Technavio, a tech-focused market research firm, has published a new report on the global solar batteries market, which is expected to post an impressive CAGR of more than 16% during the forecast period 2016-2020.
This latest report by Technavio covers the market outlook and growth prospects of the global solar batteries market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global solar batteries market into the following key regions: APAC, Europe, North America, and ROW.
Geographical segmentation of the global solar batteries market for 2015 (market share %)
|
Americas |
44% |
|
EMEA |
32% |
|
APAC |
24% |
Source: Technavio
Solar batteries market in the Americas
The Americas accounted for a share of around 44% in the global solar batteries market and is expected to grow steadily at a CAGR of around 14% during the forecast period. The progressive growth of the market in the Americas is due to the increased investments in smart solar and growth in solar capacity and installations. North America is expected to have the largest share and will dominate the solar batteries market in the region during the forecast period. The growth in North America is due to the growing number of smart solar projects and increase in the US government’s support for grants and solar subsidies. Countries such as the US, Canada, Brazil, and Chile are the major revenue contributors in the Americas.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio, specializing in research on energy storage, “The solar batteries market in the Americas is growing due to rising investments in smart grid solar power systems. Supportive policies imposed by governments in the region and consumer-driven interest to reduce CO₂ emissions are the factors driving the market. Besides this, the need to overcome the intermittent nature of renewables, and developments in battery technology will also have a positive impact on the market.”
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Solar battery market in EMEA
The market in EMEA is expected to witness significant growth during the forecast period, by posting a CAGR of around 15%. Increasing support government policies, enormous solar potential, and grants such as FiT are the major factors driving growth of the solar battery market in this region. A huge number of solar PV installations are taking place in Italy, France, Germany, and Spain with Germany witnessing the highest number of installations of solar energy. Regulatory boards and various associations such as Solar Electric Power Association (SEPA) and Association for Demand Response and Smart Grid (ADS) are helping to formulate standards that can be followed across geographies. The increased support from regulatory authorities worldwide had been boosting the market significantly.
Solar battery market in APAC
APAC will be the fastest-growing region in the global solar batteries market by posting a CAGR of around 22%. Growing environmental concern and rising energy demand are the two strictures that will drive the growth of the market in APAC. Moreover, the growing demand for solar from the residential and utility sectors will also drive the growth of the solar batteries market in APAC. Countries such as China, Japan, and India are the key markets where the demand for smart solar is expected to increase during the forecast period, due to the upsurge in demand for energy. The availability of batteries from domestic manufacturers and the increase in the number of telecom operators in the region have contributed to market growth.
The top leading vendors operating in the global solar batteries market are:
- East Penn Manufacturing
- Exide Technologies
- GS Yuasa
- LG Chem
- Samsung SDI
Other prominent vendors in the market include A123, Alpha Technologies, BAE Batterien, Battery Energy Power Solutions, Betta Batteries Europe, BYD, C&D TECHNOLOGIES, China Shoto, EnerSys, EverExceed Corporation, EverExceed Industrial Company, FIAMM, HBL Power Systems Limited, HOPPECKE Batterien, SAFT, Storage Battery Systems, and SYSTEMS SUNLIGHT.
