The global solar battery market is anticipated to grow at a CAGR of around 15.5% during the forecast period. The rise in the demand for sustainable energy storage solutions is the key driver for the growth of the market. The government on the global level are promoting sustainable energy sources that fuel the demand for solar power batteries over the forecast period. Some of the major applications of the solar battery include storage for power plants, solar charging stations, and storage systems for off grids and others. Therefore, these wide applications of solar batteries are effectively reducing the demand for oil, coal and others fossil fuel resources imported. Furthermore, the growing cost of electricity bills and the reduced contribution of solar batteries to environmental pollution are also fueling the growth of the solar battery market.  However, the high cost involved in the installation of a solar energy system act as the restraining factor for the market growth.

Impact Of COVID-19 on Solar Battery market

The solar industry will face immediate challenges as a result of COVID-19, including a lack of manpower, compliance to social distancing, a lack of parts and equipment, and selective expenditure by users. Lockdowns and restrictions imposed in the immediate wake of the pandemic have caused economies around the world to have disrupted supply chains, delayed projects, and created a labour shortage. However, the pandemic will be having a lasting impact on B2B and B2C consumer buying behavior & their preferences, sustainable, cost-effective and clean solar energy will be most likely to be the top priority in the medium to long term. Therefore eventually, solar batteries will be gaining strong consumer demand and will create significant growth in the market for solar batteries and other related products.  

Segmental Outlook 

The global solar battery market is segmented based on type and end-user. Based on type the market is segmented into the lead acid battery, lithium-ion battery, and others. Further on the basis of end-user, the market is classified into telecommunication industries, home and residential, automobile applications. 

Global Solar Battery Market Share by type, 2020 (%)

The Lithium-Ion Battery segment is estimated to dominate significantly in the global Solar Battery market 

Among types, the lithium-ion battery segment is projected to have a significant share in the global Solar Battery market. When compared to its competitors, such as nickel-cadmium batteries, the lithium-ion battery has higher energy density, requires less maintenance, and has low self-discharge rates. It also has a high open-circuit voltage and a good energy-to-weight ratio. The primary factor driving the segment growth is a significant increase in the global adoption of consumer electronics. The growing use of these electronics has resulted in an irresistible demand for high-quality rechargeable batteries, which is expected to propel market growth. Moreover, the increasing focus on sustainable development, as well as growing awareness about the negative effects of using traditional automobiles, also contributing to the market growth. Furthermore, the government stringent emissions regulations to safeguard the environment and reduce degradation based possibilities are likely to have a significant impact on the lithium-ion battery market.

Regional Outlooks

The global solar battery market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected to have a significant share in the global Solar Battery market due to declining prices of solar batteries, growth of the renewable sector, acceleration in the adoption rates of electric vehicles, and rise in the sales of consumer electronics. Moreover, the US government is encouraging both EV and renewable sectors are therefore increasing the demand for battery-based energy storage systems, primarily led by solar batteries. Additionally, the US is the leading economy in global EV sales followed by  Canada. Therefore, the increasing adoption rates of electric vehicles will also be driving the growth of the market in the region.

Global Solar Battery Market Growth, by region 2021-2027

Asia-Pacific is projected to grow significantly in the global Solar Battery market during the forecast period

Asia-Pacific is projected to have significant growth in the market during the forecast period. The growth is attributed to rising of government initiatives to promote renewable energy sources. China is estimated to be the dominating region as the country is the largest manufacturers of electric vehicles in the world. For instance, the Chinese Ministry of Industry and Information Technology (MIIT) announced in December 2019 that new energy vehicles, primarily plug-in electric vehicles (EVs), would account for 25% of total vehicle sales by 2025. As there is  increasing demand for electric vehicles, this market is expected to grow at a rapid pace in the coming years 

Market Players Outlook

The key players of the solar battery market include LG Chem Ltd., Samsung Electronics Co., Ltd., Panasonic Corp., Tesla, Inc., Duracell Inc. and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers, and acquisitions, collaborations, and new product launches, to stay competitive in the market. For instance, in November 2019, GS Yuasa Corp introduced its LIM50EL range of industrial lithium-ion battery modules. The battery modules in the LIM50EL series are completely compatible with those in the existing LIM50EN series, but also have considerably longer life spans due to advancements in material optimization. As a result, GS Yuasa has reduced capacity degradation by roughly 50% during cycle use and more than 50% during float use. Therefore, This allows the new battery modules to be used for longer periods of time, even in applications with frequent charge/discharge cycles. 

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global Solar Battery market
• Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where in the market.