Solar Battery Market Share Projected to Reach USD 589.21 Million by 2030, at a 16.2% CAGR

May 10, 2023

Solar Battery Market Growth Boost by Rising Technological Advancements, Increasing Use of These Batteries and Growing Energy Storage Industry

New York, US, June 07, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), "Solar Battery Market Information By Type, End Use, and Region - Forecast till 2030", By 2030, the market for solar batteries can expect to touch USD 589.21 Million, expanding at a rate of 16.2% from 2022 to 2030.

Solar Battery Market Overview

Solar energy is frequently stored in and discharged from solar batteries. It is made with lead acid or lithium-ion batteries. It is rechargeable and can be used in solar cell systems to store excess energy. Solar batteries are employed in a variety of settings, such as solar charging stations, storage in power plants, and off-grid storage systems. Growing demand for green energy storage solutions is driving the solar battery market ahead. As governments around the world promote sustainable energy sources, the demand for solar batteries is predicted to rise over the anticipated period. The need for coal, oil, and other imported fossil fuels can be considerably decreased by using solar storms. Furthermore, the use of solar battery storage systems will lead to the creation of new jobs and potentially even new investment opportunities.

Market Competitive Landscape:

The affluent companies active in the solar battery market include

Tesla

LG

CATL

Loom Solar

Panasonic

BAE Batterien GmbH

BYD Co. Ltd.

EnerSys

Luminous

Exide

Okaya

Amaron

HBL Power

Base Battery

Eastman

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Solar Battery Market USP Covered:

Market Drivers:

There is a greater demand for technology-based renewable energy since there is a shortage of oil, coal, and other fossil fuels. solar battery market expansion is fueled by increased industrial investments as well as the uptake of solar battery storage technologies. The cost of natural gas and coal has increased, which has raised the average commercial power price globally.

Higher natural gas and coal prices help solar batteries remain competitive despite prior equipment price increases caused by high commodity and energy costs. Such bilateral arrangements now have more value thanks to fixed-price renewable energy contracts that serve as a buffer against rising spot market pricing. Since over 90% of all wind and PV projects have long-term fixed-price PPAs through FITs or CFDs, higher power costs do not transfer into higher subsidies for solar PV from governments.

There has been a considerable increase in the adoption of environmentally friendly and cost-effective energy solutions globally as a result of tough legislation put in place by governments of several nations to limit dependence on exhaustible resources. This is one of the key factors influencing the market's growth. Additionally, solar PV systems are frequently employed in grid systems that are linked to the local utility grid in order to meet the global population's ongoing energy needs. They are also used in solar streetlights, which are promoting the market's expansion, in order to guarantee quick payback on large capital investments. Additionally, solar PV systems are used in smart grids to replenish the grid with essential energy during peak usage.

Report Scope:

Report Metrics

Details

Market Size 2030

2030: USD 589.21 Million

CAGR during 2022-2030

16.2% CAGR

Base Year

2021

Forecast

2022-2030

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Type, End Use, and Region

Key Market Opportunities

Growing energy storage industry

Key Market Drivers

Increasing use of these batteries in applications

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The spike in interest in PV technology is responsible for the rise in demand for renewable energy sources, the meagre reduction in carbon emissions, and our reliance on conventional fuels. Additionally, solar PV saw a growth rate of 22% in 2019 compared to wind and hydro energy because of the rising need for energy from developing nations like India, China, and Thailand. The increased demand is attributed to rapid industrialization and urbanisation.

Electric batteries are more in demand as more people switch to driving electric cars to help cut down on transportation costs. As a result, companies are being persuaded to use storage units that are focused on performance. The focus of many companies on solar-integrated EV charging stations will drive the development of systems that support both stationary and mobile batteries, increasing the size of the solar battery market over the projected period.

Solar Battery Market Opportunities

The growing acceptance of blockchain and AI-based energy trading has opened up new economic options. With this new option, the owner of solar batteries and solar PV systems will be able to export the extra energy and sell it for more money. In the coming years, technological improvements in the solar energy sector will pick up speed. Advances in nanotechnology and quantum physics have the potential to increase the electrical input of solar power systems and increase the efficiency of solar panels.

The efficiency of solar storage may be decreased by inadequate sunlight or gloomy weather. The solar collector's backup mechanism, which is a part of it, aids in storing additional solar heat when the weather is gloomy or overcast. It keeps the solar battery running even on overcast and foggy days. As a result, such innovations will undoubtedly create a tonne of potential for market expansion.

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Market Restraints:

The primary obstacles for business operators in this sector are the high installation costs and high maintenance costs of solar batteries. At this time, government tax credit and subsidy programmes are quite important for solar battery storage. The water in the system must also be distilled water, and it needs to be replaced every day. Due to these issues, solar battery applications are restricted to small residential areas.

But when energy trading with blockchain and AI technology gained popularity, new market opportunities emerged. The owner of solar batteries and solar PV systems will have a new option to export the excess energy and sell it for a higher price as a result.

Solar Battery Market COVID 19 Analysis

The demand for energy has decreased globally. There is roughly a 20% decline in demand in some nations. Oil and energy prices have both decreased. The decrease in energy use is what caused these declines. The disturbance of the construction projects is what caused the factories to close. The demand for commercial electricity continues to fall. The demand for household electricity is barely lowered as a result of the respite. The anticipation was for rising demand, though. Additionally, other nations also intend to lift the partial lockdown. The industries will feel a little more at ease as a result, and their factories may open. Solar power facilities are unable to meet demand.

Solar Battery Market Segmentation

By Type

The lithium-ion, lead-acid, and flow battery segments make up the solar battery market. During the projected period, it is anticipated that the lithium-ion segment would account for the biggest market share for solar batteries. The high storage density, compatibility with hybrid electric cars, and compact size of modern lithium-ion batteries are only a few of the significant benefits that may be attributed to this. These advantages make lithium-ion batteries the best kind of solar battery for solar-powered applications.

By End-Use

The industrial, commercial, and residential segments of the solar battery market are separated based on end-use. The quickest rate of growth is anticipated in the industrial sector due to the high demand for additional energy storage technologies among different industrial end-users. Furthermore, new government tax credits and incentive programmes will help this industry draw in new end consumers.

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Solar Battery Market Regional Insights

During the study period, Asia Pacific will probably hold the greatest market share. The region's expanding industrial sector is contributing to the expansion of the solar battery sector. These batteries are suitable for a variety of uses, including as power supplies for electronic devices and in factories. Fast-developing nations in the Asia-Pacific region are placing a lot of emphasis on the industrial sector, which is anticipated to be one of the key end-use markets for solar batteries in the next years. These nations include China and India. The need for solar batteries in the area is also anticipated to increase dramatically as a result of the region's expanding investments in the development of rural areas and growing demand for solar energy sources.

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