Market Research Report
Grid-Connected Battery Storage Market with COVID-19 Impact Analysis, By Battery Type, By End User, and By Region - Size, Share, & Forecast from 2021-2027
|Published by||AnalystView Market Insights||Product code||980675|
|Published||Content info||250 Pages
Delivery time: 2-3 business days
|Grid-Connected Battery Storage Market with COVID-19 Impact Analysis, By Battery Type, By End User, and By Region - Size, Share, & Forecast from 2021-2027|
|Published: December 1, 2020||Content info: 250 Pages||
The global Grid-Connected Battery Storage market was valued at USD 1.53 billion in 2020, growing with 22.6% CAGR during the forecast period, 2021-2027.
Grid-connected battery storage systems help to save excess power which can be used for later use, which also improves grid flexibility, and reliability in power transmission, and distribution. Additionally, the demand for uninterrupted power supply is projected to increase along with rapid industrialization in the next few years.
The grid-connected battery storage market is estimated to witness significant growth in the next few years. The increasing demand for continuous power from various industries including data centers, medical, telecom, marine, and industrial is projected to boost Grid-Connected Battery Storage market growth. Several benefits such as renewable energy time shifting, baseload leveling & peak shaving are boosting the need for grid-connected storage systems. The COVID-19 outbreak has significantly impacted the global battery storage industry with the disruption in the supply chain, economy, and delays in energy projects. The demand for utility-owned energy storage systems is heavily affected by the COVID-19 pandemic situation. However, the high installation cost associated with the grid-based system may hamper industry growth.
The increasing number of smart city initiatives and focus on advanced smart grid technology are expected to support the overall growth. For example, according to the Indian Brand Equity Foundation (IBEF), the Indian government released its road map to attain 175 GW capacity in renewable energy by 2022. Furthermore, the growing demand for uninterrupted power supply for data centers is projected to offer ample growth opportunities to establish a healthy platform for this industry development. Moreover, the rising focus on grid modernization and growing demand for energy storage solutions is expected to positively impact overall Grid-Connected Battery Storage market development. For example, Siemens offers SIESTORAGE, an intelligent grid storage platform to optimize grid energy storage systems.
Asia Pacific region is projected to hold the majority of market share in the global market. The adoption of smart grid technology, and smart city initiatives across countries like China, and India are the key major factors driving the demand for the grid-connected battery storage market. Additionally, the increasing number of shipping, the supply chain of logistics is supporting market growth. North America is projected to expand at a significant rate over the forecast period. The rapid industrialization along with the high production of renewable energy is fueling the growth.
The grid-connected battery storage market is highly fragmented with the presence of international players. Key players in the market engage in strategic mergers & acquisitions and new product developments to increase their portfolio. Supportive government investment for smart grid technology and UPS energy storage systems is also contributing to market growth.
Key features of the study:
This proposed research study on Grid-Connected Battery Storage market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2020-2027), considering 2019 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Grid-Connected Battery Storage market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Grid-Connected Battery Storage market
Impact of COVID-19 on Grid-Connected Battery Storage market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Grid-Connected Battery Storage market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Grid-Connected Battery Storage market, we have also included competitive landscape and key innovator analysis for the Grid-Connected Battery Storage market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and end-user's attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Grid-Connected Battery Storage market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new product launch, research & development, regional expansion of major participants involved in the Grid-Connected Battery Storage market on global as well as regional level.
The global Grid-Connected Battery Storage market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL GRID-CONNECTED BATTERY STORAGE MARKET KEY PLAYERS
NGK Insulators Ltd.
AES Energy Storage
Samsung SDI Co.
LG Electronics Inc.
Saft Groupe S.A.
Altair Nanotechnologies Inc.
Powertree Services Inc.
GLOBAL GRID-CONNECTED BATTERY STORAGE MARKET, BY BATTERY TYPE
Lead Acid Battery
GLOBAL GRID-CONNECTED BATTERY STORAGE MARKET, BY END USER
GLOBAL GRID-CONNECTED BATTERY STORAGE MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of LATAM
The Middle East and Africa
United Arab Emirates
Rest of MEA
List of Tables
List of Figures