Scope of the Study
The solar battery system is defined as the device which is used to reserves energy for later consumption after sundown. This battery system is charged by a connected solar system. The main function of a solar battery system is charge with energy from the solar panels. There are various benefits of using solar battery storage such as greater energy security, reduce home’s carbon footprint, reduced electric bills, no noise pollution, and other benefits.
The market study is being classified by Type (DC coupled systems, AC coupled systems, AC Battery Systems and Hybrid Inverter Systems), by Application (Home, Industrial, Commercial, Agriculture Irrigation and Others) and major geographies with country level break-up.
Sungrow Power Supply Co., Ltd. (China), Huawei Technologies Co. Ltd. (China), Tbea Co., Ltd. (China), LG Chem Ltd. (South Korea), Toshiba Corporation (Japan), GS Yuasa Corporation (Japan), Saft Groupe S.A. (France), Sineng Electric India Pvt Ltd (China) and Shenzhen Kstar Science and Technology Co., Ltd. (China) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Shanghai CHINT Power Systems Co., Ltd. (China), Okaya Power Group (India), Samil Power Co.,Ltd. (China), JFY Tech. (China), ZTE Quantum (China) and Nego Metal SAS (France).
The market is fragmented with numerous players focusing on technique and quality of the product due to which the global solar battery system market can witness an upsurge in the forecast period Research Analyst at AMA predicts that China Players will contribute to the maximum growth of Global Solar Battery System market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Solar Battery System market by Type, Application and Region.
On the basis of geography, the market of Solar Battery System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Usage, the sub-segment i.e. UPS will boost the Solar Battery System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Battery Types, the sub-segment i.e. Lead Acid Batteries will boost the Solar Battery System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Demand for Electricity especially Africa and Asia Pacific Countries
- Rising Government Funding, Subsidies, and Incentives to Encourage Eco-Friendly battery Worldwide
- The Rising Cost of Electricity Bill and Low Contribution of Solar Batteries in Environmental Pollution
- Issue Related to High Capital Investment of a Solar Battery System
- Rising Demand from Emerging Market Such as China, India, Brazil, among others
- Government Initiative to Promote Solar Energy System Installation Worldwide
- Major concern Related to Battery Life and Warranty of Solar Battery System
- A problem regarding solar energy doesn't Charge Battery at Night
Market Leaders and their expansionary development strategies
In May 2018, the Lockheed Martin has signed an agreement with ComEd, Illinois’ largest electric utility, which also supplies microgrid with solar, battery storage in the United States. Hence, this agreement will affect the growth of the market in the future.
In April 2019, the Okaya Power Group (India) Company has launched a solar power generation system, which consists of solar batteries, combinations of PV panels, solar inverters and others. Hence, this launch has helped the company to expand its product portfolio of the company.
Key Target AudienceSolar Battery System Manufactures Companies, Commercial Research and Development Institutions, Raw Material Suppliers and Distributors, Agricultural Associations and Farmers, Retailers, Supermarkets, and Hypermarkets and Traders, Exporters, and Importers
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