According to our latest market study on “Batteries for Solar Energy Storage Market Analysis and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Battery Type, Application, and Connectivity,” the market was valued at US$ 3,149.45 million in 2022 and is projected to reach US$ 9,478.56 million by 2028; it is expected to grow at a CAGR of 20.2 from 2022 to 2028.
The market players present in the batteries for solar energy storage market are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings.
List of Top Companies
Alpha ESS Co., Ltd., BYD Motors Inc., HagerEnergy GmbH, ENERSYS, Kokam, Leclanché SA, LG Electronics, SimpliPhi Power, sonnen GmbH, SAMSUNG SDI CO., LTD.
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The batteries for solar energy storage market includes companies operating in a wide range of product portfolio. Each category has some well-established key players and owing to different markets in which they operate and compete it is not feasible to determine key five players in the overall batteries for solar energy storage market. However, based on parameters such as overall revenue, brand image, current Batteries for Solar Energy Storage portfolio, geographic reach, customer base, technology adoption & integration, new product/service/feature launches, partnerships, mergers & acquisitions, and other market-related activities, the above five key players operating at a global level. The high and fast-growing number of start-ups in this market are anticipated to drive the growth of the market over the forecast period of 2022 to 2028.
Key Findings of Study:
The batteries for solar energy storage market analysis has been carried on the basis of battery type, the batteries for solar energy storage market is segmented into lead acid, lithium-ion, nickel cadmium, and others segment. In 2021, lithium-ion segment accounted for the largest market share owing to its featured characteristics such as higher depth of discharge, long lifespan, higher energy density, high efficiency, and less maintenance. The lithium-ion batteries are commonly used in rechargeable cellphones and electric vehicles (EVs), among others. The others segment, which includes flow batteries and nickel–iron batteries, is expected to record the fastest CAGR during the forecast period. On the basis of application, the batteries for solar energy storage market is segmented into residential, commercial, and industrial. In 2021, the industrial segment accounted for the largest market share. Stringent regulatory compliances with upcoming safety mandates and increasing demand for renewable energy storage systems are fueling the growth of this segment. On the basis of connectivity, the batteries for solar energy storage market is bifurcated into off-grid and on-grid segment.
The on-grid segment accounted for a larger share of the market in 2021. With growing awareness in the residential sector for adopting solar energy, the demand for battery storage solutions is also on rise which drives the on-grid segment’s growth, which further assists the batteries for solar energy storage market growth over the forecast period.
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