As per the report published by Allied Market Research, the global solar battery market generated $113.4 million in 2019, and is estimated to reach $360.4 million by 2027, growing at a CAGR of 15.5% from 2020 to 2027.
Self-reliance of energy owners, significant surge in demand for eco-friendly energy solutions, and rise in interest of industry players toward renewable energy storage solutions drive the growth of the global solar battery market. However, high initial installation and maintenance costs hinder the market growth. On the contrary, surge in prominence of energy trading is estimated to create lucrative opportunities for the market players in the future.
- The Covid-19 outbreak and lockdown across several countries resulted in a shortage of manpower and delays in the installations of new projects.
- The decline in consumer expenditure has affected the demand. Moreover, the reduced expenditure of consumers during the lockdown has negatively affected the market.
- The high dependency on Chinese products for solar cells, solar batteries, and solar modules has affected the market growth.
The global solar battery market is segmented on the basis of type, end user, and region. Based on type, the lithium-ion segment held the largest share in 2019, accounting for around four-fifths of the market. However, the lead acid segment is estimated to register the highest CAGR of 17.8% during the forecast period.
On the basis of end user, the industrial segment dominated the market in 2019, contributing to more than two-fifths of the market. However, the commercial segment is projected to register the highest CAGR of 16.2% during the forecast period.
The global solar battery market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2019, accounting for around two-fifths of the market. Moreover, the region is expected to manifest the highest CAGR of 17.3% during the forecast period.
The global solar battery market report includes an in-depth analysis of the prime market players such as Kokam.Co, BYD Company, Primus Power, Carnegie Clean Energy, LG Chem, and EnerSys.