Solar batteries market size to increase by USD 7.89 billion: Market research insights highlight the implementation of solar-plus-storage systems as a key driver - Technavio

NEW YORK, Feb. 17, 2023 /PRNewswire/ -- According to Technavio, the solar batteries market witnessed a YOY growth of 11.59% in 2022. The market is segmented by technology (Li-ion, lead acid, sodium-based, and others) and geography (APAC, North America, Europe, Middle East and Africa, and South America). The solar batteries market size is estimated to increase by USD 7.89 billion at a CAGR of 15.46% from 2021 to 2026. To gain more insights into the market size, Request a Sample Report

Solar batteries Market - Vendor Insights

The global solar batteries market is fragmented. The market comprises several well-diversified international vendors. These vendors have a large portfolio of solar batteries for solar power systems for energy storage. The market also comprises several small-scale manufacturers that produce and sell batteries. Many new players are entering the market to tap the large consumer base, which is increasing the competition. With all players competing to gain market shares, the competition level in the market is expected to intensify during the forecast period.

• A123 Systems LLC
• Alpha ESS Co. Ltd.
• GS Yuasa Corp.
• BYD Co. Ltd.
• Contemporary Amperex Technology Co. Ltd.
• East Penn Manufacturing Co. Inc.
• EnerSys
• Exide Industries Ltd.
• Inti Photovoltaics S.L.
• LG Energy Solution Ltd.
• Loom Solar Pvt. Ltd.
• Primus Power Solutions
• Renon Power Technology Inc.
• Robert Bosch GmbH
• Samsung SDI Co. Ltd.
• SolarEdge Technologies Inc.
• Sunergy Solar
• Tesla Inc.
• Panasonic Corp
• BAE Batterien GmbH
• For details on vendor and its offerings – Buy the report!

Solar batteries market - Geographical Analysis 

APAC will account for 41% of the global market growth during the forecast period. The market in APAC is driven by increased environmental concerns and rising energy demand. The rising demand for solar batteries from the residential and utility sectors will also drive the growth of the regional market.

Solar batteries market - Key Segment Analysis

The market growth in the Li-ion segment will be significant during the forecast period. The segment is driven by the high energy density and charge and discharge capabilities of Li-ion batteries.

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Solar batteries market - Key Market Drivers and Challenges: 

The solar batteries market is primarily driven by the implementation of solar-plus-storage systems. Solar energy is becoming more affordable across the world. The deployment of large-scale solar projects with batteries has significantly reduced the cost of solar energy storage systems. In addition, continuous research and development in the field of solar energy generation have made the technology more accessible. These factors are increasing investments in solar-plus-storage systems, which, in turn, is driving the growth of the market.

The complexity of solar PV systems is a major challenge in the market. Solar PV systems are becoming more complex in terms of battery system design, setup, and operation. Besides, solar battery systems need to be kept in a cool area with proper ventilation as they can cause damage and can catch fire when exposed to high temperatures. Such challenges are reducing the growth potential in the market.

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What are the key data covered in this solar batteries market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the solar batteries market between 2022 and 2026
• Precise estimation of the size of the solar batteries market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across APAC, Europe, North America, South America, and Middle East and Africa

• Thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of solar batteries market vendors

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Related Reports:

• The off-grid solar power systems market is estimated to grow at a CAGR of 11.92% between 2022 and 2027. The size of the market is forecast to increase by USD 3,263.94 million. The high cost of grid expansion is notably driving the market growth, although factors such as the low awareness about alternative sustainable technology may impede the off-grid solar energy market growth.
• The solar photovoltaic services (PV) market is estimated to grow at a CAGR of 15.38% between 2022 and 2027. The size of the market is forecast to increase by USD 16,359.62 million. The increasing new installations and aging asset base of solar PV modules are notably driving the market growth, although factors such as challenges associated with recycling of scrap from solar PV systems may impede the market growth.

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Table of Contents:

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Technology
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary
• Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Technology

• 5.1 Market segments
• Exhibit 24: Chart on Technology - Market share 2021-2026 (%)
• Exhibit 25: Data Table on Technology - Market share 2021-2026 (%)

• 5.2 Comparison by Technology 
• Exhibit 26: Chart on Comparison by Technology
• Exhibit 27: Data Table on Comparison by Technology

• 5.3 Li-ion - Market size and forecast 2021-2026 
• Exhibit 28: Chart on Li-ion - Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on Li-ion - Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on Li-ion - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Li-ion - Year-over-year growth 2021-2026 (%)

• 5.4 Lead acid - Market size and forecast 2021-2026 
• Exhibit 32: Chart on Lead acid - Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on Lead acid - Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on Lead acid - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Lead acid - Year-over-year growth 2021-2026 (%)

• 5.5 Sodium-based - Market size and forecast 2021-2026 
• Exhibit 36: Chart on Sodium-based - Market size and forecast 2021-2026 ($ million)
• Exhibit 37: Data Table on Sodium-based - Market size and forecast 2021-2026 ($ million)
• Exhibit 38: Chart on Sodium-based - Year-over-year growth 2021-2026 (%)
• Exhibit 39: Data Table on Sodium-based - Year-over-year growth 2021-2026 (%)

• 5.6 Others - Market size and forecast 2021-2026 
• Exhibit 40: Chart on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 41: Data Table on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 42: Chart on Others - Year-over-year growth 2021-2026 (%)
• Exhibit 43: Data Table on Others - Year-over-year growth 2021-2026 (%)

