Supportive government regulations for use of photovoltaic technology and growing interest toward renewable energy storage solutions drive the growth of the U.S. solar battery market. Based on type, the lithium ion segment accounted for the major share in 2020. Based on end user, on the other hand, the commercial segment would portray the fastest CAGR throughout the forecast period.
Portland, OR, Sept. 15, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the U.S. solar battery market was estimated at $16.9 million in 2020 and is expected to hit $37.7 million by 2030, registering a CAGR of 8.2% from 2021 to 2030. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends.
Supportive government regulations for use of photovoltaic technology and growing interest toward renewable energy storage solutions drive the growth of the U.S. solar battery market. On the other hand, high initial installation cost impedes the growth to some extent. However, advancements in energy backup systems are anticipated to pave the way for lucrative opportunities in the industry.
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- The outbreak of the pandemic has had a negative impact on consumer expenditure across the world. And, the United States has also not been an exception in this regard. Accordingly, the public funded solar energy projects and residential solar businesses have been hugely affected during the period, thereby exerting a negative influence on the U.S. solar battery market.
- However, the overall situation across the states is getting better, and the market is projected to revive soon.
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The U.S. solar battery market is analyzed across type and end user. Based on type, the lithium ion segment accounted for around four-fifths of the total market share in 2020, and is anticipated to rule the roost by 2030. The lead acid segment, on the other hand, would cite the fastest CAGR of 10.4% during the forecast period.
Based on end user, the industrial segment contributed to more than two-fifths of the total market revenue in 2020, and is expected to lead the trail by the end of 2030. The commercial segment, however, would exhibit the fastest CAGR of 8.8% throughout the forecast period.
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The key market players analyzed in the U.S. solar battery market report include Aims Power, BBI Battery, Enersys, Fortress Power, Goal Zero, Adara power, Panasonic Corporation, Power Sonic Corporation, U.S. Battery Manufacturing Co., Tesla. Inc, Simpliphi Power, Inc, Sunpower, and Solaredge Technologies Inc. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry.
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Source: EIN Presswire