Solar Battery Market Growth Is Attributed To The Increasing Demand For Eco-Friendly And Cost-Effective Energy Solutions

According to Precision Business Insights (PBI) latest report, the solar battery market is expected to be worth USD 217.8 million in 2022, growing at a 16.3% CAGR from 2022 to 2028. The solar battery market is segmented into the following types: By Type (Lead Acid, Lithium-Ion, Flow Battery, and Others) and End-User (Industrial, Commercial, and Residential), and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa) Forecast to 2028. Key players' profiles in the Solar Battery Market market report are BAE Batterien GmbH, BYD Co. Ltd., EnerSys, Exide Industries Limited., LG Electronics Inc. (LG Corporation), Loom Solar Pvt. Ltd., Luminous Power Technologies Private Limited (Schneider Electric SE), Okaya Power Pvt. Ltd., Panasonic Corporation, SAFT (TotalEnergies SE), Samsung SDI Co. Ltd and Tesla Inc.

View Detailed Report Description at https://precisionbusinessinsights.com/market-reports/solar-battery-market/

The solar battery market will be fueled by rising environmental concerns, and strong regulatory regulations to reduce carbon emissions through the integration of effective energy-saving techniques. Furthermore, continual improvements and upgrades with the goal of achieving a cost-competitive business environment will have a favorable impact on industry dynamics. In addition, leveraging the synergy between intermittent renewable energy and demand-side electrification is a major element driving technology adoption.

The Lithium-Ion Segment are Dominate the Solar Battery Market Market:
The Lithium-Ion batteries segment accounted for a larger revenue share and is projected to grow at a significant CAGR from 2021 to 2027 owing to increasing installations of home grid-tied solar panels plus lithium-ion batteries, which range in price from USD X to USD X. Other major potential factors expected to drive the market such as solar batteries have become less expensive in recent years and these solar batteries qualify for the federal solar tax credit of ~26%, and some jurisdictions offer additional solar battery incentives to assist reduce initial battery costs.

The Asia Pacific held the Significant Share in Global Solar Battery Market:
Asia Pacific accounted for a significant revenue share in the global solar battery market and is projected to grow at a considerable CAGR from 2022 to 2028. In the Asia Pacific region based on solar energy-generated electricity, China has surpassed Germany as the leading participant in the solar energy sector. The country's dominance in battery production, along with the ever-increasing need for solar energy, is expected to boost demand for solar batteries. In addition, countries such as India, Japan, and Korea are increasingly relying on solar energy to generate electricity. Given their restricted exposure to sunlight, European countries have placed a strong emphasis on solar energy generation, resulting in a need for solar batteries in this region.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Solar Battery Market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In December 2019, LG Chem and GM announced that they will form a joint venture in Ohio and invest up to $2.3 billion by 2023. The aim of the joint venture will be the production of battery cells for electric vehicles.

Request sample report at https://precisionbusinessinsights.com/request-sample?product_id=54612

Detailed Segmentation
Based on the Type, the market is segmented into the following:
• Lead Acid
• Lithium-Ion
• Flow Battery and Others

Based on the End-User, the market is segmented into the following:
• Industrial
• Commercial
• Residential

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Contact:
Mr. Satya
Precision Business InsightsTM | Toll Free: +1 866 598 1553
Email: sales@precisionbusinessinsights.com
Kemp House, 152 - 160 City Road, London EC1V 2NX
Web: https://precisionbusinessinsights.com/ | D U N S® Number: 852781747

About Precision Business Insights:
We are a market research company that strives to provide the highest quality market research insights. Our diverse market research experts are enthusiastic about market research and therefore produce high-quality research reports. We have over 500 clients with whom we have a good business partnership and capacity to provide in-depth research analysis for more than 30 countries. In addition to deliver more than 150 custom solutions, we already have accounts with the top five medical device manufacturers.

Precision Business Insights offers a variety of cost-effective and customized research services to meet research requirements. We are a leading research service provider because of our extensive database built by our experts and the services we provide.

This release was published on openPR.