The global solar battery market is anticipated to grow at a CAGR of around 15.5% during the forecast period (2021-2027). The key factors to drive the market growth include increasing demand for sustainable energy storage solutions as the government of various countries are promoting clean energy and sustainable energy sources, therefore the demand for solar power batteries is projected to increase over the forecast period. For instance, in June 2021, the US Department of Energy (DOE) recently announced that 235 small businesses from 42 states will receive $54 million in critical seed funding for 266 projects developing and implementing proof-of-concept prototypes for a wide range of innovative solutions required to achieve net-zero emissions by 2050. With this round of federal funding, the department will be able to bring the next generation of the clean energy revolution into the market.
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Rising acquisitions, product development, collaborations among the major players in the market also propel the growth of the market. For instance, in September 2019, Panasonic introduced its latest residential energy storage system, EverVoltTM, to its solar portfolio, at Solar Power International 2019. EverVoltTM is available in AC and DC coupled versions and offered an optimized flexible solution for homeowners’ energy needs and budgets. With the introduction of EverVoltTM, homeowners will just be one step closer to grid independence and will witness faster returns on their solar investment. Additionally, the EverVoltTM users will be able to store unused power for later use or sell excess power back to the local utility to generate income.
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Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
Segment Covered-
- By Type
- By End-user
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- LG Chem Ltd, Samsung SDI Co., Ltd., Panasonic Corp., Tesla, Inc., and Duracell Inc.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Solar Battery Market Report Segment
By Type
- Lead Acid Battery
- Lithium-Ion Battery
- Other
By End-User
- Telecommunication Industries
- Home and Residential
- Automobile Applications
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
