Blogs
on May 2, 2024
The latest report by IMARC Group, titled “Solar Battery Market Report by Type (Lead Acid, Lithium Ion, Flow Battery, and Others), Capacity (Below 75 AH, 75 To 150 AH, Above 150 AH), End User (Industrial, Commercial, Residential), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on solar battery market share, size, trends, analysis, growth, demand, statistics, and overview. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
How big is the solar battery market?
The global solar battery market size reached US$ 204.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 590.0 Million by 2032, exhibiting a growth rate (CAGR) of 12.3% during 2024-2032.
Factors Affecting the Growth of the Solar Battery Industry:
- Renewable Energy Integration:
The increasing adoption of solar power as a renewable energy source drives the demand for solar batteries, enabling the storage of surplus energy generated during peak sunlight hours. Solar batteries play a vital role in maximizing the self-consumption of solar energy by storing excess electricity for use during periods of low or no sunlight. This enhances energy independence for homeowners, businesses, and utilities while reducing reliance on the grid. Additionally, solar batteries facilitate the integration of solar power into the electricity grid by providing grid stabilization services, smoothing out fluctuations in solar generation, and supporting grid balancing efforts. As the transition to renewable energy accelerates, the demand for solar batteries is expected to continue growing, further driving the expansion of the solar battery market.
- Declining Battery Costs:
Technological advancements and economies of scale have led to a significant reduction in the cost of lithium-ion batteries, the predominant technology used in solar energy storage systems. As battery prices continue to decline, solar-plus-storage solutions become more economically viable, driving widespread adoption across residential, commercial, and utility-scale solar projects. The declining cost of solar batteries lowers the overall system cost and improves the return on investment for solar energy storage installations. This trend is particularly significant for residential and commercial customers seeking to offset electricity costs, increase energy independence, and reduce carbon footprint. As a result, declining battery costs play a pivotal role in fueling the growth of the solar battery market and accelerating the transition towards clean, renewable energy sources.
- Grid Resilience and Energy Security:
Solar batteries are critical for enhancing grid resilience and energy security, providing backup power during grid outages and emergencies. With the increasing frequency and severity of extreme weather events, grid disruptions pose significant challenges to the reliability of electricity supply. Solar battery storage systems offer a decentralized solution to address these challenges by enabling off-grid operation and islanding capabilities, allowing homes, businesses, and critical infrastructure to maintain power during blackouts. Moreover, solar batteries support grid stability and reliability by providing ancillary services such as frequency regulation and peak shaving, contributing to the overall resilience and sustainability of the electricity grid. As a result, the demand for solar batteries is driven by the need to improve grid resilience and mitigate the impacts of grid disruptions, further stimulating growth in the solar battery market.
For an in-depth analysis, you can request a sample copy of the report: https://www.imarcgroup.com/solar-battery-market/requestsample
Competitive Landscape:
The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
- BAE Batterien GmbH
- BYD Co. Ltd.
- Contemporary Amperex Technology Co. Ltd.
- EnerSys
- Exide Industries Limited
- LG Electronics Inc. (LG Corporation)
- Loom Solar Pvt. Ltd.
- Luminous Power Technologies Private Limited (Schneider Electric SE)
- Okaya Power Pvt. Ltd.
- Panasonic Corporation
- SAFT (TotalEnergies SE)
- Samsung SDI Co. Ltd
- Tesla Inc
Solar Battery Market Report Segmentation:
By Type:
- Lead Acid
- Lithium Ion
- Flow Battery
- Others
Lithium-ion represents the leading segment due to its high energy density, longer lifespan, and faster charging capabilities compared to other battery chemistries, making it ideal for solar energy storage applications.
By Capacity:
- Below 75 AH
- 75 To 150 AH
- Above 150 AH
On the basis of the capacity, the market has been classified into below 75 AH, 75 to 150 AH, and above 150 AH.
By End User:
- Industrial
- Commercial
- Residential
Industrial hold the majority of the market share on account of the increasing adoption of solar energy systems by industries to reduce electricity costs, improve energy resilience, and mitigate carbon emissions, driving the demand for large-capacity solar batteries for commercial and industrial applications.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific’s dominance in the solar battery market is attributed to the region's rapid economic growth, increasing investments in renewable energy infrastructure, and government initiatives to promote solar adoption.
Global Solar Battery Market Trends:
The global solar battery market is primarily driven by the increasing adoption of solar energy as a renewable power source that fuels the demand for solar batteries, which store surplus energy generated during peak sunlight hours for use during periods of low or no sunlight, enhancing energy independence and grid stability. Apart from this, the declining costs of lithium-ion batteries, the predominant technology used in solar energy storage systems, are making solar-plus-storage solutions more economically viable, driving widespread adoption across residential, commercial, and utility-scale projects. Furthermore, the heightening focus on energy resilience and grid stability in the face of climate change-induced extreme weather events has escalated the need for solar batteries to provide backup power during grid outages and emergencies, ensuring continuous access to electricity and contributing to market growth.
Browse the Full Report with TOC & List of Figures: https://www.imarcgroup.com/solar-battery-market
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163
Posted in: Business, Technology
Topics:
solar battery market