The Energy Storage Batteries in Microgrids market is anticipated to witness significant growth, with an estimated increase from USD 238.5 million in 2020 to USD 498.7 million by 2028. This growth is projected to occur at a compound annual growth rate (CAGR) of 9.72% during the forecast period. Several factors contribute to this market expansion, including the introduction of sustainable energy sources, such as solar PV and wind power, which replace traditional fuels like natural gas and diesel in microgrids. This transition reduces fuel consumption and boosts the demand for energy storage products in residential settings. Moreover, there is a growing need for the convergence of energy storage and microgrid technologies, particularly due to their advanced battery capabilities in grid-tied and remote microgrid applications. Additionally, rising electricity prices pave the way for the adoption of battery-based energy storage systems in microgrids.
However, despite the market's potential for growth, there are some challenges. The lack of universal acceptance and high deployment costs may impede the expansion of the Energy Storage Battery for Microgrids market.
Key findings from the report highlight the segmentation of the Energy Storage Battery for Microgrids market. The market is divided into different types, including sodium-sulfur batteries, VRLA lead acid batteries, lithium-ion batteries, and others. Among these, lithium-ion batteries are projected to experience the highest growth, with an approximate CAGR of 10.92% during the forecast period. This is attributed to their reliability, durability, lightweight nature, high efficiency in terms of charge and discharge, as well as their ability to provide high energy and power density while requiring low maintenance.
Get a sample copy of the Energy Storage Batteries in Microgrids market report: https://www.reportsanddata.com/download-free-sample/1164
In terms of applications, the market is segmented into household/residential, enterprise, and utility. The utility segment is expected to witness the highest growth, with a CAGR of 10.07%. Utilities often face voltage and frequency deviations, leading to power fluctuations that can damage equipment. To address this issue, utilities incorporate battery energy storage systems into microgrids, offering a cost-effective alternative to traditional infrastructure.
Geographically, the Energy Storage Battery for Microgrids market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. The Asia Pacific region is expected to experience the highest growth, with a CAGR of 15.65%. This growth is primarily driven by Japan's significant investments in the battery storage industry. Key players in this region include Hitachi, GS Yuasa, NEC, Panasonic, and Mitsubishi. It is projected that by 2020, the Asia Pacific region alone will account for over 50% of the global battery storage market.
Prominent companies operating in the Energy Storage Battery for Microgrids market include NGK Group, Samsung SDI, NEC, Panasonic, MHI, Toshiba, S&C Electric, Beacon Power, CALMAC, Saft, Sumitomo Electric, EnSync, Eos Energy Storage, OutBack Power, Younicos, BYD, CALB, ATL, Rongke Power, Shen-li High Tech, Meineng, Chilwee, Narada, among others.
The market analysis has been conducted based on the segmentation of type, applications, and regional analysis.
Energy Storage Battery for Microgrids Market by Type (Revenue, USD Million; 2018-2028):
- Sodium-sulfur battery
- VRLA Lead Acid
- Lithium-ion
- Others
Energy Storage Battery for Microgrids Market by Applications (Revenue, USD Million; 2018-2028):
- Household or residential
- Enterprise
- Utility
Energy Storage Battery For Microgrids Market: Drive factors
Several factors are driving the growth of the Energy Storage Battery for Microgrids market:
- Introduction of Sustainable Energy Fuels: The shift towards sustainable energy sources, such as solar PV and wind power, replacing traditional fuels like natural gas and diesel, is fueling the demand for energy storage batteries in microgrids. This transition reduces fuel consumption and promotes the use of renewable fuels.
- Rising Demand for Residential Energy Storage Products: There is an increasing need for energy storage solutions in residential settings. Homeowners are adopting energy storage batteries to store excess energy generated by solar panels or wind turbines, enabling them to reduce reliance on the grid and save on electricity costs.
- Convergence of Energy Storage and Microgrid Technology: The integration of energy storage systems with microgrids is becoming crucial. Energy storage batteries serve as advanced grid-tied and remote microgrid solutions, providing stability, balancing power supply and demand, and enabling efficient energy management.
These driving factors are propelling the growth of the Energy Storage Battery for Microgrids market. However, it is important to note that challenges such as high deployment costs and lack of universal acceptance may hinder market expansion.
Explore Trending Reports:
Printer Toner Market: https://www.reportsanddata.com/report-detail/printer-toner-market
Hydrogen Fluoride Market: https://www.reportsanddata.com/report-detail/hydrogen-fluoride-market
Sandwich Board Market: https://www.reportsanddata.com/report-detail/sandwich-board-market
Request a customization of the report: https://www.reportsanddata.com/request-customization-form/1164
Thank you for reading our report. To know more about the customization or any query about the report contents, please connect with us and our team will ensure the report is tailored to meet your requirements.
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behaviour shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Contact:
John W, Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
LinkedIn | Twitter | Blogs