PUBLISHER: Market Research Future | PRODUCT CODE: 1496185
PUBLISHER: Market Research Future | PRODUCT CODE: 1496185
The Solar Battery Market industry is anticipated to experience a compound annual growth rate (CAGR) of 18.5% from USD 214.52 million in 2023 to USD 734.46 million by 2030. Solar batteries are employed to store solar energy. In essence, an inverter is utilized to implement a solar battery. Furthermore, it is capable of being recharged and can be integrated into solar panel systems.
The Solar Battery Market is experiencing growth due to the increasing demand for energy solutions that are both cost-effective and environmentally favorable for industrial and commercial energy storage. Furthermore, the demand for solar batteries has increased among all end consumers in developed countries, such as the United States, due to the growing awareness of clean energy. Furthermore, the commercial solar battery market is significantly impacted by ongoing infrastructural investments and smart city initiatives. Furthermore, the utilization of solar batteries can significantly mitigate carbon footprints. The implementation of solar batteries has the potential to reduce a nation's reliance on imported fossil energy resources and achieve energy independence. Additionally, it is anticipated that the investment opportunities will increase during the forecast period due to the increasing interest of industry participants in renewable energy storage solutions. For example, the United Kingdom and Portugal are promoting capacity auctions for solar battery storage in lieu of conventional energy storage systems. In recent years, the demand for renewable energy has increased exponentially in countries due to the growing need to reduce greenhouse gas (GHG) emissions. This trend is anticipated to continue in the future. This, in turn, will stimulate the adoption of batteries by expanding the solar battery market. For example, in 2019, Germany established a new objective to generate 20GW of energy through offshore wind power by the end of 2030. This initiative attracted investments to support the development of energy storage systems in the country and stimulated the market.
Market segment insights
The solar battery market has been segmented into three types: lithium-ion, lead-acid, and flow battery.
The Solar Battery Market is segmented into Industrial, Residential, and Commercial based on End Use.
Regional Perspectives
During the forecast period, the Asia-Pacific Solar Battery market is anticipated to account for a substantial revenue share and maintain the highest market share. The Asia Pacific solar battery market will experience growth due to the implementation of stringent regulations by government bodies to limit carbon emissions and the increasing industrialization. China, India, Japan, South Korea, Australia, and the remaining Asia-Pacific nations comprise the region. China is the primary dominator of the Asia-Pacific solar battery market as a result of the substantial foreign investments in the solar energy sector. Furthermore, the industrial and power sectors exhibit substantial demand for the product. Additionally, the market is expected to expand during the projected timeframe due to the increasing demand for sustainable energy sources in a variety of end-user industries.
LG Corp, Contemporary Amperex Technology Co Ltd, Tesla, Inc, Loom Solar, Panasonic Corporation, BYD company, EnerSys, Exide Industries Limited, Okaya Power Group, Amara Raja Batteries Limited, Luminous Power Technologies, HBL Power Systems Limited, Base Batteries, Eastman Auto & Power Limited, and BAE Batteries GmbH are the primary players in the Solar Battery Market.