Global Solar Battery Market Overview 2023-2028

IMARC Group, a leading market research company, has recently releases report titled “Solar battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global solar battery market growth, size, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global solar battery market size reached US$ 179.3 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 407.2 Million by 2028, exhibiting a growth rate (CAGR) of 13.9% during 2023-2028.

A solar battery is a device that acts as a reservoir for solar power, enabling households and businesses to have a reliable source of electricity even when solar panels are not actively producing energy. It comprises lithium-ion (Li-ion), lead-acid, nickel-iron, and saltwater batteries. It enhances grid resilience by reducing strain during peak demand and providing backup power. It maximizes the utilization of solar energy, reducing dependence on expensive grid electricity. It helps balance the intermittent nature of solar energy, making renewables more reliable. It contributes to a cleaner environment by reducing the dependence on fossil fuels.

Global Solar Battery Market Trends and Drivers:

At present, the increasing global awareness of climate change and the demand for sustainable energy sources represent one of the crucial factors impelling the growth of the market. Besides this, the rising demand for solar batteries as they allow users to shift energy consumption to off-peak times, optimizing energy costs is contributing to the growth of the market. In addition, the growing advancements in battery technology, particularly in the realm of Li-ion batteries for improving energy storage capacities and efficiency, are offering a favorable market outlook. Apart from this, the increasing adoption of electric vehicles (EVs) as a sustainable alternative to fuel-dependent cars is supporting the growth of the market.

Global Solar Battery Market 2023-2028 Analysis and Segmentation:

Top Key Players covered in this report are: BAE Batterien GmbH, BYD Co. Ltd., Contemporary Amperex Technology Co. Ltd., EnerSys, 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, SAFT (TotalEnergies SE), Samsung SDI Co. Ltd and Tesla Inc.

The report segmented the market on the basis of region, type, capacity and end user.

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
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023- 2028)
  • 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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