Global Solar Battery Market Growth To Be Driven By Increasing Technological Developments In Power Generation And Storage
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A solar battery, or photovoltaic cell, is an electrical device use to convert and stored solar energy into electricity by using photovoltaic effect. Basically it converts DC power energy produced by solar energy into AC power for later use. Owing to its better durability, it is used across various sectors such as residential, commercial and industrial. The wide range of batteries are available in the market to cater end users demand such as size, power storage capacity, etc.
When solar battery is installed as a part of home solar energy system, the extra energy is stored for future use rather than sending it back to electricity grid. The stored solar energy can be used later in daytime, at night time or in cloudy weather. Low contribution of solar batteries in environmental pollution is an important feature of solar battery market.
Increasing technological advancements, development of new technologies, and innovative product launches will create potential opportunities for players operating in the market. Manufactures operating in the global market is currently rising their focus towards offerings related to energy storage. For example, in the recent past, Nissan added solar power system along with energy storage in order to strengthen their product portfolio that support markets demand.
Rising demand for solar battery from telecom industry and increasing subsidies by the government for solar energy system installation across various countries. Currently, the governments across various countries focusing towards development of durable, more efficient, and cost-effective batteries. Solar batteries are available in different size and power storage capacity so that it can provide better service to residential, industrial and commercial sector. Cost of the solar panels is high it may affect the market in certain extent.
The solar batteries are available in to various types such as Li-Ion Solar Battery, Lead-Acid Solar Battery, Sodium-Based Solar Battery, and many others. Currently, rising preference towards adoption of li-ion solar batteries along with solar plants are high.
The solar batteries have their applications across various end use applications and can be categorized as User Solar Power, Photovoltaic Power Station, Transportation Field, Communication Field, Aerospace & Defense Field, Meteorological Field, and many Other applications.
Increasing investment for solar installation across various countries in North America is high. The solar battery market in Asia Pacific is witness robust development of solar power projects in the coming years and the availability of various government policies for renewable power sector across various countries in this region. Government of India has planned to build 175 GW of renewable power infrastructure by the end of 2022 which will increase solar power installations.
Key trend observed in the market is that players are focusing on strategic merger and acquisition activities and introduction of new products in order to strengthen their product portfolio and expand customer base across the globe.
Key players operating in the global market are East Penn Manufacturing, Exide Technologies, GS Yuasa, LG, Samsung SDI, A123 Systems, First Solar, Bosch Solar Energy, Panasonic, Sanyo Solar, TSMC, Yingli, Canadian Solar, Alpha Technologies, BAE Batterien, BYD, Manz, Sharp, Kyocera, and Suniva
Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.
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