In this report, Technavio covers the market outlook and growth prospects of the global solar batteries market for 2016-2020. By battery technology, the market is segmented into lithium-ion batteries, lead-acid batteries, and sodium-based batteries.
As of 2015, the lithium-ion batteries occupied 37% of the total market. These batteries have high energy density leading to increased charge and discharge capabilities as well. Because of these attractive features, they are increasingly being adopted into electronic devices like laptops, smartphones, notebooks, and tablets. The application base of these batteries is broadening and is expected to dominate solar power systems in the coming years.
Technavio’s research study segments the solar batteries market into the following regions:
Americas: largest solar batteries market
“The solar batteries market in the Americas is predicted to grow steadily during the forecast period, registering a CAGR of over 14% in the forecast period. Most of this growth will be due to increased investments in smart solar and growth in solar capacity and installations. Owing to the growing number of smart solar projects and increase in the US government's support for grants and solar subsidies, the market is expected to continue its dominance,” says Thanikachalam Chandrasekaran, one of the lead market research analysts at Technavio for energy storage research.
Increased investments in the solar batteries market is leading to the development and deployment of integrated smart grid systems. The cost of Li-ion batteries is set to decline, owing to developments in battery technology, increasing consumer dependence on quality batteries, and supporting government policies, driving market growth. South America is not far behind, and governments have already announced several smart grid projects, which will add revenue to the market, leading to its growth.
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EMEA: market driven by eco-friendly government policies
The solar batteries market in EMEA will be driven by the increasing support from government through various policies, enormous solar potential, and grants such as FiT. Additionally, a high number of solar photovoltaic (PV) installations are taking place in countries like Germany, Italy, France, and Spain. The EU mandate, which states that 20% of the region's total energy consumption should be from renewables by 2020, is expected to support market growth.
Countries in the Middle East and Africa are experiencing frequent power outages and grid issues resulting from inconsistent power supply. This problem is being overcome by the gradual adoption of off-grid energy storage systems across the region. Regulatory boards and associations such as Solar Electric Power Association (SEPA) and Association for Demand Response and Smart Grid (ADS) are introducing standards that can be followed across geographies, to maintain uniformity. This increased support from regulatory authorities worldwide had been boosting the market significantly.
APAC: market driven by high demand for energy
“Growing environmental concerns and rising energy demand are the two key parameters that will drive the growth of the market in APAC. Additionally, growing demand for solar from the residential and utility sector will bring in considerable investments to this market. China, Japan, India, and Australia are the major revenue contributors to the market in APAC,” says Thanikachalam.
China, Japan, and India are the key markets where the demand for smart solar will be at its apex due to increasing emphasis and need for smart energy management. China leads in investments in smart grids and smart solar in APAC. Two of the ambitious plans set by the government are – reducing the carbon intensity of its GDP by 40%-45% by 2020 and meeting 20% of energy demand from renewable and nuclear power. This had underlined the need of flexible T&D infrastructure to ensure stable power supply and the reliability of the grid, leading to the installation of an appreciable number of smart meters in the country. Trends like this can be observed in other countries in the region as well, making this market the fastest growing with a forecast CAGR of almost 22%.
The top vendors in the solar batteries market highlighted in the report are:
- East Penn Manufacturing
- Exide Technologies
- GS Yuasa
- LG Chem
- Samsung SDI
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