Solar Battery Market SWOT Analysis, Business Growth Opportunities to 2030 – Bloomingprairieonline – Bloomingprairieonline
The global solar battery market size is expected to register a CAGR of 15.5% during the forecast period, growing from US$120.4 million in 2020 to US$360.4 million in 2027. The solar battery is usually used to store solar energy and discharge according to the power requirement. It consists of lithium ions or lead acid. It is rechargeable and can be widely used in solar cell systems to store excess energy. Some of the solar battery applications include solar charging stations, storage systems for off-grid applications, and storage for power plants.
The growing demand for sustainable energy storage solutions is the main factor that will drive the market growth. Governments are promoting sustainable energy sources, the demand for solar batteries is expected to increase over time. The application of solar batteries can successfully reduce the demand for oil, coal and other fossil energy resources. In addition, the implementation of solar battery storage systems will create new jobs that can open up new investment opportunities in the economy. It is estimated that increasing demand for green and cost-effective energy solutions for commercial and industrial energy storage is driving the market growth. In addition, the application of solar batteries can efficiently reduce the carbon footprint. The solar battery can make the nation’s energy self-sufficient and reduce dependence on imported energy resources.
Furthermore, it is estimated that growing interest from industrial companies in renewable energy storage solutions will increase investment opportunities in this time frame. For example, countries like Portugal and the UK are more likely to encourage capacity auctions for solar battery storage than traditional energy storage systems. Such developments will boost market growth. However, the initial installation fee is high, which is not affordable for small and medium-sized businesses. At the current stage, financing solar projects requires selling assets to aggregators to raise enough liquid capital to develop the next project and cover operating costs. Such factors can negatively impact market growth.
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Global Solar Battery Market Dynamics
Drivers: Growing interest in renewable energy storage solutions
According to the International Energy Agency (IEA), the demand for renewable energy has increased since 2015. For example, annual solar PV capacity reached 100 GW in 2017, a 31% increase from 2016. See the article : VRB Power Publicizes Settlement for China's Largest Solar Battery; A 100 MW solar and storage mission in Hubei Province – GlobeNewswire. The increased demand for PV technology is due to the need for sustainable energy resources, reducing dependence on conventional fuels and minimizing carbon emissions. According to the International Energy Agency, a France-based energy policy consultant, in 2019 solar PV recorded a growth rate of 22% among all other forms of renewable energy sources such as wind and hydroelectric power, which is attributed to the increasing demand for energy from developing countries like India, China and Thailand throughout the Asia-Pacific region.
Additionally, the implementation of strict government regulations to reduce carbon emissions from the use of conventional fuels has led to increased adoption of photovoltaic technology for power generation. The demand for solar energy is expected to increase with the increasing demand for renewable energy. Therefore, the market demand for solar batteries is expected to increase in the future.
Limitations: High initial installation costs
Solar batteries tend to be expensive, which poses a threat to the market. These batteries, used in off-grid solar systems, can be charged during the day so that the energy is used at night. However, energy demands are usually higher during the day and there is a need to install and properly store solar energy. Read also : Solar Battery Chargers Market : World Drivers and Pattern | By Suntrica, EMPO-NI, Suntactics, Voltaic, Solio, Purpose Zero – BAVIATION Enterprise Aviation Information. The cost of energy storage is relatively high and can quickly add significantly to the cost of solar PV systems. So the installation of an energy storage system depends on the consumption tariff.
Opportunities: Advances in energy backup systems
A lack of sunlight and fog can impair the efficiency of solar storage systems. However, the backup system as a solar panel helps in the additional storage of solar heat in cloudy or foggy weather. Read also : Australians Set up 31,000 Solar Batteries in One 12 months – channelnews – ChannelNews. It maintains the same performance as a solar battery, even on cloudy days and foggy days. Therefore, such advances are expected to create lucrative opportunities for market growth.
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scope of the report
The study categorizes the solar battery market by type, end user and region.
By Type Outlook (Revenue, $M, 2017-2027)
- lead acid
- lithium ion
- flow battery
By End-User Outlook (Revenue, $M, 2017-2027)
Outlook by Region (Revenue, $M, 2017-2027)
- North America (USA, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, Great Britain, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, rest of Asia Pacific)
- Middle East and Africa (Saudi Arabia, UAE, South Africa, North Africa, Rest of MEA)
The Lithium Ion segment is expected to account for the largest market share by type
Based on type, the global solar battery market has been segmented into four segments: lithium-ion, lead-acid, flow-through batteries, and others. In 2020, the lithium-ion segment held the largest market share of the global solar battery market at 79.3%. The lithium ion battery is a rechargeable battery composed of lithium ions moving from the negative to the positive electrode. These are mainly used for portable electronics, battery electric vehicles and energy storage. The efficiency of lithium-ion batteries is around 90-95%, which is higher than that of lead-acid batteries. Some of the major players offering lithium-ion batteries for solar energy storage are Tesla, LG Chem and CATL. In general, lithium-ion batteries are preferred over other battery types due to their light weight (50-60% less weight than lead-acid equivalents). The growing importance of sustainable energy solutions is expected to increase the demand for lithium-ion solar batteries. In addition, the energy density and efficiency of the lithium-ion battery is very high than that of other solar batteries. In general, lead-acid battery efficiency can be as high as 85%, while lithium-ion can be as high as 95%. It is usually effective in generating maximum power for commercial and industrial applications.
Asia Pacific will show the highest CAGR over the forecast period
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Based on regions, the global solar battery market has been segmented into North America, Asia-Pacific, Europe, South America, and Middle East & Africa. Globally, Asia-Pacific is estimated to witness the highest CAGR of 16.5% in the global solar battery market during the forecast period. The Asia Pacific consists of China, India, Japan, South Korea, Australia and the rest of the Asia Pacific. The Asia-Pacific solar battery market is mainly dominated by China due to high foreign investment in the solar energy market. In addition, the product is experiencing enormous demand from the industrial energy sector. Furthermore, rising demand for sustainable energy sources in various end-use industries is driving the market growth in the forecast timeframe.
After Asia Pacific, Europe is the fastest growing region with a CAGR of 15.1% over the forecast period. In Europe, the renewable energy target is expected to play a significant role in boosting solar battery market growth. At the end of 2020, European countries achieved their 2020 renewable energy targets and initiated the implementation of the 2030 National Energy and Climate Plans (NECPs) towards the 32% renewable energy target. This will allow many European countries to continue to cost-effectively decarbonize their energy systems and transform their energy systems. In 2020, for example, one of the battery storage operators in Italy was awarded a 95 MW solar battery storage contract for delivery in 2022-2023. In addition, countries such as the UK and Portugal are promoting capacity auctions for solar battery storage. Such developments are expected to have a positive impact on market growth.
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Important market participants
Some of the players in the global solar battery market are Adara, BMW, BYD, Carnegie Clean Energy, EnerSys, Kokam, Leclanche, LG Chem, Maxwell Technologies, Primus Power and Samsung.
The major players have undergone business expansion, acquisition, and merger to sustain the intense market competition. Some of the major players are BYD Company, Kokam, Carnegie Clean Energy, Primus Power, LG Chem, and EnerSys.