Global Solar Battery Market is Likely to Witness High Growth During the Forecast Period: MRFR

The Solar Battery market is estimated to register a CAGR of 18.5% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Solar Battery market— Tesla, Inc (US), LG Corp (South Korea), Contemporary Amperex Technology Co Ltd (China), Loom Solar (India), Panasonic Corporation (Japan), BAE Batteries GmbH (Germany), BYD company (China), EnerSys (US), Luminous Power Technologies (India), Exide Industries Limited (India), Okaya Power Group (India), Amara Raja Batteries Limited (India), HBL Power Systems Limited (India), Base Batteries (India), Eastman Auto & Power Limited (US).

Market Highlights

The global Solar Battery market is accounted for to register a CAGR of 18.5% during the forecast period and is estimated to reach USD 734.46 million by 2030.

Rapid progress has been made as technology costs have plummeted favoured by innovation in delivery models & financing catering to a diverse set of stakeholders including communities, local entrepreneurs & the private sector. Henceforth, positive industry and regulatory outlook favoured by positive consumer tendencies to integrate a self-aggregated sustainable electric scenario will comprehensively foster the solar battery market. The adoption of blockchain technology is being used in the energy market to provide efficient means to allow the involved stakeholders to buy and sell energy, eliminating the need for intermediary energy suppliers. It enables the utilization of energy savings programs in a cost-effective, easy-to-implement manner. Blockchain-enabled offerings can help companies adopt new, less obvious solutions that result in improving margins, the customer experience, and ROI. New developments in the industry of solar power technology are making energy-efficient technologies more available to a wider range of businesses. Additionally, as technology advances and grows in popularity, so does the cost-cutting and energy-saving advantages it offers.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Solar Battery Market Research Report

Segment Analysis

The global Solar Battery market has been segmented based on Type, End Use and Region.

The global Solar Battery Market segmentation, based on Type has been segmented as Lithium-Ion, Lead-acid and Flow Battery. Among these, the Lithium-Ion segment is anticipated to dominate the global Solar Battery market revenue through the projected period as estimated by MRFR analysts.

Lithium-ion batteries have a substantially higher energy storage density that requires a smaller footprint compared to other existing batteries. This is expected to lead to growth in the demand for advanced lithium-ion batteries. These batteries are also easier to install and can be placed anywhere, i.e., outdoors or indoors. Furthermore, as they are solid, it does not need maintenance or refills.

In the End Use segment, the market is categorized as Industrial, Residential and Commercial. Out of which the Industrial segment held the maximum share in the base year market and is also expected to be holding a significant share in the forecasted period as well.  Some of the major applications of solar battery include solar charging stations, storage for power plants, and storage systems for off-grids. Industrial Solar Power Systems have gained significant popularity with major industries resorting to solar power to avoid grid outage situations. Furthermore, Industrial solar power systems are increasingly used by textile, cement, paper, steel, chemical, dairy and ceramic industries to cut down their electricity expenses. This drives the solar battery market globally.

Regional Analysis

By Region, the Solar Battery market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia Pacific Solar Battery market holds a considerable market share and is also forecasted to hold the largest share during the forecast period. In Asia-Pacific, rapidly developing countries such as China and India are significantly focusing on the industrial sector, which is expected to be one of the major end-use segments for solar batteries in the upcoming years. Moreover, the demand for solar batteries in the region is expected to grow significantly due to the rising demand for solar power energy sources and increasing investments in the development of rural areas in the region. As solar is a relatively abundant energy source, many countries have induced medium to long-term policies to reinforce renewable growth in their overall energy portfolio.

Key Findings of the Study

• The global Solar Battery market is expected to reach USD 734.46 million by 2030, at a CAGR of 18.5% during the forecast period.


• The Asia Pacific region accounted for the fastest-growing global market.


• Based on Type, the Lithium-Ion segment was attributed to holding the largest market in 2022.


• Based on End Use, the Industrial segment was attributed to holding the largest market in 2022.


• Tesla, Inc (US), LG Corp (South Korea), Contemporary Amperex Technology Co Ltd (China), Loom Solar (India), Panasonic Corporation (Japan), BAE Batteries GmbH (Germany), BYD company (China), EnerSys (US), Luminous Power Technologies (India), Exide Industries Limited (India), Okaya Power Group (India), Amara Raja Batteries Limited (India), HBL Power Systems Limited (India), Base Batteries (India), Eastman Auto & Power Limited (US) are the key market players.