30-Jun-2021 | Zion Market Research
Major companies in solar battery market are BYD Company, Carnegie Clean Energy, Kokam.Co, LG Chem, Primus Power, Bosch Solar Energy, Samsung SDI, Exide Technologies, Panasonic and EnerSys amongst others. These players are set to bolster the development of global solar battery market.
According to analysts at Zion Market Research, the global solar battery market accounted for more than USD 96.3 Million in 2020 and is expected to reach more than USD 297.1 Million by 2028, growing at a CAGR of 15.8% from 2021 to 2028.
This review is based on a report by Zion Market Research, “Solar Battery Market by Product Type (Lithium Ion Batteries, Lead Acid Batteries, Sodium Based Batteries and Others), By End User (Residential, Industrial and Commercial): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”
Government Policies And Growing Environmental Concerns To Spur Growth
“Policies adopted by the government of various countries, technological advancements for the development of relatively cheaper, durable and more efficient solar batteries along with the rising concern regarding hazards caused to due conventional power storage options will garner the growth for solar battery market in the years ahead,” says the author of this study. Market growth for solar battery is being fuelled by rising demand for sustainable energy solutions. The market for solar power batteries is predicted to rise throughout the forecasted timeframe, as governments around the world are promoting the adoption of sustainable energy sources. Solar batteries may effectively reduce demand for coal, oil, and other imported fossil energy resources.
As consumers have become more aware and conscious about their buying choices and effect on the environment, concerns about the dangers of traditional power generating processes are driving up demand for a solar panel system. The need for solar-powered batteries is increasing as a result of this.
With the presence of a large pool of participants, the solar battery market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). BYD Company, Carnegie Clean Energy, Kokam.Co, LG Chem, Primus Power, Bosch Solar Energy, Samsung SDI, Exide Technologies, Panasonic and EnerSys among others are some of the key manufacturers of solar batteries across the world. These players across solar battery market are now adopting to manufacture batteries that can cater to different power storage capacities and sizes. To keep up with the fierce market competition faced in this market, major players across the world have adopted strategies like mergers, acquisitions and business expansion.
Increased Investment in Construction Sector to Support Asia Pacific Growth
Regionally, Asia Pacific has been one of leading the worldwide solar battery market and is anticipated to continue to grow in the years to come, states the solar battery market study. This surge is due to an increase in government initiatives over renewable energy storage in growing countries such as India, South Korea and China. The market in this region is projected to increase as a result of these factors. Furthermore, being the world's greatest producer of solar energy, China will have a favourable impact in aiding the growth of the solar battery market in this region.
Browse the full “Solar Battery Market By Product Type (Lithium Ion Batteries, Lead Acid Batteries, Sodium Based Batteries And Others), By End User (Residential, Industrial And Commercial): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/solar-battery-market
The solar battery market is segmented as follows:
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