What is Solar Power System Batteries Market?
Solar power battery is used to store solar energy and it discharge power according to the requirement. It is rechargeable and it is mainly used on off-grid PV systems to store excess electricity. Increasing awareness regarding renewable energy consumptions driving the demand for the market. It further helps to reduce higher electric bills hence, it is widely used for residential purpose. Geographically, Asia Pacific region is expected to grow with higher growth rate over forecast period followed by Europe and North America owing to presence of market leaders in the region and increasing energy & utilities infrastructure.
The market study is being classified by Type (Lead acid batteries {Flooded, Sealed}, Lithium Ion Battery, Nickel based Battery and Flow Battery), by Application (Commercial, Industrial and Residential) and major geographies with country level break-up.
BYD Co. Ltd. (China), Huawei (China), Sonnen GmbH (Germany), Panasonic (Japan), Generac Holdings Inc. (United States), Goodwe (China), LG Chem (South Korea), Tesla (United States), Redback (Australia), Kokam.Co (South Korea), Carnegie Clean Energy (Australia), Primus Power (United States), SunPower (United States), EnerSys. (United States), Exide (India), Enphase (United States), SolaX (China), Okaya. (India) and Luminous Power Technology (India) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Sumitomo Electric Industries Ltd. (Japan), VoltStorage (Germany), Primus Power (United States) and Sun Catalytix (United States).
The market of Solar Power System Batteries is expected to grow with rising demand for flow battery over others. Increasing focus on renewable energy consumption and related offerings impacted on the demand in positive manner which in turn creating multiple growth opportunity for the market layers. Several companies are operating in the market to provide Solar Power System Batteries with various features & unique offering. The market is highly fragmented with the presence of several market players. They are gaining attention owing to their innovative and novel portfolio.
Segment Analysis
Analyst at AMA have segmented the market study of Global Solar Power System Batteries market by Type, Application and Region.
On the basis of geography, the market of Solar Power System Batteries has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growing Demand for Solar Power System Batteries in Power & Utilities
- Increasing Preference for Solar Power System Batteries at EV Charging Stations
- Reducing Residential Carbon Footprint impacting on demand in Positive Manner
Market Trend
- Lithium ion batteries Account for Larger Market Share over Others
Restraints
- High Initial Investment for Manufacturing
Opportunities
- Increasing Demand for Sustainable Consumption of Renewable Resources i.e. Solar Energy
- Augmenting Demand for Solar Power System Batteries for Power Supply Stations
- Growing Government Funding for Solar Energy based Projects
Challenges
- Expensive Energy Storage and Higher Maintenance Requirement
- Limitations of Certain Solar Battery Types
In November 2021, Panasonic has expanded its portfolio of solar energy based offerings. Company has innovated total home energy solution offerings, ‘EverVolt 2.0’. It offers enhancements for greater customization. It is a convenient modular footprint and weatherproof design. This new offering is able to provide continuous power output of 7.6 kW off-grid and 9.6 kW with grid which is quite enough for household purpose. With this new launch, company is able to offer innovative offerings for residential purpose.
Key Target Audience
Solar Power System Batteries Manufacturers, Solar Power System Batteries Suppliers/Distributor, Raw Material Supplier, Regulatory Authorities, New Entrants/Investors, Strategic Business Planners, Governments and End Use Industry
Frequently Asked Questions (FAQ):
1. Which factors would majorly drive the Solar Power System Batteries Market?
"Growing Demand for Solar Power System Batteries in Power & Utilities
" is seen as one of major growth factors of Solar Power System Batteries Market in years to come.
2. Can we have customized study for Solar Power System Batteries Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. Which region will lead the Global Solar Power System Batteries Market?
will lead Solar Power System Batteries Market in coming years.