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.
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Key Players In The Solar Battery Market Report Include:
- WELT company
- Co
- Clean Carnegie Energy
- Prime force
- LG Chem
The following are the regions covered in this report.
- North America [U.S., Canada, Mexico]
- Europe [Germany, UK, France, Italy, Rest of Europe]
- Asia Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
- South America [Brazil, Argentina, Rest of Latin America]
- Middle East & Africa [GCC, North Africa, South Africa, Rest of Middle East and Africa]
Key points of the report
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.
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.
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Main results of the study
- The lead-acid batteries segment is expected to grow with the highest CAGR of around 17.8% in terms of revenue during the forecast period.
- According to end users, the industrial segment held a market share of more than 40% during the forecast period with a CAGR of 15.7% in terms of sales.
- By region, the Asia-Pacific region dominated the solar battery market with more than 40% market share.
Reasons to Buy This Report:
- Complete analysis of Solar Batteries market dynamics, status, and competitive view is offered.
- Forecast Global trends in the solar battery industry will present the market drivers, restraints, and opportunities for growth.
- The five-year forecast shows how the market is expected to grow in the coming years.
- All major sectors of the global solar battery industry are presented in this study, such as product type and geographic region.
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Which segment accounted for the largest share of the solar battery market?
The lithium-ion battery segment had the largest share of the solar battery market.
What are the key factors for the solar battery market growth?
The significant increase in demand for green energy solutions and the growing interest of industrial companies in storage solutions for renewable energy are the key factors driving market growth.
Which end user is expected to increase the demand for the Solar Batteries market?
It is expected that the commercial end user will increase the demand for the solar battery market.
What is the main driver of the Solar Battery Market?
The increasing demand for storage solutions for renewable energies, combined with a shift in preference to energy trading, are the main drivers influencing market growth.
About us:
Allied Market Research (AMR) is a full-service market research and management consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research offers global companies as well as medium and small companies unsurpassed quality of “market research reports” and “business intelligence solutions”. AMR provides focused business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas.
We have professional business relationships with various companies and this helps us unearth market data which will help us create accurate research data tables and confirm the highest accuracy of our market forecasts. All of the data presented in the reports we publish are extracted through primary interviews with top officials from leading companies in the domain in question. Our methodology for obtaining secondary data includes in-depth online and offline research and discussions with knowledgeable professionals and industry analysts.