(MENAFN- EIN Presswire) Solar Battery
Solar Battery market Size to grow at a CAGR of 15.5% from 2020 to 2027.
OREGON, PORTLAND, UNITED STATES, April 20, 2023 /einpresswire.com / -- The global solar battery market size was valued at $113.4 million in 2019, and is projected to reach $360.4 million by 2027, growing at a CAGR of 15.5% from 2020 to 2027. A solar battery, also known as a solar power battery or a solar energy storage system, is a device that stores energy generated by solar panels for later use. Solar panels produce direct current (DC) electricity, which can be converted to alternating current (AC) and used immediately or stored in a battery for later use.
A solar battery system consists of solar panels, an inverter, and a battery bank. The solar panels generate electricity from sunlight, which is then converted to AC power by the inverter. The battery bank stores the excess electricity produced by the solar panels during the day, and releases it when there is no sunlight or when energy demand is high.
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Some of the key players profiled in the report include BYD Company, Kokam.Co, Carnegie Clean Energy, Primus Power, LG Chem, and EnerSys.
Asia-Pacific dominated the solar battery market with more than 40% market share.
The global solar battery market is heading toward an expansion phase. This is attributed to a significant surge in demand from residential and commercial end-users.
Rise in concern from governments across emerging nations, such as China, India, and South Korea, regarding zero emission norms is expected to drive the market growth.
Growing demand for sustainable energy storage solutions is the major factor driving the solar battery market growth.
As governments across the globe are promoting sustainable energy sources, the demand for solar power battery is expected to increase over the projected timeframe.
The application of solar battery can effectively reduce the demand for coal, oil, and other imported fossil energy resources.
The implementation of solar battery storage systems will provide new employments, which can open new investment opportunities in the economy.
The Lead Acid battery segment is projected to grow at the highest CAGR of approximately 17.8%, in terms of revenue, during the forecast period.
By end-user, the industrial segment held more than 40% market share with a CAGR of 15.7%, in terms of revenue, during the forecast period.
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Some of the major applications of solar battery include solar charging stations, storage for power plants, and storage system for off-grids.
COVID-19 scenario analysis
The global solar battery industry had immediate impact of COVID-19 due to social distancing norms and shortage of manpower. These led to delayed installations and cancellation of new projects.
The upstream and downstream channels have been affected due to restrictions on movement, which lead to increase in the amount of inventories.
Shifting trend toward remote working is considered a vital solution to improve the market conditions. Various automation companies utilize remote connectivity to ensure the access to field operators and service engineers who cannot be on site at this time.
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The sharp decline in consumer expenditure highly affected the demand. Reduced expenditure of consumers during the lockdown highly impacted the solar battery market for solar products, including various solar storage systems.
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