Solar Battery Market expected to grow at 15.5% CAGR by 2027.
According to a new report published
by Allied Market Research, titled, “Solar Battery Market by Type and End-User: Global Opportunity
Analysis and Industry Forecast, 2020–2027”, 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.
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.
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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. Additionally, the
implementation of solar battery storage systems will provide new employment,
which can open new investment opportunities in the economy.
Based on type, lithium-ion battery
emerged as the market leader in 2019. This is attributed to high charge and
discharge efficiencies of lithium-ion batteries, which help in harvesting large
amount of energy. For instance, the average efficiency of lithium-ion battery
is 90-95%, whereas for lead acid it is around 80-85%.
Based on end-users, industrial
segment accounted for the highest revenue share in 2019. This is attributed to
strong demand from various industrial end-users for additional energy storage
solutions. Moreover, new incentive and tax credit schemes from governments are
expected to further attract new end-users in this sector.
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Region-wise, Asia-Pacific accounted
for the highest revenue share in 2019, owing to rise in concern from
governments across emerging nations, such as China, India, and South Korea,
regarding renewable energy storage. This is expected to drive the market
growth. Moreover, China being the largest producer of solar power will
positively influence the demand for solar battery in this region.
Major players have adopted business
expansion, merger, and acquisition to sustain the intense market competition.
Some of the key players profiled in the report include BYD Company, Kokam Co,
Carnegie Clean Energy, Primus Power, LG Chem, and EnerSys.
COVID-19 scenario analysis
- The global solar battery
market 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.
- In addition, 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.
- Moreover, the upstream and
downstream channels have been affected due to restrictions on movement,
which lead to increase in the amount of inventories.
- Furthermore, high dependency
on Chinese exports for solar cell, solar battery, and solar module
negatively impacted the market. India imports around 80% of its solar
products from China. As the manufacturing firms in China were idle for the
last 6-7 months, it highly impacted the production process in India.
- However, 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.
- These companies are providing
control room livestreams, process data, operational insights, and plant
key performance indicators to users sheltering at home. Such developments
are expected to provide new solar battery market opportunities in post
COVID-19 period.
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Key findings of the study:
- 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.
- By region, the Asia-Pacific
dominated the solar battery market with more than 40% market share.
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research and business-consulting wing of Allied Analytics LLP based in
Portland, Oregon. Allied Market Research provides global enterprises as well as
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to make strategic business decisions and achieve sustainable growth in their
respective market domain.
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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.
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