- Lead Acid
- Lithium-Ion
- Flow Battery and Others
Solar Battery Market size was valued at USD 190.4 million in 2022 and is expected to grow at a CAGR of 16.3% from 2023-2029. 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.
Solar Battery Market Key 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 Macquarie'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.
Solar Battery Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
16.3%
Largest Market
North-America
Fastest Growing Market
Asia-Pacific
Solar Battery Market Dynamics
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.
North-America Got Significant Share
Solar Battery Market Regional Analysis
In 2020, North America accounted for the largest revenue share in the global solar battery market and is projected to grow at a significant CAGR from 2022 to 2028. The growth in North America region can be attributed to the presence of major players, rising awareness of renewable sources, attracting government incentives & grants, the regular launch of new products by market leaders along with tremendous research and development activities in the region. Moreover, Europe accounted for a significant revenue share in the global solar batteries market and is projected to grow at a prominent growth rate in the future owing to the presence of well-established solar battery manufacturers and increased demand from end-use industries.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The Solar battery market report provides granular level information about the market size, regional market share, historic market (2018-2022) and forecast (2023-2029)
- The report covers in-detail insights about the competitor's overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments, and start-up details that are actively working in the market
- The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Solar Battery Market Segmentation
By Type
By End-user
- Industrial
- Commercial
- Residential
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Frequently Asked Questions
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
| 1.Executive Summary |
| 2.Global Solar Battery Market Introduction |
| 2.1.Global Solar Battery Market - Taxonomy |
| 2.2.Global Solar Battery Market - Definitions |
| 2.2.1.Type |
| 2.2.2.End-user |
| 2.2.3.Region |
| 3.Global Solar Battery Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Solar Battery Market Analysis, 2018-2022 and Forecast 2023-2029 |
| 4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Solar Battery Market By Type, 2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
| 5.1. Lead Acid |
| 5.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Lithium-Ion |
| 5.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Flow Battery and Others |
| 5.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6.Global Solar Battery Market By End-user, 2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
| 6.1. Industrial |
| 6.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Commercial |
| 6.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Residential |
| 6.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7.Global Solar Battery Market By Region, 2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia Pacific (APAC) |
| 7.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Middle East and Africa (MEA) |
| 7.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Latin America |
| 7.5.1. Market Analysis, 2018-2022 and Forecast, 2023-2029, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8.North America Solar Battery Market ,2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
| 8.1. Type Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1.Lead Acid |
| 8.1.2.Lithium-Ion |
| 8.1.3.Flow Battery and Others |
| 8.2. End-user Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1.Industrial |
| 8.2.2.Commercial |
| 8.2.3.Residential |
| 8.3. Country Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.3.1.United States of America (USA) |
| 8.3.2.Canada |
| 9.Europe Solar Battery Market ,2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
| 9.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Lead Acid |
| 9.1.2.Lithium-Ion |
| 9.1.3.Flow Battery and Others |
| 9.2. End-user Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Industrial |
| 9.2.2.Commercial |
| 9.2.3.Residential |
| 9.3. Country Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Germany |
| 9.3.2.France |
| 9.3.3.Italy |
| 9.3.4.United Kingdom (UK) |
| 9.3.5.Spain |
| 9.3.6.Rest of EU |
| 10.Asia Pacific (APAC) Solar Battery Market ,2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
| 10.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Lead Acid |
| 10.1.2.Lithium-Ion |
| 10.1.3.Flow Battery and Others |
| 10.2. End-user Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Industrial |
| 10.2.2.Commercial |
| 10.2.3.Residential |
| 10.3. Country Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.China |
| 10.3.2.India |
| 10.3.3.Australia and New Zealand (ANZ) |
| 10.3.4.Japan |
| 10.3.5.Rest of APAC |
| 11.Middle East and Africa (MEA) Solar Battery Market ,2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
| 11.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Lead Acid |
| 11.1.2.Lithium-Ion |
| 11.1.3.Flow Battery and Others |
| 11.2. End-user Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Industrial |
| 11.2.2.Commercial |
| 11.2.3.Residential |
| 11.3. Country Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.GCC Countries |
| 11.3.2.South Africa |
| 11.3.3.Rest of MEA |
| 12.Latin America Solar Battery Market ,2018-2022 and Forecast 2023-2029 (Sales Value USD Million) |
| 12.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Lead Acid |
| 12.1.2.Lithium-Ion |
| 12.1.3.Flow Battery and Others |
| 12.2. End-user Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Industrial |
| 12.2.2.Commercial |
| 12.2.3.Residential |
| 12.3. Country Analysis 2018-2022 and Forecast 2023-2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Brazil |
| 12.3.2.Mexico |
| 12.3.3.Rest of LA |
| 13. Competition Landscape |
| 13.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 13.2.1.Tesla Inc. |
| 13.2.2.EnerSys, |
| 13.2.3.BYD Co. Ltd. |
| 13.2.4.Samsung SDI Co. Ltd |
| 13.2.5.BAE Batterien GmbH, |
| 13.2.6.Loom Solar Pvt. Ltd. |
| 13.2.7.Okaya Power Pvt. Ltd. |
| 13.2.8.Panasonic Corporation |
| 13.2.9.SAFT (TotalEnergies SE) |
| 13.2.10.Exide Industries Limited. |
| 13.2.11.LG Electronics Inc. (LG Corporation) |
| 13.2.12.Contemporary Amperex Technology Co. Ltd. |
| 13.2.13.Luminous Power Technologies Private Limited (Schneider Electric SE) |
| 14. Research Methodology |
| 15. Appendix and Abbreviations |
- Tesla Inc.
- EnerSys,
- BYD Co. Ltd.
- Samsung SDI Co. Ltd
- BAE Batterien GmbH,
- Loom Solar Pvt. Ltd.
- Okaya Power Pvt. Ltd.
- Panasonic Corporation
- SAFT (TotalEnergies SE)
- Exide Industries Limited.
- LG Electronics Inc. (LG Corporation)
- Contemporary Amperex Technology Co. Ltd.
- Luminous Power Technologies Private Limited (Schneider Electric SE)