The “Solar Battery Market” 2023-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period. The Solar Battery Market Report covers potential improvement drivers as properly as the modern-day kingdom of market share, penetration of a number of kinds, technologies, applications, and areas thru 2031.
The global solar battery market size was US$ 119.4 million in 2021. The global solar battery market is forecast to grow to US$ 381.4 million by 2030 by registering a compound annual growth rate (CAGR) of 16.5% during the forecast period from 2022 to 2030.
The solar battery is usually made up of lithium-ion or lead-acid and is used to store solar power and discharge as per the power requirement. These batteries are rechargeable in nature and are generally used in solar cell systems to store excess energy.
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Factors Influencing the Market
The rising focus on deploying sustainable energy storage solutions will drive the growth of the global solar battery market. In addition, growing support by government bodies to promote sustainable energy sources and decline pollution rates will contribute to the growth of the global solar battery market.
The shortage of fossil fuels, such as oil, coal, and other fossil energy resources, will surge the demand for technology-based renewable energy. In addition, the implementation of solar battery storage systems and growing investments in the industry will escalate the growth of the market.
The implementation of stringent government rules intending to reduce carbon emissions will surge the demand for photovoltaic technology for electricity generation. Furthermore, innovative strategies by government players to outperform will benefit the overall solar battery market. For instance, Samsung acquired Teleworld Solutions in 2020 with the aim to develop next-generation wireless communication. Furthermore, LG Chem inked a deal with China Shanshan in June 2020 to sell its LCD Polarizer Business.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic hampered many industries, and the solar battery industry was among them. Due to the rapidly growing terror of the virus, governments of various affected countries banned international trades and imposed complete lockdown within their countries. As a result, the manufacturing units witnessed several obstacles, such as the unavailability of raw materials and laborers. Thus, it affected the global solar battery market.
Regional Analysis
The Asia-Pacific solar battery market is forecast to grow at the fastest rate due to the growing foreign investments in the solar energy industry. In addition, rising industrialization and strict laws by government bodies to restrict carbon emissions will fuel the growth of the market.
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Furthermore, Europe is forecast to register significant growth due to the contribution of local industry players. For instance, one of the battery storage operators in Italy received a contract for 95 MW solar battery storage in 2020. Moreover, countries in the region are highly focused on encouraging capacity auctions for solar battery storage. Thus, such advancements will surge the growth of the solar battery market during the study period.
Competitors in the Market
Adara
BMW
BYD
Carnegie Clean Energy
EnerSys
Kokam
Leclanche
LG Chem
Maxwell Technologies
Primus Power
Samsung
Other Prominent Players
Market Segmentation
The global solar battery market segmentation focuses on Type, End-User, and Region.
By Type Outlook
Lead Acid
Lithium-Ion
Flow Battery
Others
By End-User Outlook
Industrial
Commercial
Residential
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By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What are the key findings of the report?
?This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
?The report offers the current state of the market and future prospects for various geographical regions.
?This report provides both qualitative and quantitative information about the competitive landscape of the market.
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