Global Energy Storage Battery for Microgrids Market Hit US$ 556.1 Million by 2029; Driven by Rising Demand for Grid-Connected Solutions - PMI
Key factors driving the market are rising demand for grid-connected solutions and increasing focus on rural electrification worldwide
Covina, CA, June 23, 2020 (GLOBE NEWSWIRE) -- The global energy storage battery for microgrids market accounted for US$ 208.9 Million in 2019 and is estimated to be US$ 556.1 Million by 2029 and is anticipated to register a CAGR of 10.3%.
The report. "Global Energy Storage Battery for Microgrids Market, By Type (Sodium-sulfur Battery, VRLA Lead Acid, Lithium-ion, and Others), By Applications (Household, Enterprise, and Utility), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”.
Key Highlights:
On November 2019, Panasonic Corporation declared that it has launched a new battery management technology that measures a battery's electrochemical impedance. It is an operative method of evaluating the residual value of lithium-ion batteries in devices.
On February 2020, Toyota Motor and Panasonic Corporation have merged hands to establish a joint venture focusing in automotive prismatic batteries for electric vehicles (EVs). The combined venture will be called Prime Planet Energy & Solutions, Inc.
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Analyst View:
Rising Demand for Grid-Connected Solutions
The most important types of renewable energy sources are wind and solar that are stored in the grid. When the quantity of electricity exceeds the demand for electricity, battery energy storage systems is used by grid operators to save electricity. The adoption of these systems increases the flexibility and reliability of the electricity supply system concerning transmission, generation, and distribution. Siemens provides SIESTORAGE, an intelligent grid solution. SIESTORAGE is skilled in overcoming the challenges phased during the 3 main aspects of power supply—providing flexible energy for modern grids, optimizing grid connections, and supporting large energy consumers.
Increasing focus on rural electrification worldwide
Rural electrification is a technology to bring electrical power to remote or rural areas. Most effective storage technology for rural electrification applications is battery energy storage. Numerous countries in the world are demanding to develop their remote areas.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Energy Storage Battery for Microgrids Market”, By Type (Sodium-sulfur Battery, VRLA Lead Acid, Lithium-ion, and Others), By Applications (Household, Enterprise, and Utility), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”.
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Key Market Insights from the report:
The global energy storage battery for microgrids market accounted for US$ 208.9 Million in 2019 and is estimated to be US$ 556.1 Million by 2029 and is anticipated to grow with a CAGR of 10.3%. The market report has been segmented based on type, application, and region.
By type, Lithium-ion batteries account for the largest size of the battery energy storage system market and are projected to maintain its dominance over the forecast period. The lithium-ion batteries have very high power and energy densities, which leads to decrease weight with low standby losses, and high life expectancy.
By application, Utility segment holds the largest size of the battery energy storage system market. The utility operators are using battery energy storage systems in their resource planning processes, which increases storage capacity and decreases the system costs.
By region, Asia-Pacific is projected to have the highest growth in the target market, with a significant CAGR over the forecast period, owing to the growth of Japan. The Japanese government is severely investing in the battery storage industry, some of the leading players being GS Yuasa, Hitachi, NEC, Panasonic and Mitsubishi. The region alone is anticipated to accounted >50% of the global battery storage market by 2020.
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Competitive Landscape:
The prominent player operating in the global energy storage battery for microgrids market includes ABB Group, LG Chem, NEC, Panasonic, Samsung SDI, AEG Power Solutions, General Electric, Hitachi, Siemens AG, and Tesla.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. Also, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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Some Important Points Answered in this Market Report Are Given Below:
Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter's five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period
Key Topics Covered
Introduction
Study Deliverables
Study Assumptions
Scope of the Study
Research Methodology
Executive Summary
Opportunity Map Analysis
Market at Glance
Market Share (%) and BPS Analysis, by Region
Competitive Landscape
Heat Map Analysis
Market Presence and Specificity Analysis
Investment Analysis
Competitive Analysis
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