Overview of the global battery market for E-scooters
Market research analysts at Technavio have predicted that the global battery market for E-scooters will grow steadily during the forecast period and post a revenue of about USD 631 million by 2020. The constant increase in the demand for electricity and the depletion of fossil fuels have encouraged countries across the globe to focus more on the generation of electricity through renewable energy sources. Renewable energy also has a positive impact on the climatic change, which will lead to the integration of renewable energy resources with power grid networks. The intermittent nature of renewable energy demands the need for energy storage. Moreover, as the power generated from renewable resources comes at a much lower cost, e-scooter consumers will be able to charge their vehicles at minimal costs. This will, in turn, drive the adoption of e-scooters in the coming years and will be one of the primary factors propelling the growth of the e-scooter battery market.
In addition to their environmental-friendly benefits, electric scooters have additional advantages such as no requirement for a license, registration, and road tax. This will further increase the demand for e-scooters and will subsequently lead to the rise in the growth of the electric scooter battery market. Though electric scooters that can run at speeds of more than 35mph need license and registration to be ridden, negligible emissions and minimum operating costs will fuel their demand.
Competitive landscape and key vendors
The market is currently marked by the presence of highly competitive vendors that compete on the basis of factors like brand recognition, product quality, reliability, durability, energy density, and product pricing
Global outlook of the lithium iron phosphate battery market
Technavio’s market research analysts predict the global lithium iron phosphate battery market to grow impressively during the forecast period at a CAGR of more than 20%. The continuously growing population and the depletion of fossil fuel reserves have shifted the focus of countries all across the globe towards renewable power generation. This increased importance of renewable energy in addressing climate change and improving energy conservation will aid in the growth of the market in the coming years. Moreover, countries have also started integrating renewable energy resources with power grid networks. These power grids and hybrid power systems use lithium iron phosphate batteries as a backup. For instance, the San Nicolas Island wind-diesel microgrid in the US uses a 1000kWh LFP battery or lithium iron phosphate battery for backup.
Research and development of LFP batteries require extensive investment and the return on investment usually takes a long time. As a result, most battery manufacturers are mainly dependent on government funding to expand their facilities. Moreover, since the governments of countries in the South East Asia such as South Korea, Japan, and China already offer funding to support eco-friendly and green technologies, many manufacturers will start investing in these countries to develop manufacturing units in the coming years.
Competitive landscape and key vendors
Though characterized by the presence of several vendors, the market is currently served by highly competitive vendors. The competition among LFP battery manufacturers is mainly based on various factors such as such as brand recognition, product quality, reliability, durability, energy
Market outlook of the grid scale energy storage market
Technavio’s research analyst predicts the global grid scale energy storage market to grow steadily at a CAGR of around 34% during the forecast period. Fossil fuels, the most extensively consumed power source, are exhaustible. The deficit between the demand and the availability of energy is increasingly getting addressed by these storage systems. Given these factors, the market is expected to grow significantly during the forecast period.
Government mandates and concerns over carbon emissions are anticipated to increase the demand for grid-scale energy storage systems. For instance, in 2014, the California state government imposed a mandate that required the state's investor-owned utilities to purchase about 1.3 GW of storage capacity by the year 2020. This gave a massive boost to the energy storage sector. Such mandates are likely to accelerate the development of storage technologies. Globally, the development of next generation batteries drives the demand for grid-scale energy storage.
Segmentation by technology and analysis of the grid scale energy storage market
- Pumped hydroelectric storage system
- Thermal storage
- Battery storage
- Compressed air energy storage
- Flywheel storage
- Molten salt storage
The pumped hydroelectric storage segment dominated the market during 2015 with a market share of around 94%. Technological feasibility, cost competitiveness, and government support have increased the global demand for grid-scale energy storage systems. For instance, in the US, the number of PHS plants is expected to rise during the forecast period with 50 active preliminary permits.
Geographical segmentation and
Global outlook of the valve regulated lead-acid batteries market
Market research analysts at Technavio have predicted that the global valve regulated lead-acid batteries market will grow steadily at a CAGR of about 8% by 2020. Forklifts have become the ideal choice for indoor operations in various sectors, such as automotive industries, iron and steel plants, food and beverages, and radioactive waste handling. As a result, the recent years have witnessed an exponential increase in the market share of electric forklifts. Since valve regulated rechargeable batteries offer high resilience even in difficult environmental conditions involving dirt, chemicals, and vibrations, they have become the ideal choice for use in forklifts. This market study report considers this increasing demand for forklifts as one of the major factors that will augment the growth of the valve regulated lead-acid (VRLA) rechargeable battery market.
