Solar Battery

Solar Battery Market Share is projected to grow at a CAGR of 15.5% To 2027

OREGON, PORTLAND, UNITED STATES, June 28, 2023/EINPresswire.com/ --

Solar Battery Industry Overview

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

A solar battery, also known as a solar storage battery or solar energy storage system, is a device that stores the excess electricity generated by solar panels for later use. It allows solar energy to be stored and utilized during periods of low sunlight or high energy demand. Solar batteries are an essential component of a solar power system, providing energy independence and increased self-consumption of solar-generated electricity.

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Solar batteries store the excess electricity generated by solar panels when the energy production exceeds the immediate energy demand. The stored energy can be used later when solar energy production is lower, such as during the night or cloudy days, or when the energy demand is higher than what the solar panels can currently provide.

Some of the key players profiled in the report include BYD Company, Kokam.Co, Carnegie Clean Energy, Primus Power, LG Chem, and EnerSys.

Solar batteries are typically integrated into solar power systems, working in conjunction with solar panels and inverters. The excess solar energy is first used to charge the battery, and when the solar panels cannot meet the immediate energy demand, the stored energy from the battery is discharged to supply electricity to the load.

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.

Solar batteries are often equipped with energy management systems or smart controls that optimize the charging and discharging of the battery based on energy consumption patterns, time-of-use rates, and other factors. These systems ensure efficient utilization of stored solar energy and maximize cost savings.

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.

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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.

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.

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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David Correa
Allied Analytics LLP
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