What Drives the Demand for Solar Battery Market Growth?

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 or system that stores excess electricity generated by a solar photovoltaic (PV) system for later use. It is a crucial component of a solar power setup because it allows homeowners and businesses to maximize the benefits of solar energy by ensuring that surplus energy is not wasted but stored for use during periods when the sun is not shining, such as at night or on cloudy days.

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Asia-Pacific dominated the solar battery market with more than 40% market share.

Some of the key players profiled in the report include

BYD Company

Kokam.Co

Carnegie Clean Energy

Primus Power

LG Chem

EnerSys

Energy Storage: Solar batteries store excess electricity generated by solar panels when the sun is shining. This stored energy can be used when the solar panels are not producing electricity, such as during the night or when the demand exceeds the solar output.

Grid Independence: Solar batteries enable greater energy independence by allowing homeowners and businesses to rely less on the grid. Stored energy can be used during power outages or when grid electricity is expensive.

Energy Shifting: Solar batteries allow users to "shift" the time of energy consumption. They can charge the battery during periods of low electricity demand or when electricity rates are low and use that stored energy during peak demand or high-rate periods.

Backup Power: Many solar battery systems are designed to provide backup power during grid outages. This can be essential for critical loads, such as refrigeration, medical equipment, or home security systems.

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.

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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.

Maximizing Solar Investment: Solar batteries increase the self-consumption of solar energy, ensuring that a higher percentage of the electricity generated by solar panels is used on-site, reducing reliance on grid electricity.

Load Balancing: Solar batteries can help balance electricity loads by storing excess electricity and releasing it during periods of high demand, reducing the strain on the grid.

Environmental Benefits: Solar batteries support the integration of renewable energy sources and reduce the need for fossil fuel backup generators, contributing to a reduction in greenhouse gas emissions.

Off-Grid Applications: In remote areas or locations without access to the grid, solar batteries can be used as a primary source of electricity, enabling off-grid living or operations.

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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