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The solar batteries market share is expected to increase by USD 7.89 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 15.46%.
This solar batteries market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers solar batteries market segmentations by technology (Li-ion, lead acid, sodium-based, and others) and geography (APAC, North America, Europe, Middle East and Africa, and South America). The solar batteries market report also offers information on several market vendors, including A123 Systems LLC, Alpha ESS Co. Ltd., GS Yuasa Corp., BYD Co. Ltd., Contemporary Amperex Technology Co. Ltd., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Inti Photovoltaics S.L., LG Energy Solution Ltd., Loom Solar Pvt. Ltd., Primus Power Solutions, Renon Power Technology Inc., Robert Bosch GmbH, Samsung SDI Co. Ltd., SolarEdge Technologies Inc., Sunergy Solar, Tesla Inc., Panasonic Corp, and BAE Batterien GmbH among others.
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The implementation of solar-plus-storage systems is notably driving the solar batteries market growth, although factors such as the complexity of solar PV systems may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the solar batteries industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Solar Battery Market Driver
The implementation of solar-plus-storage systems is one of the key drivers supporting the solar batteries market growth. A solar-plus-storage system, often known as a PV system, is simply a battery system that is charged by a linked solar system. Batteries are used in solar energy storage systems to store extra energy generated by solar PV panels. Advanced solar-plus-storage systems monitor and divert excess energy to the batteries rather than back to the grid due to the newest smart technologies. A demand that the solar PV panels cannot satisfy on their own can be detected, and they can employ responsive technology to foresee demands and meet them. Such factors will contribute to the growth of the market during the forecast period.
Key Solar Battery Market Trend
Increasing investments in renewable energy is one of the key solar batteries market trends contributing to the market growth. Typically, the competitive cost of producing electricity and low carbon emissions from renewable sources led to an increase in investments in renewable energy across the world. For instance, during the last three years, the renewable power sector investment accounted for a high market share (over 40%) in total power sector investment. Moreover, several countries in Europe, such as Norway, Iceland, and Sweden, rely on renewable sources for more than half of their total annual power demand due to the implementation of stringent emission norms. Thus, the increased focus on renewable energy sources is increasing investments in the energy industry, which will drive the growth of the market during the forecast period.
Key Solar Battery Market Challenge
The complexity of solar PV systems is one of the factors limiting the solar batteries market growth. The complexity of solar PV systems is enhanced by designing and installing an energy storage system, which means that there are more potential problems with the battery system design, setup, and operation. The battery systems must be scaled properly for the requirements during the design process, and the proper size cables and switches must be fitted. Solar battery systems also need to be placed in a cool area with good ventilation as they can cause damage and even fire from high temperatures. However, there might not always be an appropriate environment or enough space. Hence, these might hinder the market growth during the forecast period.
This solar batteries market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global solar batteries market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the solar batteries market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the solar batteries market encompasses successful business strategies deployed by the key vendors. The solar batteries market is fragmented and the vendors are deploying growth strategies such as price, quality, and market presence to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The solar batteries market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the solar batteries market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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41% of the market’s growth will originate from APAC during the forecast period. China, South Korea, Japan, and India are the key markets for solar batteries market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Growing environmental concerns and rising energy demand will facilitate the solar batteries market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 had adversely impacted the regional market. However, in 2021, the resumption of manufacturing hubs after nationwide lockdowns due to vaccination drives increased the availability of solar batteries. In addition, shifting preference toward sustainable power sources may proliferate the growth of the solar industry and the regional market during the forecast period.
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The solar batteries market share growth in the Li-ion segment will be significant during the forecast period. Li-ion batteries have high energy density and charge and discharge capabilities. Owing to these features, they are commonly used in electronic devices and are the finest solar energy storage technology for regular household use because they are compact and can store a lot of energy. Additionally, because of their large depth of discharge (DoD), a high amount of stored energy can be used. Such factors of Li-ion batteries will drive market growth in the forecasted period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the solar batteries market size and actionable market insights on the post-COVID-19 impact on each segment.
Solar Battery Market Scope |
|
Report Coverage |
Details |
Page number |
144 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.46% |
Market growth 2022-2026 |
$ 7.89 billion |
Market structure |
Fragmented |
YoY growth (%) |
11.59 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 41% |
Key consumer countries |
US, China, South Korea, Japan, and India |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
A123 Systems LLC, Alpha ESS Co. Ltd., GS Yuasa Corp., BYD Co. Ltd., Contemporary Amperex Technology Co. Ltd., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Inti Photovoltaics S.L., LG Energy Solution Ltd., Loom Solar Pvt. Ltd., Primus Power Solutions, Renon Power Technology Inc., Robert Bosch GmbH, Samsung SDI Co. Ltd., SolarEdge Technologies Inc., Sunergy Solar, Tesla Inc., Panasonic Corp, and BAE Batterien GmbH |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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