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 or solar battery storage, is a device that stores excess electricity generated by solar panels (photovoltaic cells) for later use. Solar batteries are a key component in enhancing the efficiency and reliability of solar power systems by allowing homeowners, businesses, and even utility companies to store surplus energy and utilize it during times when the sun is not shining, such as at night or during cloudy weather.
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Solar Panel Generation: Solar panels capture sunlight and convert it into electricity through the photovoltaic effect.
Excess Energy Production: During periods of strong sunlight, solar panels often produce more energy than is being consumed in the building or facility.
Charging the Battery: The surplus energy generated by the solar panels is directed to the solar battery, where it is stored for later use.
Energy Consumption: When solar panel generation is insufficient (such as during the night), the stored energy in the solar battery is discharged and used to power the building’s electrical systems or appliances.
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.
Asia-Pacific dominated the solar battery market with more than 40% market share.
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.
Some of the key players profiled in the report include BYD Company, Kokam.Co, Carnegie Clean Energy, Primus Power, LG Chem, and EnerSys.
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.
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.
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Increased Self-Consumption: Solar batteries allow you to maximize the use of the energy your solar panels generate by storing excess energy for later use, reducing the need to purchase electricity from the grid.
Energy Independence: Solar battery systems can reduce your reliance on the grid and provide a source of backup power during grid outages.
Grid Stability and Peak Shaving: Solar batteries can help stabilize the electrical grid by storing excess energy when demand is low and supplying it back to the grid during peak demand periods.
Time-of-Use Savings: In regions with time-of-use pricing, where electricity costs vary throughout the day, solar batteries can be used to store electricity when rates are low and discharge it during high-rate periods.
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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