Global Energy Storage Market for Renewable Energy Grid Integration 2017-2021

Overview of the global energy storage market for renewable energy grid integration

Technavio’s market research identifies the declining Li-ion prices to be one of the primary growth factors for the energy storage market for renewable energy grid integration. The growing demand for Li-ion batteries is resulting in declining demand for lead-acid batteries, despite the high cost of Li-ion batteries. Li-ion batteries manufacturers are focusing on technological advances to reduce the price of their products. Consequently, the declining prices are resultant in increased usage in day to day applications for industrial and utility usage. Reduction in prices of these batteries will result in threat to other battery markets in the renewable energy sources integration market. Our market analysts estimate that the market will grow progressively at a CAGR of more than 33% by 2021.

The integration of intelligent energy storage combines Internet of Things (IoT) with energy storage technology to improve efficiency and increase the feasibility of integrating renewable energy sources with energy storage units. Countries are focusing extensively on energy storage by pursuing renewable energy targets as the declining component prices are easing the energy storage. Integration with IoT will generate additional benefits by engaging intelligent energy storage that integrates energy storage with renewables. The advances in energy storage technology is one of the key factors having a positive impact on the energy storage market for renewable energy grid integration.

Competitive landscape and key vendors

The energy storage market for renewable energy grid integration is majorly fragmented owing to the presence of several international and regional players. Energy storage vendors are competing intensely in the market based on brand product quality, reliability, recognition, durability, energy density, and price. Large players with wide geographical presence have business advantage over smaller players. To attain competitive edge in the renewable energy sources integration market, vendors must offer innovative and differentiated products.

The leading vendors in the market are

• ABB
• East Penn Manufacturing
• LG Chem
• Robert Bosch
• The AES

The other prominent vendors in the market are Alevo Group, Beacon Power, BYD, Exide Technologies, GENERAL ELECTRIC, Green Charge Networks, Highview Power Storage, NEC ENERGY SOLUTIONS, NRG Energy, Renewable Energy Systems, SAMSUNG SDI, Siemens, and Tesla.

Segmentation by energy storage and analysis of the energy storage market for renewable energy grid integration

• Li-ion battery
• Lead acid battery

The li-ion battery energy storage accounts for major share in the market due to the high demand for high-performance battery packs in wind and solar power plants and declining prices of Li-ion battery prices. These batteries are highly-efficient and provide high energy-to-density ratio that can provide power supply for long durations. Factors such as high energy density, low self-discharge, and low-maintenance requirement will further boost their popularity in the renewable energy sources integration market.

Geographical segmentation and analysis of the energy storage market for renewable energy grid integration

• Americas
• APAC
• EMEA

APAC will be the major revenue contributor to the energy storage market for renewable energy grid integration due to increased investment and R&D in the regional battery market. Also, this region is steadily adopting renewable energy resources for electricity generation to control greenhouse gas (GHG) emissions. Concentration of key manufacturers and extensive offshore wind projects in China and Japan will drive the growth of the renewable energy sources integration market in APAC.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global energy storage market for renewable energy grid integration?
• What are the key market trends impacting the growth of the global energy storage market for renewable energy grid integration?
• What are the challenges to market growth?
• Who are the key vendors in the global energy storage market for renewable energy grid integration?
• What are the market opportunities and threats faced by the vendors in the global energy storage market for renewable energy grid integration?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global energy storage market for renewable energy grid integration?

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