DUBLIN–(BUSINESS WIRE)–October 5, 2022–
The “Global Solar Battery Market Research and Forecast, 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The global solar cell market is expected to grow at a CAGR of around 15.5% during the forecast period. Increasing demand for sustainable energy storage solutions is a major factor driving the growth of the market. The government is promoting sustainable energy sources, which is forecasting demand for solar cells globally. Some of the major solar cell applications include power plants, solar charging stations, off-grid storage systems, and others.
Therefore, these widespread applications of solar cells effectively reduce the need for imported oil, coal and other fossil fuel resources. In addition, increasing electricity costs and decreasing contribution of solar cells to environmental pollution are also driving the growth of the solar cells market. However, the high cost of solar energy system installation acts as a restraining factor for the market growth.
The global solar cell market is segmented by type and end user. Based on type, the market is segmented into lead-acid battery, lithium-ion battery, and others. Furthermore, on the basis of end-user, the market is classified as telecom industry, home and residential, automotive applications.
The lithium-ion battery segment is estimated to dominate the global solar battery market significantly.
Among the types, the lithium-ion battery segment is projected to hold a significant share of the global Solar battery market. Compared to its competitors such as nickel-cadmium batteries, the lithium-ion battery has a higher energy density, requires less maintenance and has a lower self-discharge rate. It also has a high open-circuit voltage and a good power-to-weight ratio. A major factor driving the growth of the segment is the significant increase in the global adoption of consumer electronics.
The increasing use of these electronics has resulted in an unstoppable demand for high-quality rechargeable batteries, which will drive the growth of the market. In addition, increasing focus on sustainable development as well as increasing awareness about the adverse effects of using conventional vehicles are also contributing to the growth of the market. In addition, stringent government emission regulations to protect the environment and reduce degradation-based capabilities may have a significant impact on the lithium-ion battery market.
The global solar cell market is further segmented on the basis of geography, including North America, Europe, Asia-Pacific, and Rest of the World. North America is projected to hold a significant share of the global Solar Cell market due to falling solar cell prices, growth in the renewable sector, accelerating adoption of electric vehicles, and increasing sales of consumer electronics. In addition, the US government is promoting both the EV and renewable sectors, therefore increasing the demand for battery-based energy storage systems driven primarily by solar cells. In addition, the US is the leading economy in global EV sales, followed by Canada. Therefore, increasing adoption rates of electric vehicles will also drive the market growth in the region.
The Asia-Pacific region is projected to grow significantly in the global Solar Cell market during the forecast period
The Asia-Pacific market is projected to witness significant growth during the forecast period. The growth is attributed to increased government initiatives to promote renewable energy sources. China is estimated to be the dominant region as it is the world’s largest producer of electric vehicles. For example, China’s Ministry of Industry and Information Technology (MIIT) announced in December 2019 that new energy vehicles, primarily electric vehicles, will account for 25% of total vehicle sales by 2025. Due to the increasing demand, this market for electric vehicles is expected to grow at a rapid pace in the coming years
Key topics covered:
1. Summary of the report
2. Market Overview and Insights
3. Competitive landscape
4. Market determinants
5. Market Segmentation
6. Regional Analysis
7. Company Profiles
Duracell Inc. East Penn Manufacturing Co . Inc.Exide Industries Ltd.Fusion Power SystemsGS Yuasa Corp.Iron Edison Battery Company, LLCLG Corp.Kokam Co.MaxPower, Inc.Okaya Power Pvt. Ltd.PAE Ltd.Panasonic Corp.Samsung SDI Co., Ltd.Schneider Electric SESseed Energy SystemsSMA Solar Technology AGSullivan Solar PowerTesla, Inc.Toshiba Corp.Trojan Battery CO LLC
For more information on this report, visit https://www.researchandmarkets.com/r/ensb4s
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/05/2022 16:25/DISC: 05/10/2022 16:26
Copyright Business Wire 2022.