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Solar Battery Market Report by Type (Lead Acid, Lithium Ion, Flow Battery, and Others), Capacity (Below 75 AH, 75 To 150 AH, Above 150 AH), End User (Industrial, Commercial, Residential), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A5268
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Global Solar Battery Market:
The global solar battery market size reached US$ 204.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 590.0 Million by 2032, exhibiting a growth rate (CAGR) of 12.3% during 2024-2032. The growing demand for clean energy solutions is raising the adoption of energy storage systems, which is stimulating the market.
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Report Attribute
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Key Statistics
|
|---|---|
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Base Year
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2023
|
|
Forecast Years
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2024-2032
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|
Historical Years
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2018-2023
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Market Size in 2023
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US$ 204.2 Million |
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Market Forecast in 2032
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US$ 590.0 Million |
| Market Growth Rate (2024-2032) | 12.3% |
Solar Battery Market Analysis:
- Major Market Drivers: The increasing government incentives for renewable energy projects are encouraging investments in battery solutions, thereby propelling the market.
- Key Market Trends: The advancements in solar battery technology are improving efficiency and lifespan, making them more attractive to users, which is acting as a significant growth-inducing factor.
- Competitive Landscape: Some of the major market companies include 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., among many others.
- Geographical Trends: Asia-Pacific exhibits a clear dominance in the market due to increasing renewable energy adoption and rising demand for energy storage, particularly in countries like China, India, and Japan.
- Challenges and Opportunities: The lack of energy density and storage capacity is hindering the market. However, advancing battery technology, improving efficiency, and enhancing materials used for longer-lasting energy storage solutions will continue to strengthen the market over the forecast period.
Solar Battery Market Trends:
Expanding Renewable Energy Adoption
The growing focus on reducing carbon emissions and transitioning to sustainable energy sources is driving the demand for solar batteries. Moreover, these batteries store excess solar energy, ensuring a continuous power supply even when sunlight is unavailable, thereby supporting the increasing integration of renewable energy into power grids. For instance, in August 2024, IIT Madras Research Park launched a 1 MWh modular lithium-ion battery storage system powered by wind and solar energy. This system, developed by CEET, raises the campus's renewable energy share to 90% and serves as a model for commercial green energy adoption, further driving solar battery market growth.
Advancements in Battery Storage Technology
Innovations in solar battery technology, such as improvements in energy density, efficiency, and lifecycle, are enhancing the performance of storage systems. In addition, these advancements enable better energy management and allow solar batteries to store more power for longer periods, thus improving their overall viability for residential and commercial applications. For instance, in September 2024, SolarEdge unveiled its next-generation residential solar battery at RE+ in Anaheim, California. This new system offers enhanced performance through its DC-coupled architecture for improved energy efficiency with a modular design, flexible capacity options from 4.4 to 17.6 kWh, and reduced installation times.
Increasing Grid Stability and Efficiency
Solar batteries contribute to stabilizing energy grids by storing surplus energy and releasing it during peak demand. Furthermore, this helps to balance power supply fluctuations, reduces grid overload, and improves energy efficiency. Also, these batteries become essential for ensuring reliable, uninterrupted electricity distribution as grids increasingly integrate renewable sources. For instance, in February 2024, SECI commissioned India's largest solar-battery project in Chhattisgarh, featuring a 40MW/120MWh battery energy storage system (BESS) paired with a 152.325MWh solar plant. The project enhances peak energy supply while promoting sustainability and reducing carbon emissions by utilizing bifacial modules and repurposed land.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Global Solar Battery Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the market, along with the market forecast at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, capacity, and end user.
Breakup by Type:
- Lead Acid
- Lithium Ion
- Flow Battery
- Others
Lithium ion currently dominates the market
The report has provided a detailed breakup and analysis of the market based on the type. This includes lead acid, lithium ion, flow battery, and others. According to the report, lithium ion represented the largest market segmentation.
