The global solar battery market is projected to reach $360.4 million by 2027, representing an annual growth rate of 15.5 percent over the next seven years.
According to the report Solar Battery Market by Type and End-User: Global Opportunity Analysis and Industry Forecast, 2020–2027, the rise in demand for eco-friendly and cost-effective energy solutions for industrial and commercial energy storage is expected to drive the market growth.
In addition, industry players’ growing interest in renewable energy storage solutions is expected to increase investment opportunities during the forecasted timeframe. Countries such as the United Kingdom and Portugal are encouraging auctions for solar battery storage capacity, instead of conventional energy storage systems. Such developments are expected to positively influence market growth.
For industrial applications, these batteries can be used with other renewable power sources such as hydropower and wind powe