Market Overview
The global Solar Battery Market done by market experts; the market is expected to grow up to USD 30 Billion by 2028. During the forecast period of 2022-2028 mentioned in this report, the Solar Battery Market is anticipated to grow at a CAGR of 16.3%.
Like other industries across the world, the Solar Battery Market Growth was affected by the COVID-19 pandemic, but the market is already reviving and is expected to grow steadily.
Solar batteries are the integral parts of the standalone and grid solar energy systems and are in high demand.
Market Segmentation
The global Solar Battery Market is segmented based on type, connectivity, application, ownership, capacity, and region.
Based on the capacity, the market is further fragmented into the large-scale (>1 MW) and small-scale (<1 MW) sectors. The maximum market share is occupied by the large-scale sector.
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Based on the ownership, the global Solar Battery Market is fragmented into utility-owned, customer-owned, and third-party-owned sectors. The largest Solar Battery Market Share is occupied by the utility-owned sector owing to a rise in investments from non-government and government companies. During the forecast period, the customer-owned sector is expected to show substantial growth owing to the presence of many solution providers.
Based on application, the market is further divided into utility, residential, and non-residential sectors. The residential solar sector is growing at a fast rate.
Based on the connectivity type, the global market is divided into on-grid and off-grid sectors.
Based on the type of solar battery, the Solar Battery Market is further divided into flow battery, lead-acid battery, and lithium-ion battery sectors. The maximum portion of the market revenue is dominated by the lithium-ion battery sector. Due to increasing demand for hybrid vehicles and a surge in the demand for uninterrupted power supply, lithium-ion and lead-acid batteries are anticipated to have substantial growth in the coming years.
Regional Classification
The Solar Battery Market is divided into different regions for the ease of market study and analysis. The regions are North America, Asia Pacific, Europe, and the rest of the world.
During the forecast period, the North American region is anticipated to grow significantly. Favorable government policies, growing investments in private and public sectors, and tax benefits for using renewable energy setups are important growth drivers for the Solar Battery Industry.
The Asia Pacific region will also grow substantially during the forecast period owing to the rapid increase in urbanization, industrialization, and demand for renewable energy.
Key Players
The key players operating in the global solar battery market are Tesla, LG, CATL, Loom Solar, Panasonic, BAE Batterien GmbH, BYD Co. Ltd., EnerSys, Luminous, Exide, Okaya, Amaron, HBL Power, Base Battery, and Eastman.
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Industry News
A significant number of companies are there in the global Solar Battery Market. Each one of them wants to remain placed in a higher rank than the competitors. Apart from going for mergers, acquisitions, and partnerships, the Solar Battery Market Key Players are concentrating on research & development to extend their product range. The major players in the market are Hitachi Chemical, ABB, GE, Siemens, and others.
· April 2021- ABB Power Grids and Atlas Renewable Energy had a joint partnership for developing utility-scale BESS (Battery Energy Storage System).
· December 2021- Total Energies constructed a battery-based storage system in Dunkirk, France. The capacity of this facility is 61 MW.
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