Lithium-ion batteries exhibit a clear dominance in the market due to their high energy density, longer lifespan, and efficiency. For example, Tesla's Powerwall, a lithium-ion battery, has become popular for residential solar energy storage, thereby enhancing energy and grid stability for users worldwide.
Breakup by Capacity:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Below 75 AH
- 75 To 150 AH
- Above 150 AH
The report has provided a detailed breakup and analysis of the market based on the capacity. This includes below 75 AH, 75 to 150 AH, and above 150 AH.
Solar batteries are categorized by capacity, below 75 AH is ideal for smaller, low-power solar setups, typically in homes with minimal energy needs. In addition, the 75 to 150 AH range suits average residential systems, while above 150 AH batteries are designed for larger commercial or industrial solar installations requiring higher energy storage.
Breakup by End User:
- Industrial
- Commercial
- Residential
Industrial currently holds the largest solar battery market share
The report has provided a detailed breakup and analysis of the market based on the end user. This includes industrial, commercial, and residential. According to the report, industrial represented the largest market segmentation.
The industrial sector leads the market, as large-scale energy storage solutions are essential for uninterrupted operations. On the contrary, companies are adopting solar storage solutions. For example, Fluence deployed a 400 MWh battery system in California to help industrial users store solar energy and manage power reliability more efficiently.
Breakup by Region:
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- 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
Asia-Pacific currently dominates the market
The market outlook report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia-Pacific accounted for the largest solar battery market share.
Asia-Pacific dominates the market because of strong government initiatives, growing renewable energy demand, and technological advancements. In contrast, countries like China, Japan, and India are investing heavily in solar energy storage solutions. For instance, China's 14th Five-Year Plan emphasizes renewable energy, leading to massive solar battery installations. Also, Tesla's Powerwall batteries have seen increased adoption in Australia, a key market in the region, where solar energy storage systems are rapidly expanding to support off-grid and sustainable energy solutions.
Competitive Landscape:
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all market companies have also been provided. Some of the key players in the market include:
- 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
- Tesla Inc.
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Solar Battery Market Recent Developments:
- October 2024: Enphase Energy launched IQ8X microinverters in Australia, featuring 384W peak output AC power and supporting higher-powered solar modules.
- September 2024: Honeywell commissioned India's first on-grid solar microgrid with a 1.4 MWh battery energy storage system (BESS) in Lakshadweep. This project integrates renewable energy distribution and reduces diesel dependency.
- June 2024: AEG unveiled a new stackable high-voltage battery, the AS-BMH02, at Intersolar Europe. This modular battery can expand up to 40 kWh, offering flexible energy storage solutions and it seamlessly integrates with AEG’s hybrid inverters and high-efficiency solar modules.
Solar Battery Market Report Scope:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Million |
| Scope of the Report | Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
|
| Types Covered | Lead Acid, Lithium Ion, Flow Battery, Others |
| Capacities Covered | Below 75 AH, 75 To 150 AH, Above 150 AH |
| End Users Covered | Industrial, Commercial, Residential |
| Regions Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 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, Tesla Inc., etc. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC's industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the solar battery market from 2018-2032.
- The research report provides the latest information on the market drivers, challenges, and opportunities in the global solar battery market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the solar battery industry and its attractiveness.\
- The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.
The global solar battery market size was valued at US$ 204.2 Million in 2023.
We expect the global solar battery market to exhibit a CAGR of 12.3% during 2024-2032.
The extensive utilization of the solar battery as an eco-friendly energy solution to control carbon emissions and conserve renewable resources is primarily driving the global solar battery market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for solar batteries.
Based on the type, the global solar battery market has been categorized into lead acid, lithium ion, flow battery, and others. Among these, lithium ion type holds the largest solar battery market share.
Based on the end user, the global solar battery market can be bifurcated into industrial, commercial, and residential. Currently, the industrial sector accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where Asia-Pacific currently dominates the global market.
Some of the major players in the global solar battery market include 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.
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