Solar Battery Market 2030 By Type, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Energy & Power | Pages : 163 Pages | Published On : Aug 2023
The global solar battery market had a valuation of $113.4 million in 2019 and is predicted to reach $360.4 million by 2030, with a notable compound annual growth rate (CAGR) of 15.5% from 2023 to 2030. Solar batteries are primarily designed for storing solar energy and releasing it as needed. These batteries are typically constructed using lithium-ion or lead-acid technologies and are rechargeable. They find wide applications in solar charging stations, energy storage for power plants, and off-grid energy storage systems.
The substantial increase in demand for environmentally friendly and cost-effective energy solutions, particularly for industrial and commercial energy storage, is a key driver for market growth. Additionally, solar batteries play a crucial role in reducing carbon emissions. With global governments actively promoting sustainable energy sources, the demand for solar batteries is expected to rise over the forecast period. The integration of solar batteries into residential and commercial sectors fosters energy independence and self-reliance.
In residential settings, solar batteries can reduce reliance on the grid, leading to reduced monthly electricity bills, which is an attractive proposition for new consumers. Moreover, growing interest from industry players in renewable energy storage solutions is expected to attract significant investments. For example, in 2023, an Italian battery storage operator was awarded a contract for a 95 MW solar battery storage project scheduled for delivery in 2022-23.
Furthermore, countries like the UK and Portugal are actively promoting capacity auctions for solar battery storage, a development that will have a positive impact on market growth. However, the initial installation cost and the ongoing maintenance expenses for solar batteries pose significant challenges for industry players. Currently, the adoption of solar battery storage heavily relies on government tax credits and subsidy programs. Additionally, the system requires daily water changes, specifically using distilled water. These factors limit the application of solar batteries, particularly in small residential areas.
Nevertheless, the growing importance of energy trading facilitated by blockchain and AI technologies is creating new market opportunities. This enables solar battery owners and solar PV system users to export excess energy and sell it at premium prices.
The global solar battery market is segmented by type, end-user, and region. Types of solar batteries include lead-acid, lithium-ion, flow batteries, and others. End-users are categorized into industrial, commercial, and residential sectors. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
To maintain competitiveness in the market, major players have adopted strategies such as business expansion, mergers, and acquisitions. Key companies profiled in the report include BYD Company, Kokam.Co, Carnegie Clean Energy, Primus Power, LG Chem, and EnerSys.
Asia-Pacific dominated the market in 2019, driven by the concerns of governments in emerging nations like China, India, and South Korea regarding renewable energy storage. China, as a leading solar power producer, is expected to have a particularly positive influence on the demand for solar batteries in this region.
In 2019, the lithium-ion segment secured the largest share of revenue. This can be attributed to the remarkable charge and discharge efficiencies exhibited by lithium-ion batteries, allowing for the efficient harnessing of substantial energy. For instance, lithium-ion batteries typically achieve an efficiency rate of 90-95%, surpassing the 80-85% efficiency rate typically associated with lead-acid batteries.
In 2019, the industrial segment accounted for the highest portion of revenue. This prominence is a result of robust demand from various industrial end-users seeking additional energy storage solutions. Furthermore, the introduction of new incentives and tax credit programs by governments is expected to further entice new end-users to this sector.
COVID-19 scenario analysis
- The global solar battery market experienced immediate repercussions from the COVID-19 pandemic. This was primarily due to the implementation of social distancing measures and a shortage of available manpower, resulting in project delays and cancellations.
- Furthermore, the sharp decline in consumer spending significantly affected demand. Reduced consumer expenditure during lockdowns had a notable impact on the solar battery market, especially for solar products such as various solar storage systems.
- The restrictions on movement caused disruptions in both upstream and downstream channels, leading to increased inventories.
- The heavy reliance on Chinese exports for solar cell, solar battery, and solar module components had a negative impact on the market. India, for instance, imports approximately 80% of its solar products from China. With Chinese manufacturing firms being inactive for several months, production processes in India were severely affected.
- However, the shift towards remote work is considered a crucial solution to improve market conditions for solar batteries. Many automation companies are employing remote connectivity to provide field operators and service engineers with access, even when they cannot be physically present on-site.
- These companies are offering control room livestreams, access to process data, operational insights, and key performance indicators for remote users. Such developments are expected to create new market opportunities in the post-COVID-19 period.
Key benefits for stakeholders
- The global solar battery market analysis provides comprehensive insights into major industry participants.
- The application of Porter's five forces analysis aids in evaluating the potential of both buyers and suppliers, as well as assessing the competitive landscape within the solar battery industry for strategic planning.
- Major countries are individually assessed based on their respective revenue contributions to the regional market.
- The report delivers an in-depth analysis of the global solar battery market forecast spanning the period from 2023 to 2030.
- It outlines current global solar battery market trends and future projections from 2019 to 2030, facilitating a deeper understanding of prevailing opportunities and potential areas for investment.
- The study explains the key drivers, constraints, market opportunities, and provides a detailed impact analysis of these factors.
Solar Battery Market Key segments
- Lead Acid
- Lithium Ion
- Flow Battery
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
EnerSys, .BAE Batterien GmbH, Loom Solar, CATL, Panasonic, LG, Alpha Technologies, Inc., BYD Co. Ltd., A123 Systems LLC, Tesla
Table and Figures
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Covered Key Topics
Market Growth Drivers
Leading Market Players
Company Market Share
Market Size and Growth Rate
Market Trend and Technological