Solar Batteries Market Size
The renewable energy market across the world is on the verge of robust growth on account of policy level initiatives from the governments to increase the clean energy usage. For instance, in Europe, about 8.6 GW of solar power capacity was added in 2017, which was 28% higher than 2016. The necessity to counter climate change environmental hazards caused from conventional mode of power generation has led the global leaders to take preemptive measure to drive the renewable energy sector. The solar power infrastructure is growing rapidly which is providing huge impetus to solar batteries market.
The technological advancements in battery technology have bolstered the business case for solar batteries across the world. Moreover, the companies across the world have embarked on the market opportunities in solar industry with offerings related to energy storage. Recently, Nissan added solar power system along with energy storage in its product portfolio to meet the market demand. Such developments are expected to provide a big boost to solar batteries market during the forecast period.
Declining Cost of Lithium-ion Battery Technology is driving the Market
The technological advancements pertaining to lithium ion battery technology have spurred decline in its price by around 80% in last 8 years, and the price decline is likely to continue in near future. The improving economics of lithium-ion batteries is leading to widespread adoption of the same along with solar plants. Thus, the declining cost of lithium-ion battery technology is expected to be a big boost for solar batteries market in the near future.
Asia-Pacific to Dominate the Solar Batteries Market
Asia-Pacific is anticipated to witness robust development of solar power projects in near future on account of government policies in the region to promulgate the renewable power sector which, in turn, is expected to provide a big thrust to solar batteries market. In India, the government has planned to build 175 GW of renewable power infrastructure by the end of 2022 which is likely to drive the solar power installations. Therefore, the widespread development of renewable power infrastructure in Asia-Pacific is likely to provide a big thrust to solar batteries market in coming years.
Key Developments in the Solar Batteries Market
- May 2018: Vivint Solar announced to offer LG Chem RESU batteries to solar power customers in California
- May 2018: Lockheed Martin signed an agreement with ComEd, Illinois’ largest electric utility, to supply microgrid with solar, battery storage in Chicago
The major players include - Samsung SDI Co. Ltd., LG Chem Ltd., Johnson Controls Inc., Toshiba Corp, Exide Technologies, GS Yuasa Corporation, Saft Groupe S.A., EnerSys Inc., East Penn Manufacturing Co. Inc., Hitachi Chemical co. Ltd., among others.
Reasons to Purchase Solar Batteries Market Report
- Current and future solar batteries market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of Solar Batteries Market Report
- This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
1. Executive Summary
2. Research Methodology
2.1 Scope of the Solar Batteries Market Report
2.2 Solar Batteries Market Definition
2.3 Study Assumptions of Solar Batteries Market
2.4 Study Deliverables of Solar Batteries Market
2.5 Research Phases
3. Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Techno-economic analysis of Major Battery Technologies
3.4 Recent Trends and Developments
3.5 Government Policies and Regulations
4. Market Dynamics
4.1 Solar Batteries Market Drivers
4.2 Solar Batteries Market Restraints
4.3 Solar Batteries Market Opportunities
5. Value Chain Analysis
6. Industry Attractiveness - Porter’s Five Forces Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitutes
6.5 Intensity of Competitive Rivalry
7. Market Segmentation and Analysis (Overview, Market Size, and Demand Forecast until 2023)
7.1 Solar Batteries Market By Technology
7.1.1 Lithium-ion batteries
7.1.2 Lead-acid batteries
7.1.3 Sodium-based batteries
7.2 Solar Batteries Market By End-user
7.3 Solar Batteries Market By Deployment
8. Solar Batteries Market Regional Analysis (Overview, Market Size, and Demand Forecast until 2023)
8.1 North America
8.1.1 United States
8.1.3 Rest of North America
8.2.1 United Kingdom
8.2.5 Rest of Europe
8.3.4 South Korea
8.3.6 Rest of Asia-Pacific
8.4 South America
8.4.3 Rest of South America
8.5 Middle East & Africa
8.5.1 Saudi Arabia
8.5.2 United Arab Emirates
8.5.3 South Africa
8.5.4 Rest of Middle East & Africa
9. Key Company Analysis* (Overview, Products & Services, Financials**, Recent Development, and Analyst View)
9.1 Samsung SDI Co. Ltd.
9.2 LG Chem Ltd.
9.3 Johnson Controls Inc.
9.4 Toshiba Corp
9.5 Exide Technologies
9.6 GS Yuasa Corporation
9.7 Saft Groupe S.A.
9.8 EnerSys Inc.
9.9 East Penn Manufacturing Co. Inc.
9.10 Hitachi Chemical co. Ltd.
*List not Exhaustive. If you’re specifically interested in a company that is not present in the list, we can add it to the list, according to your requirement.
10. Competitive Landscape of Solar Batteries Market
10.1 Mergers and Acquisitions
10.2 Joint Ventures, Collaborations, and Agreements
10.3 Strategies Adopted by Leading Players
11.1 Contact Us
**Subject to availability on public domain