• 5.7 Market opportunity by Technology 
• Exhibit 44: Market opportunity by Technology ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview 
• Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 46: Chart on Market share by geography 2021-2026 (%)
• Exhibit 47: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison 
• Exhibit 48: Chart on Geographic comparison
• Exhibit 49: Data Table on Geographic comparison

• 7.3 APAC - Market size and forecast 2021-2026 
• Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.4 North America - Market size and forecast 2021-2026 
• Exhibit 54: Chart on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.5 Europe - Market size and forecast 2021-2026 
• Exhibit 58: Chart on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.6 Middle East and Africa - Market size and forecast 2021-2026 
• Exhibit 62: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.7 South America - Market size and forecast 2021-2026 
• Exhibit 66: Chart on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.8 US - Market size and forecast 2021-2026 
• Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.9 China - Market size and forecast 2021-2026 
• Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.10 South Korea - Market size and forecast 2021-2026 
• Exhibit 78: Chart on South Korea - Market size and forecast 2021-2026 ($ million)
• Exhibit 79: Data Table on South Korea - Market size and forecast 2021-2026 ($ million)
• Exhibit 80: Chart on South Korea - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on South Korea - Year-over-year growth 2021-2026 (%)

• 7.11 Japan - Market size and forecast 2021-2026 
• Exhibit 82: Chart on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 83: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 84: Chart on Japan - Year-over-year growth 2021-2026 (%)
• Exhibit 85: Data Table on Japan - Year-over-year growth 2021-2026 (%)

• 7.12 India - Market size and forecast 2021-2026 
• Exhibit 86: Chart on India - Market size and forecast 2021-2026 ($ million)
• Exhibit 87: Data Table on India - Market size and forecast 2021-2026 ($ million)
• Exhibit 88: Chart on India - Year-over-year growth 2021-2026 (%)
• Exhibit 89: Data Table on India - Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography 
• Exhibit 90: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 91: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape
• Exhibit 92: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption
• Exhibit 93: Overview on factors of disruption

• 9.4 Industry risks
• Exhibit 94: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered
• Exhibit 95: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 96: Matrix on vendor position and classification

• 10.3 BAE Batterien GmbH
• Exhibit 97: BAE Batterien GmbH - Overview
• Exhibit 98: BAE Batterien GmbH - Product / Service
• Exhibit 99: BAE Batterien GmbH - Key offerings

• 10.4 BYD Co. Ltd.
• Exhibit 100: BYD Co. Ltd. - Overview
• Exhibit 101: BYD Co. Ltd. - Business segments
• Exhibit 102: BYD Co. Ltd. - Key news
• Exhibit 103: BYD Co. Ltd. - Key offerings
• Exhibit 104: BYD Co. Ltd. - Segment focus

• 10.5 East Penn Manufacturing Co. Inc. 
• Exhibit 105: East Penn Manufacturing Co. Inc. - Overview
• Exhibit 106: East Penn Manufacturing Co. Inc. - Product / Service
• Exhibit 107: East Penn Manufacturing Co. Inc. - Key news
• Exhibit 108: East Penn Manufacturing Co. Inc. - Key offerings

• 10.6 EnerSys
• Exhibit 109: EnerSys - Overview
• Exhibit 110: EnerSys - Business segments
• Exhibit 111: EnerSys - Key news
• Exhibit 112: EnerSys - Key offerings
• Exhibit 113: EnerSys - Segment focus

• 10.7 GS Yuasa Corp.
• Exhibit 114: GS Yuasa Corp. - Overview
• Exhibit 115: GS Yuasa Corp. - Business segments
• Exhibit 116: GS Yuasa Corp. - Key news
• Exhibit 117: GS Yuasa Corp. - Key offerings
• Exhibit 118: GS Yuasa Corp. - Segment focus

• 10.8 LG Energy Solution Ltd. 
• Exhibit 119: LG Energy Solution Ltd. - Overview
• Exhibit 120: LG Energy Solution Ltd. - Product / Service
• Exhibit 121: LG Energy Solution Ltd. - Key offerings

• 10.9 Primus Power Solutions 
• Exhibit 122: Primus Power Solutions - Overview
• Exhibit 123: Primus Power Solutions - Product / Service
• Exhibit 124: Primus Power Solutions - Key offerings

• 10.10 Robert Bosch GmbH
• Exhibit 125: Robert Bosch GmbH - Overview
• Exhibit 126: Robert Bosch GmbH - Business segments
• Exhibit 127: Robert Bosch GmbH - Key news
• Exhibit 128: Robert Bosch GmbH - Key offerings
• Exhibit 129: Robert Bosch GmbH - Segment focus

• 10.11 Samsung SDI Co. Ltd.
• Exhibit 130: Samsung SDI Co. Ltd. - Overview
• Exhibit 131: Samsung SDI Co. Ltd. - Business segments
• Exhibit 132: Samsung SDI Co. Ltd. - Key offerings
• Exhibit 133: Samsung SDI Co. Ltd. - Segment focus

• 10.12 SolarEdge Technologies Inc. 
• Exhibit 134: SolarEdge Technologies Inc. - Overview
• Exhibit 135: SolarEdge Technologies Inc. - Business segments
• Exhibit 136: SolarEdge Technologies Inc. - Key news
• Exhibit 137: SolarEdge Technologies Inc. - Key offerings
• Exhibit 138: SolarEdge Technologies Inc. - Segment focus

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 139: Inclusions checklist
• Exhibit 140: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 141: Currency conversion rates for US$

• 11.4 Research methodology
• Exhibit 142: Research methodology
• Exhibit 143: Validation techniques employed for market sizing
• Exhibit 144: Information sources

• 11.5 List of abbreviations 
• Exhibit 145: List of abbreviations

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