Solar Power System Batteries Market Size, Share, Growth, and Industry Growth by Type (Lithium-ion Batteries, Lead-acid Batteries and Others) By Application (PV Power Station, Commercial and Residential), Regional Insights, and Forecast To 2032

Updated On: 08 July 2024

Solar Power System Batteries Market REPORT OVERVIEW

• 

• to learn more about this report

The global solar power system batteries market size was USD 3912.6 million in 2022 and market is projected to touch USD 25048.5 million by 2032, exhibiting a compound annual growth rate (CAGR) of 20.4% during the forecast period.

Rechargeable solar power system batteries may often be used in solar cell systems to store surplus energy. Solar charging stations, storage for power plants, and off-grid storage systems are a few of the key uses for solar batteries.

Furthermore, certain nations, like the UK and Portugal, support capacity auctions for solar power system battery storage. Such changes will favorably affect market expansion. Batteries for solar power systems are expensive to install initially and to maintain, which is one of the biggest obstacles facing business players. The government's tax credit and subsidy programs are a major source of support for solar battery storage at this time. Furthermore, the water in the system needs to be distilled water and needs to be replaced every day. Solar power system batteries can only be used in small residential areas due to these issues.

COVID-19 Impact: Social Distance and Labor Scarcity led to the Market’s Decline

Due to societal conventions of social distance and a labor scarcity, COVID-19 had an immediate effect on the global market for solar power system batteries. These caused installations to be delayed and new projects to be abandoned.

Additionally, the dramatic drop in consumer spending significantly impacted the demand. Consumer spending during the lockdown was significantly reduced, which had a significant influence on the solar battery industry for solar products, including different solar storage systems.

LATEST TRENDS

"Rise in Popularity of Energy Trading to Boost the Market"

With the rise in popularity of energy trading using blockchain and AL technologies, new business opportunities emerged. The owner of solar power system batteries and solar PV systems will have a new option to export the excess energy and sell it for a higher price as a result.

Solar Power System Batteries Market Segmentation

• 

• to learn more about this report

• By Type Analysis

By type, market is segmented into lithium-ion batteries, lead-acid batteries and others. The lithium- ion batteries segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into PV power station, commercial and residential. The PV power station segment will lead the global share through forecast period.

DRIVING FACTORS

"Economical and Environmentally Friendly factor to Accelerate the Market"

It is anticipated that a significant increase in demand for economical and environmentally friendly energy solutions for industrial and commercial energy storage will propel market expansion. Additionally, it is a highly effective way to lower carbon impact. The market for solar system power batteries is anticipated to rise throughout the predicted time period as governments around the world promote sustainable energy sources.

"Increased Installation in Commercial and Residential Sectors to Boost the Market Demand"

The installation of solar batteries in the residential and commercial sectors increases the owner's independence and makes them energy independent. It can decrease the use of grid electricity in small-scale applications in residential settings. This strategy can further cut the cost of the monthly power payment, luring in new customers. Additionally, industry participants' increased interest in renewable energy storage technologies is anticipated to attract additional investments during the projected timeframe.

RESTRAINING FACTORS

"Customers Reduced Spending to Lead to Market’s Decline"

The market for solar products, including different solar storage systems, was significantly impacted by customers' reduced spending during the lockout, especially solar power system batteries. Additionally, the upstream and downstream channels have been impacted by the limits on movement, which has resulted in an increase in inventories.

The market was also badly impacted by the strong reliance on Chinese exports for solar cell, solar power system batteries, and solar module production. China is the source of over 80% of India's imports of solar goods. The production process in India was significantly hampered by the fact that Chinese manufacturing companies had been idle for the previous 6-7 months.

Solar Power System Batteries Market REGIONAL INSIGHTS

• 

• to learn more about this report

"North America to Hold the Highest Global Solar Power System Batteries Market Share"

Due to growing government concern over renewable energy storage in rising nations like China, India, and South Korea, Asia-Pacific accounted for the biggest revenue share. The solar power system batteries market is anticipated to develop as a result. A further factor that will help the demand for solar power system batteries in this area is the fact that China is the world's largest producer of solar energy.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Samsung SDI (South Korea)
• LG Energy Solution (South Korea)
• Tesla (U.S.)
• Sacred Sun (China)
• BYD (China)
• Alpha ESS (Australia)
• VARTA (Germany)
• NGK Insulators (Japan)
• Sonnen (Germany)
• E3/DC (Germany)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, products/services or types, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.