Solar Battery Market Geared toward Elevating $ 360.Four Million by 2027: Allied Market Analysis – GlobeNewswire
Portland, OR, May 4, 2021 (GLOBE NEWSWIRE) – The global solar battery market was $ 113.4 million in 2019 and will grow to $ 360.4 million by 2027, according to the report released by Allied Market Research estimated at a CAGR of 15.5% from 2020 to 2027.
The independence of energy owners, a significant increase in demand for environmentally friendly energy solutions and the growing interest of industry players in storage solutions for renewable energy are driving the growth of the global solar battery market. However, high initial installation and maintenance costs are hampering market growth. On the contrary, it is estimated that the increasing importance of energy trading will open up lucrative opportunities for market participants in the future.
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Covid-19 scenario:
- The outbreak and lockdown of Covid-19 in several countries resulted in staff shortages and delays in installing new projects.
- The decline in consumer spending has affected demand. In addition, lower consumer spending during the lockdown had a negative impact on the market.
- The high dependency on Chinese products for solar cells, solar batteries and solar modules has influenced the market growth.
The global solar battery market is segmented by type, end user, and region. In terms of type, the lithium-ion segment had the largest share in 2019 with around four fifths. However, the lead acid segment is estimated to have the highest CAGR of 17.8% over the forecast period.
Get a detailed COVID-19 Impact Analysis on Solar Battery Market Inquiry here
On a consumer basis, the industrial segment dominated the market in 2019 and contributed more than two fifths of the market. However, the commercial segment is expected to see the highest CAGR of 16.2% over the forecast period.
The global solar battery market is analyzed in several regions such as North America, Europe, Asia-Pacific and LAMEA. The Asia-Pacific market held up the lion’s share around two fifths of the market in 2019. Additionally, the region is expected to have the highest CAGR of 17.3% over the forecast period.
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The global Solar Batteries market report includes an in-depth analysis of the major market players such as Kokam.Co, BYD Company, Primus Power, Carnegie Clean Energy, LG Chem, and EnerSys.
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