Market prospect of the battery energy storage for renewables
The need to overcome the fluctuating nature of renewable energy sources like wind and solar energy sources has driven the power backup with battery-based energy storage market and increased the number of battery installations for renewable energy storage. The increased battery installations are expected to drive the market growth, growing at a CAGR of around 66% during the forecast period.
Growing economies worldwide are actively taking part to increase the renewable share and overcome the fossil-fuel dependence and reduce GHG emissions. However, considering the inconsistent nature of the wind and solar energy, many countries are making substantial investments to overcome issues related to grid, and peak demand. This initiative will propel the battery energy storage for renewables market worth.
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Segmentation of the battery energy storage market for renewables by technology
- Li-ion
- Lead-acid
- Sodium
- Others
The extensive use of Li-ion batteries in devices such as laptops, smartphones, notebooks, and tablets is due to its beneficial properties like high energy density and charge and discharge capability. Therefore, they held the largest market share in the global battery energy storage for renewables.
Geographical segmentation of the battery energy storage market for renewables
The Americas is the largest contributor to the battery energy storage market for renewables, which is closely followed by the APAC region. However, the Americas will witness a decrease in the market share because of the growing installations of battery storage for renewables in the APAC and EMEA regions.
Key vendors of the battery energy storage market for renewables
The primary vendors of the battery energy storage market for renewables are:
- AES Energy Storage
- A123 Systems
- Axion Power
- BYD
- LG Chem
- NGK Insulators
- SAFT
- Samsung SDI
The increasing demand for Li-ion batteries is driving manufacturers to adopt next-generation technology batteries for renewable energy storage by motivating them to implement high-energy silicon electrodes in place of conventional graphite ones.
Some other prominent vendors include GE Energy Storage, Mitsubishi Heavy Industries, Amperex, Boston Power, China Avaiation Lithium Battery, Enersys, and Primus Power, Sumitomo Electric, Toshiba, and Xtreme Power.
Other section of the report includes an analysis of the following
- Key drivers, challenges, trends, and their impact on the battery energy storage market for renewables
- Five forces analysis of the battery energy storage market for renewables
- Detail overview of the market size and forecast
- Key vendor analysis and their competitive scenario
Related reports:
PART 01: Executive summary
Highlights
PART 02: Scope of the report
Market overview
PART 03: Market research methodology
Research methodology
Economic indicators
PART 04: Introduction
Key market highlights
PART 05: Market landscape
Market overview
Market size and forecast
Five forces analysis
PART 06: Market segmentation by Battery Technology
Market Segmentation by Battery Technology 2014 and 2019
Global Battery Energy Storage for Renewables by Li-ion Batteries
Global Battery Energy Storage for Renewables by Lead-acid Batteries
Global Battery Energy Storage for Renewables by Sodium Batteries
PART 07: Geographical segmentation
Global Battery Energy Storage for Renewables by Geographical Segmentation 2014-2019
Global Battery Energy Storage for Renewables in APAC
Global Battery Energy Storage for Renewables in EMEA
Global Battery Energy Storage Market in Americas
PART 08: Key leading countries
PART 09: Market drivers
PART 10: Impact of drivers
PART 11: Market challenges
PART 12: Impact of drivers and challenges
PART 13: Market trends
PART 14: Vendor landscape
Competitive Scenario
Other prominent vendors
PART 15: Key vendor analysis
AES Energy storage
A123 Systems
Axion Power International
BYD
LG Chem
NGK Insulators
SAFT
Samsung SDI
A123 Systems
AESC
Axion Power International
BYD
NGK Insulators Ltd.
LG Chem
Saft
Samsung SDI
PART 16: Appendix
List of abbreviation