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Solar Battery Market Set Phenomenal Growth in Key Regions By 2030
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The global solar battery market size is anticipated to register a CAGR of 15.5% during the forecast period and grow from USD 120.4 million in 2020 to USD 360.4 million by 2027. The solar battery is usually used to store solar power and discharge as per the power requirement. It is made up of lithium-ion or lead-acid. It is rechargeable and can generally be used in solar cell systems to store excess energy. Some of the solar battery applications include solar charging stations, storage systems for off-grid, and storage for power plants.
Growing demand for sustainable energy storage solutions is the main factor that will drive the market growth. Governments are promoting sustainable energy sources, the demand for the solar battery is projected to increase over the timeframe. The application of solar battery can successfully reduce the demand for oil, coal, and other fossil energy resources. In addition, the implementation of solar battery storage systems will provide new employment, which can open new investment opportunities in the economy. An increase in demand for eco-friendly and cost-effective energy solutions for commercial and industrial energy storage is estimated to drive market growth. Furthermore, the application of solar battery can efficiently reduce carbon footprints. The solar battery can make the nation's energy independence and reduce the dependency on imported energy resources.
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Additionally, the growing interest of industry companies toward renewable energy storage solutions is estimated to increase the investment opportunities during the timeframe. For instance, countries like Portugal and the UK encourage capacity auctions for solar battery storage rather than conventional energy storage systems. Such developments will increase market growth. However, the initial installation charge is high, which is not affordable for small & medium-sized enterprises. At the current stage, the financing of solar projects requires selling assets to aggregators to preserve sufficient liquid capital to develop the next project and cover operational overhead. Such factors may bring a negative impact on market growth.
Global Solar Battery Market Dynamics
Drivers: Growing interest toward renewable energy storage solutions
According to the International Energy Agency (IEA), the demand for renewable energy has increased since 2015. For instance, the annual solar PV capacity in 2017 reached 100 GW, showing an increase of 31% from 2016. The increased demand for PV technology is attributed to the need for sustainable energy resources, reduction in dependency on conventional fuels, and minimized carbon emission. According to the International Energy Agency, a France-based energy policy advisor, Solar PV has registered a growth rate of 22% in 2019 among all other forms of renewable energy sources, such as wind and hydro energy, owing to rise in demand for energy from developing countries, such as India, China, and Thailand, across the Asia-Pacific region.
In addition, the implementation of stringent government rules to reduce carbon emissions produced due to the usage of conventional fuels has led to an increase in the adoption of photovoltaic technology for electricity generation. The demand for solar energy is anticipated to grow with the rising demand for renewable energy. Therefore, the market demand for solar battery is expected to increase in the future.
Restraints: High initial installation cost
Solar batteries are usually costly, which is a threat to the market. These batteries, used in off-the-grid solar systems, can be charged during the day so that the energy is used at night. However, energy demand is usually higher during the day, and there is a need for installation and proper storage of solar energy. The cost of energy storage is relatively high and can quickly increase the cost of solar PV systems substantially. So, the installation of an energy storage system depends on the consumption tariff rate.
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Opportunities: Advancements in energy backup systems
Lack of solar radiation and foggy weather can impact the efficiency of solar storage. However, the backup system as a solar collector aids in additional storage of solar heat during cloudy or foggy weather. It maintains the same performance as a solar battery, even on cloudy days and foggy weather. Therefore, such advancements are expected to create lucrative opportunities for market growth.
Scope of the Report
The study categorizes the solar battery market based on type, end-user, and region.
By Type Outlook (Sales, USD Million, 2017-2027)
- Lead Acid
- Flow Battery
By End-User Outlook (Sales, USD Million, 2017-2027)
By Region Outlook (Sales, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The lithium-ion segment, by type, is projected to account for the largest market share
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Based on type, the global solar battery market has been divided into four segments lithium-ion, lead-acid, flow battery, others. In 2020, the lithium-ion segment accounted for the largest market share of 79.3% in the global solar battery market. The lithium-ion battery is a rechargeable battery consisting of lithium ions moving from the negative to the positive electrode. These are majorly used for portable electronics, battery electric vehicles, and energy storage. The efficiency of lithium-ion battery is around 90-95%, which is higher than that of lead-acid type batteries. Some of the major players offering lithium-ion batteries for solar energy storage include Tesla, LG Chem, and CATL. Generally, lithium-ion battery is preferred over other types of batteries, owing to its low weight (50-60% less weight than lead-acid equivalent). The growing prominence of sustainable energy solutions is expected to surge the demand for the lithium-ion solar battery. Moreover, the energy density and efficiency of lithium-ion battery is very high than that of other solar batteries. Generally, the efficiency of the lead-acid battery can be up to 85%, whereas, for lithium-ion, it can be up to 95%. It is usually effective to generate maximum power for commercial and industrial applications.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global solar battery market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 16.5% in the global solar battery market during the forecast period. Asia-Pacific consists of China, India, Japan, South Korea, Australia, and the rest of Asia-pacific. The Asia-Pacific solar battery market is primarily dominated by China, owing to high foreign investments in the solar energy market. Additionally, the product witnesses huge demand from the industrial power sectors. Further, the rise in demand for sustainable energy sources in various end-user industries drives the market growth in the projected timeframe.
After the Asia Pacific, Europe is the faster-growing region with a CAGR of 15.1% during the forecast period. In Europe, the Renewable energy target is expected to play an essential role in boosting the solar battery market growth. At the end of 2020, European countries delivered their 2020 renewable energy targets and initiated the implementation of 2030 National Energy and Climate Plans (NECPs) toward the 32% renewables target. This will allow many European countries to continue cost-effectively decarbonizing their power systems and transform energy systems. For instance, in 2020, one of the battery storage operators in Italy was awarded a 95 MW solar battery storage contract for 2022-2023 delivery. Moreover, countries such as the UK and Portugal are encouraging capacity auctions for solar battery storage. Such developments are anticipated to impact the market growth positively.
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Key Market Players
Some of the players in the global market of solar battery are Adara, BMW, BYD, Carnegie Clean Energy, EnerSys, Kokam, Leclanche, LG Chem, Maxwell Technologies, Primus Power, and Samsung.
Major players have adopted the business expansion, acquisition, and merger to sustain the intense market competition. Some of the key players include BYD Company, Kokam, Carnegie Clean Energy, Primus Power, LG Chem, and EnerSys.
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