Solar batteries are commonly used to store solar energy and discharge it as needed. Lithium ion or lead acid are used to make it. Sun batteries are rechargeable and can be used to store excess energy in solar cell systems. Solar batteries are used in a variety of applications, including solar charging stations, power plant storage, and off-grid storage. Significant surge in demand for eco-friendly and cost-effective energy solutions for industrial and commercial energy storage is expected to drive the market growth. Moreover, it is highly effective to reduce carbon footprint. As governments across the globe are promoting sustainable energy sources, the demand for solar battery is expected to increase during the projected timeframe. The implementation of solar battery in the residential and commercial sectors makes them energy independent and increase the self-reliance of the owner.
MARKET SCOPE
The "Global Solar battery Market Analysis to 2028" is a specialized and in-depth study of the Solar battery market with a special focus on the global market trend analysis. The report aims to provide an overview of Solar battery market with detailed market segmentation by technology, end-user, and geography. The global Solar battery market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Solar battery market players and offers key trends and opportunities in the Solar battery market.
MARKET SEGMENTATION
- The global solar battery market is segmented on the basis of technology, and end-user.
- On the basis of technology, the market is divided into lead acid batteries, lithium ion batteries, and sodium based batteries.
- On the basis of end-user the market is segmented into residential, industrial, and commercial.
MARKET DYNAMICS
Drivers:
- Significant surge in demand for eco-friendly and cost-effective energy solutions for industrial and commercial energy storage is expected to drive the market growth.
- Growing interest of industry players toward renewable energy storage solutions is expected to secure new investments over the forecast timeframe.
- Initial installation cost and high maintenance cost of solar battery are the major challenges for industry players.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The solar battery market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the solar battery market in these regions.
IMPACT OF COVID-19 ON SOLAR BATTERY MARKET
COVID-19 had an immediate impact on the worldwide solar battery sector due to social distancing norms and a labour shortage. As a result, new projects were cancelled and installations were postponed.
Furthermore, the substantial drop in consumer spending had a significant impact on demand. Consumer spending during the lockout had a significant impact on the solar battery sector, which included a variety of solar storage devices. Furthermore, due to movement restrictions, the upstream and downstream channels have been impacted, resulting in an increase in inventories. Furthermore, the market was harmed by a strong reliance on Chinese solar cell, solar battery, and solar module exports. Around 80% of India's solar products are imported from China. Because China's manufacturing enterprises have been idle for the past 6-7 years.
MARKET PLAYERS
The report covers key developments in the solar battery market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from solar batterymarket market are anticipated to lucrative growth opportunities in the future with the rising demand for solar battery market in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Solar battery market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Bosch Solar Energy
- East Penn Manufacturing
- Exide Technologies
- First Solar, Inc.
- Fusion Power Systems
- GS Yuasa
- LG Chem.
- Samsung SDI
- Schneider Electric
- SMA Solar Technology AG.