Press release
Solar Battery Market Report 2023-2028 | Industry Size, Share, Trends, Growth
Solar Battery Market
The global solar battery market size reached US$ 179.3 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 407.2 Million by 2028, exhibiting a growth rate (CAGR) of 13.9% during 2023-2028.
A solar battery functions as a storage unit for solar energy, offering a dependable power source for households and businesses even during periods of low solar panel activity. It encompasses lithium-ion (Li-ion), lead-acid, nickel-iron, and saltwater batteries. Its presence enhances the durability of the power grid by alleviating stress during high-demand periods and supplying backup power. This device optimizes the utilization of solar power, diminishing the need for costly grid electricity. Moreover, it assists in stabilizing the intermittent characteristic of solar energy, enhancing the reliability of renewable energy. Additionally, it contributes to a greener environment by diminishing reliance on fossil fuels.
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Global Solar Battery Market Trends and Drivers:
Currently, the market is experiencing substantial growth, primarily propelled by the heightened global awareness of climate change and the need for sustainable energy sources. Another significant driver is the increasing demand for solar batteries, driven by their ability to enable energy consumption during off-peak hours, effectively managing energy costs. Additionally, advancements in battery technology, particularly the improvements in energy storage capacities and efficiency of Li-ion batteries, are further contributing to a positive market outlook. Moreover, the market is being bolstered by the rising adoption of electric vehicles (EVs) as an eco-friendly substitute for traditional fuel-based cars.
Global Solar Battery Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this 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
Tesla Inc.
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The report segmented the market on the basis of region, type, capacity and end user.
Breakup by Type:
Lead Acid
Lithium Ion
Flow Battery
Others
Breakup by Capacity:
Below 75 AH
75 To 150 AH
Above 150 AH
Breakup by End User:
Industrial
Commercial
Residential
Breakup By Regions:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Key highlights of the report:
Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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Contact Us:
IMARC Services Private Limited.
134 N 4th St. Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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