Portland, OR, September 15, 2021 (GLOBE NEWSWIRE) – According to report released by Allied Market Research US solar battery market was estimated at $ 16.9 million in 2020 and is projected to reach $ 37.7 million by 2030, recording a CAGR of 8.2% from 2021 to 2030. The report provides detailed analysis of the top investment pockets, top winning strategies, drivers and opportunities, along with market size & estimates, competitive landscape, and developing market trends.
Supportive government regulations for the use of photovoltaic technology and the growing interest in storage solutions for renewable energy are driving the growth of the US solar battery market. On the other hand, high initial installation costs partially inhibit growth. However, advances in energy backup systems are expected to pave the way for lucrative opportunities in the industry.
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COVID-19 scenario
- The outbreak of the pandemic has had a negative impact on consumer spending worldwide. And the United States was no exception in this regard. Accordingly, publicly funded solar energy projects and private solar companies were hard hit during the reporting period, negatively impacting the US solar battery market.
- The overall situation in the states is improving, however, and the market is expected to revive soon.
Get a detailed COVID-19 impact analysis on the US solar battery market Request here
The US solar battery market is analyzed by type and end user. Depending on the type, the lithium-ion segment made up around four fifths of that Total market share in 2020 and is expected to rule the roost by 2030. The lead acid segment, on the other hand, would quote the fastest CAGR of 10.4% in the forecast period.
In terms of end-users, the industrial segment contributed more than two-fifths of total market sales in 2020 and is expected to be the leader by the end of 2030. However, the commercial segment would have the fastest CAGR of 8.8%. throughout the forecast period.
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Key market players analyzed in US Solar Battery Market report include Aims Power, BBI Battery, Enersys, Fortress Power, Goal Zero, Adara Power, Panasonic Corporation, Power Sonic Corporation, US Battery Manufacturing Co., Tesla. Inc, Simpliphi Power, Inc, Sunpower, and Solaredge Technologies Inc. These market participants have pursued various strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their expertise in the industry.
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