This market research report by Technavio presents a detailed analysis and segmentation of the global energy storage in microgrids by technology (advanced lead-acid batteries, flywheel, sodium-metal halide, flow batteries, and advanced Li-ion batteries) and by geography (APAC, Americas, and EMEA). It also analyzes the key vendors in this market, including AES Energy, Axion Power, BYD, East Penn Manufacturing, Exide, LG Chem, NGK Insulators, Saft, and Samsung SDI.
Technavio’s market research analysts estimate the global energy storage in microgrids market to reach over US $2 billion in terms of revenue between 2015 and 2019. Besides the rising demand for energy security, high demand for quality power from institutions, industries, remote systems, and military establishments is driving this market’s growth. The Americas leads the global market for energy storage in microgrids. Factors that can be attributed to this region’s growth are supportive government policies, consumer-driven interest to reduce CO2 emissions, the augmented need to overcome the intermittent nature of renewables, issues related to grid reliability and safety, and battery development.
The new market research report from Technavio provides a breakdown and analysis of the microgrids’ energy storage segments by technology.
“Of late, the growing demand for electrification across the globe has led to increase in the installation of microgrids and smartgrids in rural areas. Various APAC nations, especially Indonesia, are adopting rural electrification programs to encourage the use of microgrids, which combine solar energy and energy storage technologies to deliver reliable power supplies. Moreover, the rural microgrids can be powered by distributed power generation sources such as renewable energy, diesel, and hybrid systems,” says Navin Rajendra, Lead Analyst, Energy, Technavio Research.
Advanced lead-acid battery segment account for around 44% of the total market share. These batteries are the oldest and most developed rechargeable battery technologies. These batteries dominate the market because of their low costs. Also, the raw materials required to manufacture lead-acid batteries is easily available, driving this segment’s high growth. Hovered, the li-ion and sodium-metal halide batteries will dominate the battery energy storage market for microgrids during the forecast period.
The leading vendors in the global energy storage in microgrids market include AES Energy, Axion Power, BYD, East Penn Manufacturing, Exide, LG Chem, NGK Insulators, Saft, and Samsung SDI. This market is estimated to exhibit strong growth during the forecast period and is characterized by the presence of numerous vendors that enter this market due to its low entry barrier. Since this market is still in its growing stage, the presence of multiple microgrid projects in the pipeline is expected to facilitate market growth during the forecast period.
A more detailed analysis is available in the Technavio report, Global Energy Storage in Microgrids Market 2015-2019.
We can customize reports by other regions and specific segments upon request.
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