Solar Battery Market Worth $360.4 Mn by 2027

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.

Get Report Sample PDF: https://www.alliedmarketresearch.com/request-sample/11480

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.

Buy This Report (269 Pages PDF with Insights, Charts, Tables, and Figures): https://bit.ly/3SEDOeO

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.

Get a Customized Research Report: https://www.alliedmarketresearch.com/request-for-customization/11480

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.

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com

Web: www.alliedmarketresearch.com

Allied Market Research Blog:

https://blog.alliedmarketresearch.com

Follow Us on | Facebook | LinkedIn | YouTube

Leave a comment

Your email address will not be published. Required fields are marked *