Energy Storage Battery for Microgrids Market worth US$ 208.9 Million 2019 with a CAGR of 10.3%
Energy Storage Battery For Microgrids is an energy storage tank. It is used to store electrical energy and supply energy when required. As compared to traditional diesel generators, battery-based energy storage is more environmentally-friendly. It significantly lowers the sizing and fuel needs for common backup generators. Even small amounts of energy storage can have a huge impact on lowering fuel costs, maintenance and omissions of diesel or bio-diesel generators.
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.
Analyst View:
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 the electricity. The adoption of these systems increases the flexibility and reliability of the electricity supply system with respect to transmission, generation, and distribution. Siemens provides SIESTORAGE, an intelligent grid solution. SIESTORAGE is skilled to 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.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.
Key Market Insights from the report:
The global energy storage battery for microgrids market accounted for US$ 556.1 million in 2029 and is projected to register a moderate CAGR over the forecast period. The market report has been segmented on the basis of type, application, and region.
· By type, Lithium-ion batteries accounts for largest size of the battery energy storage system market and is 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, Utilities segment holds 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. Japanese government is severely investing on 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 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. In addition, 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 into the report.
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