by Country (2022-2029) • United States • Canada • Mexico 6. Europe Solar Battery Market (2022-2029) 6.1. European Solar Battery Market, by Type (2022-2029) 6.2. European Solar Battery Market, by End-User (2022-2029) 6.3. European Solar Battery Market, by Sales Channel (2022-2029) 6.4. European Solar Battery Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Solar Battery Market (2022-2029) 7.1. Asia Pacific Solar Battery Market, by Type (2022-2029) 7.2. Asia Pacific Solar Battery Market, by End-User (2022-2029) 7.3. Asia Pacific Solar Battery Market, by Sales Channel (2022-2029) 7.4. Asia Pacific Solar Battery Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Solar Battery Market (2022-2029) 8.1 Middle East and Africa Solar Battery Market, by Type (2022-2029) 8.2. Middle East and Africa Solar Battery Market, by End-User (2022-2029) 8.3. Middle East and Africa Solar Battery Market, by Sales Channel (2022-2029) 8.4. Middle East and Africa Solar Battery Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Solar Battery Market (2022-2029) 9.1. South America Solar Battery Market, by Type (2022-2029) 9.2. South America Solar Battery Market, by End-User (2022-2029) 9.3. South America Solar Battery Market, by Sales Channel (2022-2029) 9.4 South America Solar Battery Market, by Country (2022-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Alpha Technologies, Inc. 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 BAE Batterien GmbH 10.3 Battery Energy Power Solutions Pty 10.4 Betta Batteries Europe BV 10.5 BYD Co., Ltd. 10.6 C&D Technologies, Inc. 10.7 East Penn Manufacturing Co., Inc. 10.8 EnerSys 10.9 Exide Technologies 10.10 GS Yuasa Corporation 10.11 HBL Power Systems Ltd. 10.12 LG Chem 10.13 SAFT 10.14 Samsung SDI Co., Ltd 10.15 Systems Sunlight S.A. 10.16 Tesla 10.17 CATL 10.18 Loom Solar 10.19 Panasonic 10.20 Luminous 10.21 Okaya 10.22 Amaron 10.23 Base Battery