Solar Battery Market Geared toward Elevating $ 360.Four Million by 2027: Allied Market Analysis – GlobeNewswire
Portland, OR, May 4, 2021 (GLOBE NEWSWIRE) – According to the report released by Allied Market Research, the global solar battery market was $ 113.4 million in 2019 and is valued at $ 360.4 million by 2027, which is a CAGR of corresponds to 15.5% from 2020 to 2027.
The independence of the energy owners, the significantly increasing demand for environmentally friendly energy solutions and the increasing interest of the industry players in storage solutions for renewable energies are driving the growth of the global market for solar batteries. However, high initial installation and maintenance costs hamper market growth. On the contrary, it is estimated that the increase in the importance of energy trading will create lucrative opportunities for market participants in the future.
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- The outbreak and lockdown of Covid-19 in several countries resulted in labor shortages and delays in installing new projects.
- The decline in consumer spending has had an impact on demand. In addition, lower consumer spending during the lockdown had a negative impact on the market.
- The high dependency on Chinese products for solar cells, solar batteries and solar modules has influenced the market growth.
The global solar battery market is segmented by type, end user and region. Depending on the type, the lithium-ion segment had the largest share in 2019 with a market share of around four fifths. However, the lead-acid segment is estimated to have the highest CAGR of 17.8% over the forecast period.
Here you can find a detailed COVID-19 impact analysis on the market inquiry for solar batteries
On a consumer basis, the industrial segment dominated the market in 2019, contributing to more than two-fifths of the market. For the commercial segment, however, it is forecast that the highest CAGR of 16.2% will be recorded during the forecast period.
The global solar battery market is analyzed in several regions such as North America, Europe, Asia-Pacific and LAMEA. The Asia-Pacific market held up the lion’s share in 2019 accounted for around two fifths of the market. Additionally, the region is expected to have the highest CAGR of 17.3% over the forecast period.
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Global Solar Batteries Market report has an in-depth analysis of the major market players such as Kokam.Co, BYD Company, Primus Power, Carnegie Clean Energy, LG Chem, and EnerSys.
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