- Lead Acid
- Flow Battery and Others
Solar Battery Market Size was valued at USD 190.4 million in 2021 and is expected to grow at a CAGR of 16.3% from 2022-2028. Solar batteries are commonly used to store solar energy and discharge it as needed. It is made of lead acid or lithium-ion. Solar batteries are rechargeable and may be used to store surplus energy in solar cell systems. The lead-acid segment accounts to have a significant market share in the global solar battery market due to lead-acid batteries are preferably chosen by a few homeowners because they are cost-effective, easily rechargeable, and high power output capacity. These batteries cost around USD 200. Moreover, companies are focusing on the acquisition Reliance New Energy Solar Ltd (RNESL) has signed definitive agreement to acquire UK-based sodium-ion battery tech company Farad Ion for an enterprise value of GBP 100 million. The market is anticipated to grow significantly over the forecast years due to increase in demand for environmentally friendly and cost-effective energy solutions for industrial and commercial energy storage. Furthermore, renewable energy solution is a highly effective way to minimize carbon emissions. Governments around the world promote sustainable energy sources to reduce the carbon emissions also immense boost to the market over the forecast years.Recent Market Developments: In Dec 2021, Shell New Energies US LLC, a subsidiary of Royal Dutch Shell plc (Shell), has signed an agreement to buy 100% of Savion LLC (Savion), a large utility-scale solar and energy storage developer in the United States, from Macquarieâ€™s Green Investment Group. With this acquisition, Shell expects to significantly expand its global solar portfolio. In Jun 2021, Enphase Energy, Inc., a global energy management technology company and the world's leading supplier of micro inverter-based solar-plus-storage systems, recently announced the launch of its Recharge battery storage system in Germany, the product's first expansion into a market outside of the United States.
Fastest Growing Market
Due to the rising demand for eco-friendly and cost-effective energy solutions in industrial, commercial, and residential energy storage, the solar battery market is continuing to expand on the global market. Solar batteries are a great way to lower carbon impact. The market for solar batteries is likely to rise throughout the forecast period, as governments around the world promote sustainable energy sources. Competitors are focusing on boosting production in the coming years. For instance, in April 2021 Tesla announced that it will double the solar products such as solar roofing, solar batteries, and solar panels, with its Powerwall home battery pack. Tesla made $369 million in income from solar and storage in 2019. During the projected period, such breakthroughs and large investments are likely to propel the global solar battery market forward.
The solar battery market is projected to expand at a CAGR of 16.3% during the forecast period.
Okaya Power Pvt. Ltd., Loom Solar Pvt. Ltd., Panasonic Corporation, SAFT (TotalEnergies SE), Samsung SDI Co. Ltd
North America is the fastest-growing region for the solar battery market