Solar battery market
The growing demand for sustainable energy storage solutions is the main driver for the growth of the solar battery market. As governments around the world promote sustainable energy sources, the demand for solar power batteries is expected to increase in the forecast timeframe. The use of solar batteries can effectively reduce the demand for coal, oil and other imported fossil energy resources. In addition, the introduction of solar battery storage systems will create new jobs that can open up new investment opportunities in the economy.
Based on the type, the lithium-ion battery has become the market leader in 2019. This is attributed to the high charging and discharging efficiency of lithium-ion batteries, which help to generate large amounts of energy. For example, the average efficiency of lithium-ion batteries is 90-95%, while it is around 80-85% for lead acid.
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Measured in terms of end consumers, the industrial segment had the highest share of sales in 2019. This is due to the strong demand from various industrial end users for additional energy storage solutions. In addition, new incentive and tax credits from governments are expected to attract more new end-users in the sector.
From a regional perspective, the Asia-Pacific region had the highest share of revenue in 2019 as concerns grew from governments in emerging markets such as China, India and South Korea about renewable energy storage. This is expected to drive the growth of the solar battery market. In addition, as the largest producer of solar power, China will have a positive impact on the demand for solar batteries in this region.
Key players have undertaken business expansions, mergers and acquisitions to maintain intense market competition. Key players in the Solar Battery market report include BYD Company, Kokam.Co, Carnegie Clean Energy, Primus Power, LG Chem, and EnerSys.
Main results of the study
• The lead-acid batteries segment is expected to grow with the highest CAGR of approx. 17.8% in relation to sales in the forecast period.
• According to end users, the industrial segment held a market share of more than 40% in the forecast period with a CAGR of 15.7% based on sales.
• By region, the Asia-Pacific region dominated the solar battery market with a market share of over 40%.
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COVID-19 scenario analysis
• The global solar battery market has had an immediate impact from COVID-19 due to social distancing norms and staff shortages. This led to delays in installation and the cancellation of new projects.
• In addition, the sharp decline in consumer spending had a strong impact on demand. Reduced consumer spending during the lockdown had a strong impact on the solar battery market for solar products, including various solar storage systems.
• In addition, the upstream and downstream channels are affected due to movement restrictions that lead to an increase in inventory levels.
• In addition, the high dependency on Chinese exports of solar cells, solar batteries and solar modules had a negative impact on the market. India imports around 80% of its solar products from China. Since the production companies in China have been idle for the past 6-7 months, this has had a major impact on the production process in India.
• However, the turnaround towards remote working is seen as a critical solution to improving market conditions. Various automation companies use remote connectivity to provide access to field workers and service technicians who may not be on site at the time.
• These companies provide home protection users with live streams from the control room, process data, operational insights, and plant performance metrics. It is expected that such developments will open up new market opportunities for solar batteries in the post-COVID-19 period.
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