About Battery Storage
Battery Storage Inverter is a special type of grid-connected inverters that can be converted into bi-directional inverter. It can used for store electric energy, in accordance with the unified deployment of the smart grid to release energy. Additionally, Battery Storage is used for enhancing grid reliability, reduced need for increased peak generation capacity and allows renewable energy and fossil source to integrate. There has been a significant rise in the number of electric vehicles and charging points using battery storage with a figure stood up to 600,000 and 75,000 alone in 2022. So, the future for battery storage looks promising. The major companies are adding more innovative techniques in Asia-Pacific countries as these countries are focused on the fastest-growing verticals for the rapid power charging stations and electric vehicles.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Billion) |
Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Battery Storage market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ABB (Switzerland), BYD Motors Inc. (China), Panasonic (Japan), LG Energy Solution (South Korea), Hitachi Energy (Switzerland), Samsung SDI Co., Ltd. (South Korea), Johnson Controls (Ireland), Toshiba Corporation (Japan), SK Innovation (South Korea), Deutsche Accumotive (Germany), GS Yuasa International Ltd. (Japan), BAK Power (China), General Electric (United States) and SimpliPhi Power (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Siemens Energy (Germany), Mitsubishi Power (Japan), Sec Power (Brazil), Ateios Inc. (United States), Zinergy (United Kingdom), Relicel (India), Eaton (Ireland) and AES Corporation (United States).
Segmentation Overview
AMA Research has segmented the market of Global Battery Storage market by Type (Lead Acid, Lithium Ion, Redox Flow, Sodium-Sulfur and Zinc-Bromine Flow), Application (Energy & Utility, Automotive, Agriculture, EV Charging Stations, Mining, Healthcare, Aerospace & Defence, Data Centers, Marine & Ports, Lawn Mowers, Consumer Electronics, Transportation & Mobility and Space) and Region.
On the basis of geography, the market of Battery Storage 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). If we see Market by Scale, the sub-segment i.e. Small Scale will boost the Battery Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Spending on Solar Rooftop Installation and Growing Applications due to Decreasing Greenhouse Effects
Market Growth Drivers:
Rising Adoption of Energy Storage Systems by Utilities and Widespread Implementation of Smart Grid Technologies
Challenges:
Skilled Professional Required for Installation and Lack of Awareness among the End User Industries.
Restraints:
Stringent Government Rules and Regulations and High Cost Associated With Battery Storage System
Opportunities:
Increasing Demand for Continuous Power Supply and Effective Load Management and Surging Demand for Integration of Solar PV Plants
Market Leaders and their expansionary development strategies
In July 2019, Energy Capital Partners Acquires Industrial Energy Storage Specialist Convergent This acquisition will strengthen the market presence and beneficial for large scale storage for industrial storage projects.
In July 2019, Tesla launched a new utility-scale energy product called Megapack, which is beneficial for advanced monitoring and control platform for large scale utility projects and microgrids. This innovative product offers machine learning platform for automated energy trading and market penetration.
Key Target Audience
Battery Storage Manufacturers, Battery Storage Provider, End-Use Market Participants of Different Segments of Battery Storage, Government and Research Organizations, R&D Institutions and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.