The global solar battery market is anticipated to grow at a CAGR of around 15.5% during the forecast period. The rise in the demand for sustainable energy storage solutions is the key driver for the growth of the market. The government on the global level are promoting sustainable energy sources that fuel the demand for solar power batteries over the forecast period. Some of the major applications of the solar battery include storage for power plants, solar charging stations, and storage systems for off grids and others. Therefore, these wide applications of solar batteries are effectively reducing the demand for oil, coal and others fossil fuel resources imported. Furthermore, the growing cost of electricity bills and the reduced contribution of solar batteries to environmental pollution are also fueling the growth of the solar battery market. However, the high cost involved in the installation of a solar energy system act as the restraining factor for the market growth.
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The solar industry will face immediate challenges as a result of COVID-19, including a lack of manpower, compliance to social distancing, a lack of parts and equipment, and selective expenditure by users. Lockdowns and restrictions imposed in the immediate wake of the pandemic have caused economies around the world to have disrupted supply chains, delayed projects, and created a labour shortage. However, the pandemic will be having a lasting impact on B2B and B2C consumer buying behavior & their preferences, sustainable, cost-effective and clean solar energy will be most likely to be the top priority in the medium to long term. Therefore eventually, solar batteries will be gaining strong consumer demand and will create significant growth in the market for solar batteries and other related products.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Solar Battery Market By Type
- Lead Acid Battery
- Lithium-Ion Battery
- Other
Global Solar Battery Market by End-User
- Telecommunication Industries
- Home and Residential
- Automobile Applications
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Duracell Inc.
- East Penn Manufacturing Co. Inc.
- Exide Industries Ltd.
- Fusion Power Systems
- GS Yuasa Corp.
- Iron Edison Battery Company, LLC
- LG Corp.
- Kokam Co.
- MaxPower, Inc.
- Okaya Power Pvt. Ltd.
- PAE Ltd.
- Panasonic Corp.
- Samsung SDI Co., Ltd.
- Schneider Electric SE
- Sealed Energy Systems
- SMA Solar Technology AG
- Sullivan Solar Power
- Tesla, Inc.
- Toshiba Corp.
- Trojan Battery CO LLC
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global Solar Battery market
- Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where in the market.
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