Market Research Report
Solar Battery Market 2021-2027
|Solar Battery Market 2021-2027|
Published: July 15, 2021
Orion Market Research Pvt Ltd
Delivery time: 2-3 business days
Full-title:Global Solar Battery Market Size, Share & Trends Analysis Report by Type (Lead Acid Battery, Lithium-Ion Battery, and Others) By End-User (Telecommunication Industries, Home & Residential, Automobile Applications) Forecast, 2021-2027.
The solar battery market is anticipated to grow at a substantial CAGR of 15.5% during the forecast period. As electric vehicles are emerging, the demand for electric batteries to help reduce transportation costs has increased that in the result is influencing companies to integrate performance-oriented storage units. Many companies are focusing on solar incorporated EV charging stations, which will promote the development of systems that support both stationary and mobile batteries, further increasing the size of the solar battery market over the forecast period. Moreover, developing economies are experiencing a steady economic rise and with the growing population, the increasing electricity demand is also the factor contributing to the market growth. However, the initial installation cost and high maintenance cost of the solar batteries is the restraining factor for the solar battery market.
The global solar battery market witnessed negative growth during the COVID-19 pandemic as lockdown resulted in a lack of resources, a lack of tools and equipment, and a selective spending pattern adopted by consumers. However, rising preferences for clean solar energy and increasing awareness regarding sustainable development among B2B and B2C consumers will eventually result in the growth in the demand for solar batteries after the COVID-19 pandemic.
The global solar battery market is segmented based on type and end-user. Based on type the market is segmented into the lead-acid battery, lithium-ion battery, and others. Further, based on end-user, the market is classified into telecommunication industries, home and residential, automobile applications. The lithium-ion battery segment is expected to have a significant share of the global solar battery market as the lithium-ion battery is with low discharge rates also it has high energy power density and needs limited maintenance.
Geographically market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected to dominate the solar battery market and is driven by several factors such as the region is seeing an increase in demand for electric and hybrid vehicles that use solar batteries. Furthermore, rising consumer electronics revenues in the territory have fueled demand for these batteries. Additionally, the region's rapid growth in renewable energy production, particularly wind and solar energy, has increased the demand for grid energy storage.
The market study of the global solar battery market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.