It has been observed that sudden losses of power, voltage fluctuations, and power surges are the principle causes of damage to sensitive electronics. The exponential increase in the adoption of electronic devices has increased the dependence on a constant power supply to ensure continuity in daily operations. UPS systems enable constant power supply to electronic devices, prevent loss of data and productivity, protect electrical appliances from distorted power failures, and also regulate power fluctuations. The growing number of power outages will lead to an increasing demand for continuous power supply and storage, which will be a major trend that will gain traction in this market. The availability of cost-efficient labor and raw materials have
Outlook of the global forklift battery market
Technavio’s market research analyst has estimated the global forklift battery market to grow at a CAGR of over 8% by 2020. The augmented usage of forklifts across a wide array of end-user industries will be the key growth driver for this market. The end users for battery-powered forklifts are retail and wholesale, logistics, mechanical or automotive, food and beverages, chemical, and timber or paper and print industries. These forklifts are extensively used in these sectors due to its low emissions and low noise hazard. Also, their ability to eliminate fuel costs is another major factor that will spur the adoption of battery-powered forklifts across a number of end-user industries.
In this market study, analysts have estimated factors like the extensive use of fast chargers to impel market growth during the forecast period. The use of fast chargers will help end users to overcome the barrier of long duration recharge. Fast chargers range from 15-30 kW and charge the battery to 100% state of charge (SOC) in one or two hours. The cost of a fast charge battery is much higher than a lead-acid battery, but since this technology helps to reduce the recharge duration, its preference among the end users will increase significantly over the next few years.
End-user segmentation and analysis of the forklift battery market
Based on end users, the warehouse segment will be the largest market segment during the forecast period and will account for an impressive market share of nearly 47% by 2020. The mechanization involved in material handling and improving productivity in warehouses is a major driver for the growth of this segment.
Geographical segmentation and analysis of the forklift battery market
Overview of the battery monitoring solutions market
Technavio’s market research analyst predicts the global battery monitoring solutions market to grow at a CAGR of around 23% by 2020. One of the primary growth drivers for this market is the growing usage of electric vehicles (EVs). The technological advances in EVs have necessitated the adoption of battery monitoring systems to maintain safe operations of batteries in these electric-powered vehicles. The battery monitoring system limits the charge and peak voltage of the battery during charging, maintains the voltage threshold during discharge, and also maintains the battery temperature, thereby maintaining a safe area of operation in all situations. The growing importance of battery health will boost the implementation of battery monitoring solutions in EVs.
The recent changes in grid structure and the growing need for energy storage as distributed generation has propelled the need for efficient battery technologies in grids. Battery monitoring systems protect the devices from critical situations like overheating, over voltage, and under voltage, thereby increasing their lifespan and operational efficiency. The rising need for monitoring solutions, especially for applications where larger batteries are used such as in electric vehicles and grid applications, will propel the market’s growth during the forecast period.
Segmentation by end-user and analysis of the battery monitoring solutions market
- Telecom and data centers
The automotive sector dominates the battery monitoring solutions market and is expected to occupy more than 39% by 2020. This segment’s high growth rate can be attributed to the applicability of these monitoring solutions in various electric-powered vehicles. Factors such as growing need for constant check on battery applications in terms of
The energy storage industry has evolved over the last decade to address the growing demand for power. Energy storage includes pumped hydro, compressed air energy storage, batteries, flywheels, fuel cells, superconducting magnetic energy storage, thermal energy storage, and grid energy storage.
Many countries are becoming more conscious about meeting their carbon emission targets and focusing more on renewable energy options. Batteries are gaining importance as they help store energy from renewable sources, thereby overcoming issues with the intermittent nature of renewables.
In the past two years, energy storage has gained even more traction as nations integrate battery energy storage systems with renewable technologies to secure a stable power supply. As a result, a number of international companies, such as Tesla, Panasonic, and Samsung, are investing heavily in the energy storage segment.