DUBLIN, June 15, 2021 – (BUSINESS WIRE) – The report "Solar Battery Market by Type and End-User: Global Opportunity Analysis and Industry Forecast 2020-2027" has been added ResearchAndMarkets.com to offer.
The global solar battery market was estimated at $ 113.4 million in 2019 and is projected to reach $ 360.4 million by 2027 and grow at a CAGR of 15.5% from 2020 to 2027.
The solar battery is used to store excess solar power. Generally, the solar battery is installed with inverter. It is rechargeable and can be used generally in solar panel systems. For industrial applications, solar batteries can be used with other renewable energy sources such as hydropower and wind power. In the future, solar batteries with other renewable energy sources will be used as part of the renewable electricity mix to provide sustainable energy solutions. Some of the main uses of solar batteries are solar charging stations, storage for power plants, and storage systems for off-grid systems.
It is expected that increasing demand for environmentally friendly and cost effective energy solutions for industrial and commercial energy storage will drive market growth. In addition, the use of solar batteries can effectively reduce the carbon footprint. The introduction of solar batteries can make a nation energy independent and reduce reliance on imported fossil energy resources. In addition, the growing interest of industry players in storage solutions for renewable energy is expected to increase investment opportunities over the forecast period. Countries like Great Britain and Portugal, for example, are promoting capacity auctions for solar battery storage instead of conventional energy storage. Such developments will have a positive impact on market growth. However, the initial installation costs are a burden for small and medium-sized businesses. At the current stage, financing a solar project requires selling assets to aggregators to hold sufficient cash for the next project's development and operating costs. Such factors can negatively affect market growth.
The story goes on
Nevertheless, the growing importance of energy trading with blockchain and AI technologies opened up new market opportunities. This offers the owner of solar batteries and solar PV systems a new way of exporting the excess energy and selling it at top prices.
The global solar battery market is segmented by type, end user, and region. Based on the type, it is divided into lead acid, lithium ion, flow battery and others. Based on the end user, the market is divided into industrial, commercial and residential. Regionally, it is analyzed in North America, Europe, the Asia-Pacific region and in LAMEA.
COVID-19 scenario analysis
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The global solar battery market has had an immediate impact from COVID-19 due to labor shortages and social distancing norms. This led to delays in installation and the cancellation of new projects.
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In addition, the sharp decline in consumer spending had a major impact on demand. Reduced consumer spending during the lockdown had a major impact on the market for solar products, including various solar storage systems.
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In addition, the upstream and downstream channels have been affected due to movement restrictions that have led to an increase in inventory levels.
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In addition, the high dependency on Chinese exports of solar cells, solar batteries and solar modules had a negative impact on the market. India imports around 80% of its solar products from China. Since the manufacturing companies in China have been idle for the past 6-7 months, this has had a major impact on the production process in India.
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However, the trend towards remote working is seen as a crucial solution to improving market conditions. Various automation companies use remote connectivity to provide access to field workers and service technicians who cannot currently be on site.
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These companies provide home protection users with live streams from the control room, process data, operational insights, and plant performance metrics. Such developments will offer new market opportunities in the post-COVID-19 period.
Main advantages
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The global solar battery market analysis includes detailed information from the key industry players.
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Porter's Five Forces Analysis helps analyze the potential of buyers and suppliers and the industry's competitive scenario for strategy development.
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The most important countries were shown according to their individual sales contribution to the regional market.
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The report provides an in-depth analysis of the global Solar Battery Market forecast for the period 2020-2027.
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The report outlines the current global solar battery market trends and future estimates of the market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
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The most important drivers, restrictions and market opportunities as well as their detailed impact analysis are explained in the study.
Market dynamics
driver
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Significant increase in the demand for environmentally friendly energy solutions
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Growing interest from industry players in storage solutions for renewable energies
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Autonomy of the energy owner
Reluctance
opportunities
Distinguished companies
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Tesla
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LG
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CATL
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Loom solar
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Panasonic
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A123 Systems LLC
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Alpha Technologies, Inc.
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BAE Batteries GmbH
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BYD Co. Ltd.
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EnerSys
Please visit https://www.researchandmarkets.com/r/84ajvb for more information on this report
View source version on businesswire.com: https://www.businesswire.com/news/home/20210615005896/en/
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