Substation Batteries Market Scope
A substation battery plays a crucial role in maintaining the uninterrupted operation of vital electrical systems within a high-voltage industrial/utility substation, even in the event of a power outage. The DC system stands as the central and critical element in such substation setups, providing the necessary energy to control protective devices and high-voltage components, thereby ensuring the safe isolation of electrical faults. The substation batteries market has been growing steadily in recent years, driven by the increasing demand for reliable and uninterrupted power supply. The market is driven by the need for reliable power supply, integration of renewable energy sources, grid modernization, and increasing awareness of grid resilience.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Electrical Engineering Portal (Serbia), Exponential Power (United States), EnerSys (United States), Power Solutions (United States), Gogate Electrosystems (N) Private Limited (India), Exide (United States), Robert Bosch (United States), Trojan Battery Company(United States), Solaredge Technologies inc (Israel) and HBL Power Systems Ltd. (India) |
CAGR | % |
The competitive landscape of the substation batteries market is characterized by a diverse range of companies and technologies. Various manufacturers and suppliers compete in this sector to provide energy storage solutions that ensure the reliability and performance of power substations
Electrical Engineering Portal (Serbia), Exponential Power (United States), EnerSys (United States), Power Solutions (United States), Gogate Electrosystems (N) Private Limited (India), Exide (United States), Robert Bosch (United States), Trojan Battery Company(United States), Solaredge Technologies inc (Israel) and HBL Power Systems Ltd. (India) 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 Substation Batteries market by Type , by Application (Residential and Commercial, Industrial, Utilities and Others) and Region with country level break-up.
On the basis of geography, the market of Substation Batteries 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 January 2022, Exponential Power, Inc. successfully completed the acquisition of MaeTec Power, Inc., further strengthening its position as a top-tier provider of DC power solutions, products, and services.
October 2022, EnerSys, a frontrunner in stored energy solutions for industrial applications, has solidified its Manufacturer Representative Agreement with Industrial Battery & Charger, Inc. (IBCI) by conferring exclusive sales and service privileges for all EnerSys® motive power products in the Middle Tennessee Territory, supported by local offices in Nashville.
Influencing Trend:
Lithium-ion batteries are gaining trend in the substation batteries market due to their high energy density, longer cycle life, and fast response times
Market Growth Drivers:
As industries and residential areas depend more on electricity, the demand for uninterrupted power supply is rising.
Challenges:
The ongoing operational and maintenance costs of substation batteries can be substantial-high, and maintaining this cost is still a challenge
Restraints:
One of the primary restraints for substation batteries is the significant upfront capital investment required for the purchase and installation of battery system
Opportunities:
Development of microgrids and islanded power systems creates opportunities for substation batteries to play a central role in maintaining power supply during grid outages