Dublin, Nov. 27, 2024 (GLOBE NEWSWIRE) -- The "Solar Batteries - A Global Market Overview" report has been added to ResearchAndMarkets.com's offering.
The global Solar Batteries market is estimated at US$257.3 million in 2024 and is expected to record a CAGR of 15.7% during the 2024-2030 analysis period and stand at a projected US$617.5 million by 2030
The global Solar Batteries market is driven by several key growth trends which include the global shift towards renewable energy and the need to reduce carbon emissions, which has significantly increased the adoption of solar power systems. The declining costs of solar panels and battery storage technologies, particularly lithium-ion batteries, make solar energy more accessible and affordable.
Government policies, incentives, and regulatory frameworks that promote clean energy, such as subsidies, tax credits, and renewable energy mandates, further drive market growth. Additionally, the rising demand for energy storage solutions to improve grid stability, support off-grid applications, and provide backup power during outages is fuelling the adoption of solar batteries.
Solar Batteries Regional Market Analysis
Asia-Pacific region holds the dominant position in the Solar Batteries market, accounting for 35.8% in 2024, due to its massive energy demand, government support for renewable energy, and abundant solar resources. The Asia-Pacific region is projected to be the fastest-growing market, with a CAGR of 17.5% during the forecast period 2024-2030.
This growth is driven by factors such as industrialization, urbanization, and population growth which make the region ideal for large-scale solar power projects. Additionally, the declining costs of solar technology and energy storage solutions, along with significant investments in clean energy infrastructure, further boost the demand for solar batteries in Asia Pacific.
Solar Batteries Market Analysis by Product Type
Lithium-ion is a leading Product Type in the Solar Batteries market, with an estimated share of 83.8% in 2024, owing to their superior energy density, efficiency, and longer lifespan compared to other battery technologies. They can store more energy in a smaller space, making them ideal for both residential and commercial solar applications where space is limited. Additionally, lithium-ion batteries have high charge/discharge efficiency, meaning less energy is lost during storage and retrieval, making them more cost-effective over time.
Conversely, Lead-Acid is expected to record the fastest CAGR of 17.8% during the 2024-2030 forecast period due to its affordability and established use in energy storage systems, particularly in emerging markets. Additionally, advancements in lead-acid technology, such as improvements in efficiency and lifespan, are helping to extend their relevance in the solar battery market, particularly in regions with growing energy needs but limited access to more expensive alternatives.
Solar Batteries Market Analysis by End-Use Sector
The Industrial sector led the market with a 44% share in 2024 because of its large-scale energy consumption and the growing need for reliable, cost-effective power solutions. Industries require continuous and stable energy supply, which makes solar batteries attractive for mitigating the risks of grid outages and managing energy cost. Furthermore, many industries are under pressure to meet sustainability goals and reduce carbon footprints, driving the adoption of solar energy paired with battery storage.
On the other hand, Commercial sector is expected to register the fastest CAGR of 16.2% during the forecast period 2024-2030, driven by the need to reduce energy costs, ensure reliable backup power, and meet sustainability targets. Growing incentives and the need for efficient energy management further accelerate this growth.
Solar Batteries Market Report Scope
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 240 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $257.3 million |
| Forecasted Market Value (USD) by 2030 | $617.5 million |
| Compound Annual Growth Rate | 15.7% |
| Regions Covered | Global |
Solar Batteries Key Global Players
- A123 Systems
- Alpha Technologies
- Amara Raj Batteries
- BAE Batteries GmbH
- BYD Company
- CATL
- EnerSys
- Kokam by Solaredge
- LG
- Tesla
- Loom Solar
- Okaya Power Group
- Panasonic
Solar Batteries Market by Geographic Region
- North America (The United States, Canada, and Mexico)
- Europe (France, Germany, Italy, Spain, United Kingdom, Poland, Netherlands, Portugal, Denmark, Greece & Sweden)
- Asia-Pacific (Australia, China, India, Japan & South Korea)
- South America (Brazil & Chile)
- Rest of World (South Africa, UAE & Egypt)
Solar Batteries Market by Product Type
- Lithium-ion
- Lead Acid
- Flow Batteries
Solar Batteries Market by End-Use Sector
- Industrial
- Commercial
- Residential
Key Metrics
- Historical Period: 2021-2023
- Base Year: 2023
- Forecast Period: 2024-2030
- Units: Value market in US$
For more information about this report visit https://www.researchandmarkets.com/r/x8olv4
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
