The latest report published by IMARC Group, titled “Solar Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the solar battery market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.
Market Overview:
The global solar battery market reached a value of US$ 156.14 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 358.15 Million by 2027, exhibiting a CAGR of 14.10% during 2022-2027.
A solar battery or photovoltaic system stores solar energy for later consumption. It comprises more than one panel, mechanical and electrical hardware, and an inverter that extracts energy from the sun and uses it to produce electricity. A solar battery is subjected to discharging and charging procedures to provide energy to electrical loads at a fixed voltage by suppressing the voltage fluctuations in a solar battery system. Nowadays, there has been an escalating demand for solar batteries due to the growing energy sector.
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Market Trends:
One of the primary factors driving the market is the extensive application of solar PV systems in grid systems attached to the local utility grid to fulfill the continuous energy need of the population worldwide. Additionally, this product is also used in solar streetlights to provide reliable power to secure quick payback on large capital projects, thus creating a positive market outlook. Other than this, solar PV systems are widely utilized in smart grids to dispense critical energy back to the grid during peak hours. Besides this, solar battery systems significantly reduce the monthly electricity bill in the commercial and residential sectors. Along with this, the increasing popularity of energy trading through blockchain and artificial intelligence (AI) technologies and the significant rise in the usage of economical and environment-friendly energy solutions globally due to the favorable regulations implemented by governments of various nations represent other major growth-inducing factors.
Solar Battery Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the solar battery market has been studied in the report with the detailed profiles of the key players operating in the market.
Major Players Covered:
- BAE Batterien GmbH
- BYD Co. Ltd.(OTCMKTS: BYDDY)
- Contemporary Amperex Technology Co. Ltd.
- EnerSys(NYSE: ENS)
- Exide Industries Limited
- LG Electronics Inc. (LG Corporation)
- Loom Solar Pvt. Ltd.
- Luminous Power Technologies Private Limited (Schneider Electric SE)
- Okaya Power Pvt. Ltd.
- Panasonic Corporation(OTCMKTS: PCRFY)
- SAFT (TotalEnergies SE)
- Samsung SDI Co. Ltd
- Tesla Inc.
Key Market Segmentation:
The report has segmented the solar battery market based on type, capacity, end user and region.
Breakup by Type:
- Lead Acid
- Lithium Ion
- Flow Battery
- Others
Breakup by Capacity:
- Below 75 AH
- 75 To 150 AH
- Above 150 AH
Breakup by End User:
- Industrial
- Commercial
- Residential
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/request?type=report&id=5750&flag=C
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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