Press release
U.S. Solar Battery Market Growth: The Growing Demand in Energy Storage
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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The key players operating and profiled in the U.S. solar battery market include Adara power, Aims Power, BBI Battery, Enersys, Fortress Power, Goal Zero, Panasonic Corporation, Power Sonic Corporation, Tesla. Inc, Simpliphi Power, Inc, Sunpower, Solaredge Technologies Inc, and U.S. Battery Manufacturing Co. Other players in the U.S. solar battery market are Enphase Energy, and others.
Factors contributing toward the U.S. solar battery market growth are rise in demand for eco-friendly and cost-effective energy solutions for industrial and commercial energy storage.
The awareness regarding clean energy in developed country such as U.S. has increased the demand for solar battery from all the end users.
Ongoing infrastructural investments and smart city projects are the major factors influencing the commercial solar battery market growth.
Some of the states in the U.S. are boosting its solar energy capacity which might increase the demand for solar batteries. The California plans to boost its solar power capacity in 2021 to meet the target of 50% renewable generation by 2025.
In addition, the California Independent System Operator (CAISO) is also aiming to add 2.5 GW of battery storage capacity.
Various end user of solar battery studied in the U.S. solar battery market include residential, industrial, and commercial. The U.S. solar battery market share is analyzed for each and every segment.
Industrial segment is leading end user of solar battery. This is attributed to strong demand from various industrial end users for additional energy storage solutions.
The lead acid battery segment garnered a share of 3.5% in 2020 in terms of revenue.
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On the basis of type, the market is categorized into lithium ion, lead acid, flow battery, and others. The lithium-ion segment garnered 79.3% share in 2020, in terms of volume, and is expected to grow a CAGR 7.7% from 2021 to 2030.
The commercial segment gained 32.1% share in 2020 in terms of revenue.
The flow battery segment is expected to grow at a CAGR of 5.9%, in terms of revenue, during the forecast period.
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%.
Impact of COVID-19 on the U.S. solar battery market
The COVID-19 outbreak has affected the demand as well as manufacturing of U.S. solar battery.
The COVID-19 pandemic has impacted delivery times for solar projects which is consequently hindering the demand for solar battery. The delay in projects is owing to labor shortages.
Some of the developments of solar projects is NextEra's Dodge Flat Solar Energy Center and Fish Springs Ranch Solar Farm in Nevada. These projects are under contract with NV Energy Inc. It has to be completed in 2021. The projects have 300 MW of solar with 75 MW of energy storage.
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Furthermore, NextEra's Wheatridge Solar & Battery storage facility in Oregon is also on track. It is part of a wind-solar-storage project with Portland General Electric Co., and various comprehensive battery inclusion at existing solar farms under agreement with Southern California Edison.
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