Energy Storage in Microgrids Market Scope
Microgrids is small local source of supply of electricity which is attach to centralize national grid still it can work independently. It improve local reliability and flexibility of electric power system, it may consist of multiple distributed energy resources, customers, energy storage units. Energy storage of microgrid is important for energy buffer or backup for power imbalance in supply and demand of energy. There are four basic types of energy storage namely, electrical energy storage (ESS), mechanical energy storage (MES), chemical energy storage (CES), thermal energy storage (TES). Owing to increase in demand energy storage in microgrid for growing energy demand, energy storage in microgrid market is expected to grow at a significant rate during the forecast period.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | ENGIE (France), Tesla (United States), ABB (Switzerland), Schneider Electric (France), Ameresco (United States), PowerSecure (United States), Spirae (United States), EnSync Energy (United States), NRG Energy (United States), Green Energy Corp (United States), Eaton (Ireland) and Younicos (United States) |
CAGR | % |
Energy Storage in Microgrids market is a fragmented market due to the presence of various players. The players are focusing on increasing their manufacturing capacity and are offering competitive prices to gain high market share and establish their position in the market. Further, companies are focusing on developing innovative products and solutions to improve quality, enhances and promotes performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
ENGIE (France), Tesla (United States), ABB (Switzerland), Schneider Electric (France), Ameresco (United States), PowerSecure (United States), Spirae (United States), EnSync Energy (United States), NRG Energy (United States), Green Energy Corp (United States), Eaton (Ireland) and Younicos (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of global Energy Storage in Microgrids market by Type , by Application (Commercial, Industrial and Government) and Region with country level break-up.
On the basis of geography, the market of Energy Storage in Microgrids has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In November 2022, ENGIE acquired six gigawatts of solar and energy storage development projects from Belltown Power US, The homonymous subsidiary of its UK based parent, Belltown Group Limited. This acquisition includes 33 projects totaling 2.7 GW of solar with 700 megawatts of paired storage and 2.6 GW of standalone battery storage. This acquisition help ENGIE to expand its presence in North America region and strengthen its position in energy storage in microgrid market.
In November 2022, ENGIE announced a new microgrid installation at the Santa Barbara Unified School District. This installation included 4.2 MW of solar across 14 locations along 6 microgrids with 3.8 MWh of battery storage for backup power and offsetting peak demand. This installation strengthen the ENGIE presence in energy storage in microgrid market
Influencing Trend:
Increasing Integrating Intermittent Renewable Energy Sources into Microgrids
Market Growth Drivers:
Increasing Demand Energy Storage in Microgrid for Growing Energy Demand and Growing Environmental Concern Such As Depletion of Fossil Fuel
Challenges:
Lack of Management in Power Demand and Supply and Lack of Technical Workforce
Restraints:
High Cost of Development
Opportunities:
Increasing Technical Advancement in Energy Storage for Microgrid
Key Target Audience
Energy Storage in Microgrids Manufacturers, Raw Material Suppliers, Government Bodies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others