Solar Battery Market Size, Growth, Trends | Report 2022-2030
The global solar battery market was valued at USD 113.5 million in 2021 and it is predicted to surpass around USD 375.84 million by 2030 with a CAGR of 14.23% from 2022 to 2030
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. Solar battery 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.
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. In residential areas, it can reduce the usage of grid power in small-scale applications. This approach can further reduce the monthly electricity bill; thus attracting new consumers. Furthermore, growing interest of industry players toward renewable energy storage solutions is expected to secure new investments over the forecast timeframe. For instance, in 2020, one of the battery storage operators in Italy was awarded a contract of 95 MW solar battery storage for 2022-23 delivery.
Moreover, countries, such as the UK and Portugal, are encouraging capacity auctions for solar battery storage. Such developments will positively impact the market growth. However, the initial installation cost and high maintenance cost of solar battery are the major challenges for industry players. At the current stage, solar battery storage is highly dependent on government tax credit and subsidy schemes. In addition, the system’s water must be changed daily and the water must be distilled water. Attributed to such factors, the application of solar battery is limited for small residential areas.
Nonetheless, the growing prominence of energy trading with block chain and AI technologies opened new market opportunities. This will provide the owner of solar battery and solar PV systems a new opportunity to export the excess energy and sell it at premium price.
The global solar battery market is segmented on the basis of type, end-user, and region. On the basis of type, it is divided into lead acid, lithium ion, flow battery, and others. Based on end-user, the market is classified into industrial, commercial, and residential. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major players have adopted business expansion, merger, and acquisition to sustain the intense market competition.
Asia-Pacific accounted for the highest revenue share in 2021, owing to rise in concern from governments across emerging nations, such as China, India, and South Korea, regarding renewable energy storage. This is expected to drive the solar battery market growth. Moreover, China being the largest producer of solar power will positively influence the demand for solar battery in this region.
The lithium ion segment accounted for highest revenue share in 2021. This is attributed to high charge and discharge efficiencies of lithium ion batteries, which help in harvesting large amount of energy. For instance, the average efficiency of lithium ion battery is 90-95%, whereas for lead acid it is around 80-85%.
The industrial segment accounted for the highest revenue share in 2021. This is attributed to strong demand from various industrial end-users for additional energy storage solutions. Moreover, new incentive and tax credit schemes from governments will further attract new end-users in this sector.
COVID-19 scenario analysis
Key Players
Market segment
By Type
By End-User
By Region
Solar Battery Market
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Solar Battery Market
5.1. COVID-19 Landscape: Solar Battery Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Solar Battery Market, By Type
8.1. Solar Battery Market, by Type, 2022-2030
8.1.1. Lead Acid
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Lithium Ion
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Flow Battery
8.1.3.1. Market Revenue and Forecast (2017-2030)
8.1.4. Others
8.1.4.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Solar Battery Market, By End-User
9.1. Solar Battery Market, by End-User, 2022-2030
9.1.1. Industrial
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Commercial
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Residential
9.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Solar Battery Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Type (2017-2030)
10.1.2. Market Revenue and Forecast, by End-User (2017-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Type (2017-2030)
10.1.3.2. Market Revenue and Forecast, by End-User (2017-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Type (2017-2030)
10.1.4.2. Market Revenue and Forecast, by End-User (2017-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Type (2017-2030)
10.2.2. Market Revenue and Forecast, by End-User (2017-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Type (2017-2030)
10.2.3.2. Market Revenue and Forecast, by End-User (2017-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Type (2017-2030)
10.2.4.2. Market Revenue and Forecast, by End-User (2017-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Type (2017-2030)
10.2.5.2. Market Revenue and Forecast, by End-User (2017-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Type (2017-2030)
10.2.6.2. Market Revenue and Forecast, by End-User (2017-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Type (2017-2030)
10.3.2. Market Revenue and Forecast, by End-User (2017-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Type (2017-2030)
10.3.3.2. Market Revenue and Forecast, by End-User (2017-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Type (2017-2030)
10.3.4.2. Market Revenue and Forecast, by End-User (2017-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Type (2017-2030)
10.3.5.2. Market Revenue and Forecast, by End-User (2017-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Type (2017-2030)
10.3.6.2. Market Revenue and Forecast, by End-User (2017-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Type (2017-2030)
10.4.2. Market Revenue and Forecast, by End-User (2017-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Type (2017-2030)
10.4.3.2. Market Revenue and Forecast, by End-User (2017-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Type (2017-2030)
10.4.4.2. Market Revenue and Forecast, by End-User (2017-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Type (2017-2030)
10.4.5.2. Market Revenue and Forecast, by End-User (2017-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Type (2017-2030)
10.4.6.2. Market Revenue and Forecast, by End-User (2017-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Type (2017-2030)
10.5.2. Market Revenue and Forecast, by End-User (2017-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Type (2017-2030)
10.5.3.2. Market Revenue and Forecast, by End-User (2017-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Type (2017-2030)
10.5.4.2. Market Revenue and Forecast, by End-User (2017-2030)
Chapter 11. Company Profiles
11.1. BYD Company
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Kokam.Co
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Carnegie Clean Energy
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Primus Power
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. LG Chem
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. EnerSys
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers