The global battery storage market accounted for a value of USD 2.9 billion in 2019. Battery storage market projected to register growth at a CAGR of 22.9% during forecast period.
COVID-19 has impacted all the businesses over the globe. The battery storage market and application segment of battery storage market has witness a significant decline in growth rate due to outbreak of corona virus. The supply chain of renewable energy technologies and battery energy storage system got disrupted due to travel restriction and lockdown across many countries of the world. The market is estimated to recover and demand of battery storage market is estimated to increase by 2022.
For more details, visit: Global Battery Storage Market By Energy Capacity (Below 100 MWh, Between 100 and 500 MWh, others), By Battery Type (Flow Battery ,Li-ion, others), By Application (Residential, Utilities, Others), By Region–Forecast & Opportunities to 2026
The wind and solar energy are widely used types of renewable energy which is stored in grids. But variations occur in this due to fluctuations in wind current and concealing of sun by clouds. This variation create requirement of flexible grid systems which is used to store energy. Battery storage systems help grid operators in saving electricity when electricity generated exceeds the electricity demand. This drives growth in battery storage market during forecast period.
On the basis of energy capacity, the battery storage market is segmented into below 100 MWh, between 100 and 500 MWh and above 500 MWh. Battery storage systems with capacity above 500 MWh is estimated to grow at a highest CAGR during forecast period. Battery storage systems with high capacity and lower power rating is useful for delivering a low amount of electricity for a long time and it is considered as sufficient to run a few crucial appliances. At the time of high electricity demand battery storage helps in running other power plants. This drives growth in above capacity 500MWh segment during forecast period.
On the basis of battery type, the battery storage market is segmented into Li-ion battery, lead-acid battery, flow battery and others. The Li-ion battery segment is estimated to register growth at highest CAGR during forecast period. The demand for lithium-ion batteries is increasing for energy storage systems. It has various advantages such as low weight, limited coverage area and low cost. The rise in demand and adoption for such batteries is likely to drive growth in lithium ion battery segment during forecast period.
On the basis of application, the battery storage market is segmented into residential, commercial and utilities. The utilities supplication is estimated to hold largest market share during forecast period. The electricity generation and consumption needs to be matched all time because mismatch leads to frequency and voltage deviations. The mismatch can cause power damage and outages to the equipments. The battery storage system can be used to overcome this problem. The battery energy system can be installed with grids. Grids are responsible to control voltage and frequency. This drives growth in utilities segment during forecast period.
Asia-Pacific region is estimated to hold largest market share during forecast period. Asia-Pacific region is considered as hub for battery energy storage system industry. The electrification is rapidly growing in rural areas or remote areas which are off-grid in many countries. The utilization of residential energy storage technology enables to increase access to electricity for these rural or remote areas. Battery storage investment is rising in this region. This drives growth in Asia-pacific region during forecast period.
The key market players in battery storage market are ABB, LG Chem, Panasonic, Samsung SDI, Siemens AG, General Electric, Hitachi, Tesla, Toshiba, AEG Power Solutions, Exergonix, Corvus Energy, The Aes Corporation, Enerdel and Delta Electronics.
- What are the expected industry trends over the next three to five years?
- Which of the battery storage type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?