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 for later use. Solar batteries play a crucial role in enhancing the efficiency and reliability of solar power systems by allowing homeowners and businesses to store surplus energy during sunny periods and use it when the sun is not shining, such as during the night or cloudy days.
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Solar batteries are a valuable component of solar energy systems, helping to maximize the utilization of clean energy, increase energy independence, and provide backup power. They are a key element in the transition to more reliable and sustainable energy solutions.
Some of the key players profiled in the report include BYD Company, Kokam.Co, Carnegie Clean Energy, Primus Power, LG Chem, and EnerSys.
Asia-Pacific dominated the solar battery market with more than 40% market share.
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.
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.
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.
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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.
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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