About Home Solar Battery
Home solar battery use electricity, which is generated by the solar panels is maximized with solar batteries. The home solar battery is widely used later in the emergency situation such as daytime, at night time or in cloudy weather. Increasing demand for solar battery from the residential sector and nonresidential sector, increasing usage of solar battery in various application such as average residential setup, cabin & tiny house, among others are projected to drive the global home solar battery market over the forecast period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 18.3% |
The home solar battery market appears to be highly fragmented and with the presence of several companies including ABB Group (Switzerland), Tesla, Inc. (United States), LG Chem Ltd. (South Korea), among others Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Home Solar Battery market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ABB Group (Switzerland), Tesla, Inc. (United States), LG Chem Ltd. (South Korea), Sonnen GmbH (Germany), Aquion Energy (United States), Samsung SDI (South Korea), General Electric Company (United States), AEG Power Solutions B.V. (Netherland), E-Solar (United States) and Saft Groupe SA (France) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Evergreen Solar, Inc. (United States) and Alpha Technologies Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Home Solar Battery market by Type (Lead-Acid Battery, Li-ion Battery, Saltwater Battery and Others), Application (Average Residential Setup and Cabin & Tiny house) and Region.
On the basis of geography, the market of Home Solar Battery has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Direct Sales will boost the Home Solar Battery market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The rising cost of Electricity Bill and Low Contribution of Solar Batteries in Environmental Pollution
Market Growth Drivers:
Growing Concern about Environmental Pollution across the World and Rising Government Funding, Subsidies, and Incentives to Encourage Eco-Friendly battery Worldwide
Challenges:
Lack of Awareness of Home Solar Battery in some African countries
Restraints:
Issue Related to High Cost of the Installation of a Solar Energy System
Opportunities:
Rising Demand from Emerging Market Such as china, India, Brazil, among others and Government initiative to promote solar energy system installation
Market Leaders and their expansionary development strategies
On July 2021, Tesla acquired SunPower a leading solar panel and battery storage company. This move could potentially lead to a more integrated solar and battery storage offering from Tesla in the future
On February 2021, sonnen, a leading German home battery manufacturer, launched its ecoLinx residential battery storage system in the US market. This product offered a modular design for flexible capacity needs.
Key Target Audience
Home Solar battery use Manufactures, Home Solar battery use Suppliers/Distributors, Industry Association, Downstream Vendors, Government Regulatory Bodies, Private Research Organizations, Government Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.