Market Research Report
U.S. Solar Battery Market by Type (Lead Acid, Lithium Ion, Flow Battery, and Others) and End user (Residential, Commercial, and Industrial): U.S. Opportunity Analysis and Industry Forecast, 2021-2030
|U.S. Solar Battery Market by Type (Lead Acid, Lithium Ion, Flow Battery, and Others) and End user (Residential, Commercial, and Industrial): U.S. Opportunity Analysis and Industry Forecast, 2021-2030|
Published: August 31, 2021
Allied Market Research
Content info: 127 Pages
Delivery time: 2-3 business days
The U.S. solar battery market was valued at $16.9 million in 2020, and is projected to reach $37.7 million by 2030, growing at a CAGR of 8.2% from 2021 to 2030.
Solar battery is used for storage of excess solar power. Generally, solar battery is installed with inverter. It is rechargeable and can be generally used in solar panel systems. For industrial applications, solar battery can be used with other renewable power sources such as hydropower and wind power. In future, solar battery will be used with other renewable power sources as a part of renewable electricity mix to provide sustainable energy solutions. Some of the major applications of solar battery include solar charging stations, storage for power plants, and storage system for off-grids.
Rise in demand for eco-friendly and cost-effective energy solutions for industrial and commercial energy storage is expected to drive the market growth. Moreover, the application of solar battery can effectively reduce carbon footprints. Implementation of solar battery can make a nation energy independent and reduce the dependence on imported fossil energy resources. The aim of meeting the climate change goal is boosting the implementation of solar projects in states such as California which is increasing the demand for solar batteries. Factors restraining the growth of the local manufacturers are the cheap imported solar batteries. In addition, the decrease in private investment owing to outbreak of COVID-19 might hinder the demand for solar batteries.
The study is segmented on the basis of type lead acid, lithium ion, flow battery, and others) and end user industrial, commercial, and residential. Additionally, the report includes key drivers, restraints, and opportunities in the market. The study also includes in-depth information of value chain analysis and patent analysis in the market.
Key benefits for stakeholders
The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the market from 2021 to 2030 to determine the prevailing opportunities.
The study provides a comprehensive analysis of the factors that drive and restrict the growth of the market.
Porter's five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
Profiles of leading players operating in the U.S. solar battery market are provided to understand the competitive scenario.
The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable growth.
Key market segments
By End User