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
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
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