(MENAFN – GetNews) The solar battery market size is projected to grow from $ 130.98 million in 2020 to $ 475.88 million by 2028 at a CAGR of 17.5%.
The market report "Solar Battery Market by Technologies (Flow Batteries, Sodium Batteries, Lead Acid Batteries, and Lithium-Ion (Li-Ion) Solar Batteries), Applications (Communication Field, Meteorological Field, Traffic Field, Aerospace and Defense Field, Photovoltaics) Station and User Solar Energy) , End users (commercial, residential, industrial, consumer, civil, government and military) and region – forecast to 2028 ”. The solar battery market will grow at a CAGR of 17.5% through 2028 due to mounting concerns about conventional power generation.
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Based on the technology, the flow battery segment is expected to grow with the highest CAGR segment during the investigation period. Based on the technology, the market is divided into flow batteries, sodium batteries, lead-acid batteries and lithium-ion (Li-ion). Solar batteries. The segment of flow batteries is considered to be the fastest growing market segment as these batteries can be used alongside solar or wind energy sources to compensate for their fluctuating performance.
Based on the end user, the industrial segment is expected to grow faster over the forecast period. On the basis of the end user, the market is divided into Commercial, Residential, Industrial, Consumer, Civil, Government and Military. The industrial segment is expected to grow faster in the forecast period due to the strong demand from various industrial end users for additional energy storage solutions. In addition, government tax breaks and programs are expected to attract more end users to this market.
By geography, North America is expected to dominate the market. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. North America has a dominant position in the solar battery market. This is mainly due to the high proportion of renewable energies in the region, the need for a reliable and uninterruptible power supply and the aging network infrastructure.
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The main players in this market are Carnegie Clean Energy, Samsung SDI, LG Chem, East Penn Manufacturing, Exide Technologies, Kokam.Co, HOPPECKE Batteries GmbH & Co. KG, Alpha Technologies, A123 Systems, Panasonic, Bosch Solar Energy, Radiant Solar Technologie , First Solar and BAE batteries.
The report provides a comprehensive analysis of business aspects such as global Solar Batteries market size, recent technological advancements and inventions. The research report consists of: launch, key players, opportunities, restraints, product and type classification, and overall market analysis. This research study is designed to help take the right steps prior to starting a business, closing deals, and shaping the future of organizations. For reasons of user friendliness, this research presentation on the world market defines the overall forecast schedule, which enables a detailed market approximation to the probability of growth of the market.
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