Solar Battery Market worth USD 3,121.0 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Solar Battery Market by Type (Lead Acid, Flow Battery, Lithium-Ion, and Others), by End-User (Industrial, Commercial and Residential), by Region – Global Share and Forecast to 2027". The global solar battery market size is expected to register a CAGR of 15.5% from 2021 to 2027 and grow from USD 120.4 million in 2020 to USD 360.4 million by 2027. The increased demand for PV technology is attributed to the rising need for sustainable energy resources, reduced dependency on conventional fuels, and minimized carbon emission. According to the International Energy Agency, a France-based energy policy advisor, Solar PV has registered a growth rate of 22% in 2019 among all other forms of renewable energy sources, such as wind and hydro energy, owing to rise in demand for energy from developing countries, such as India, China, and Thailand, across the Asia-Pacific region.

Global Solar Battery Market Segmentation

The overall solar battery market has been segmented into type, end-user, and region.

• By Type (Lead Acid, Flow Battery, Lithium-Ion, and Others)
• By End-User (Industrial, Commercial and Residential)
• By Regions (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Industrial, by end-user, is estimated to hold the largest market share during the forecast period

The global solar battery market has been segmented into industrial, commercial, and residential based on the method. The industrial segment generated the highest revenue of 44.8% in the global solar battery market in 2020, and it is expected to register a significant CAGR from 2021 to 2027. Industrial solar battery systems have a rating over 10 MW and can be up to 60 MW. Some of the major manufacturers of industrial solar battery include SEC Battery Company, Exide Industries, and EnerSys. These solar battery systems are used for harsh environments in oil & gas, petrochemical, power generation, power distribution, and transmission plants. These are effective for off-grid installation as a power backup device.

The rise in demand for a steady power supply in the industrial sector is expected to drive market growth. Industry players are trying to operate the electrical equipment with the same efficiency under blackouts, which is expected to enhance the market growth. In addition, the solar battery system used in industrial places can provide reduced maintenance and electricity cost.

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By region, Asia Pacific accounts for the largest market share during the forecast period

Based on the regions, North America, Asia-Pacific, Europe, South America, and the Middle East & Africa segment the global solar battery market. In 2020, Asia Pacific had a market share of 41.6%, which has accounted for the largest market share in 2020. Asia-Pacific dominates the market with more than 40% revenue share. This is attributed to rise in concern from governments across emerging nations, such as China, India, and South Korea, regarding zero-emission norms. Moreover, China is the largest producer of solar power, and it is expected to further boost the growth of the market in Asia-Pacific. In addition, the growing number of investment opportunities in new solar power projects will further influence the market growth in this region. For instance, in March 2021, VRB Energy signed an agreement with Xiangyang Municipal Government to build a 100 MW solar plant with a vanadium flow battery.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the solar battery market. Some of the players in the global market of solar battery are Adara, BMW, BYD, Carnegie Clean Energy, EnerSys, Kokam, Leclanche, LG Chem, Maxwell Technologies, Primus Power, and  Samsung. These market players have focused on acquisitions and expansion to gain a larger market share in the solar battery market.

Browse complete report: https://www.marketstatsville.com/solar-battery-market

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