Global Energy Storage in Microgrids Market 2015-2019

Market outlook of the global energy storage in microgrids market

Energy storage technology is used to store excess energy, which can be used during power shortages, blackouts, and peak hours of demand. The global market for energy storage in microgrids is expected to grow significantly during the forecast period and is positively affected by the rising need for energy security. The high demand for quality power from institutions, industries, remote systems, and military establishments is a significant factor that impels growth in this market and results in its impressive CAGR of more than 27% by 2019.

Technavio’s market research analyst has estimated eminent factors, such as the recent increase in rural electrification, to drive market growth during the period of 2014 and 2019. Recently, it has been observed that the growing need to achieve universal electrification is driving the installation of microgrids and smartgrids in rural areas. This increase in the adoption of microgrids and smartgrids is expected to result in market growth during the forecast period.

Competitive landscape and key vendors

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.

Key vendors in this market are -

• AES Energy
• Axion Power
• BYD
• East Penn Manufacturing
• Exide
• LG Chem
• NGK Insulators
• Saft
• Samsung SDI

Technology-based segmentation of the energy storage in microgrids market

• Advanced lead-acid batteries
• Flywheel
• Sodium metal halide
• Flow batteries
• Advanced Li-ion batteries

In this market research report, analysts estimate the advanced lead-acid batteries segment to be the largest market segment during the forecast period. This segments’ high market share can be attributed to factors like its low cost and mature commercialization, which results in its impressive market share of more than 35% by 2019.

Geographical segmentation of the energy storage in microgrids market

• APAC
• EMEA
• Americas

Technavio market research analysts estimate the Americas to be the leading market for energy storage in microgrids during the forecast period. Market growth in this region is facilitated by factors like the introduction of 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. These factors promote the prospects for growth in this market during the forecast period and results in its impressive market share of more than 43% by 2019.

Key questions answered in the report include

• What will the market size and the growth rate be in 2019?
• What are the key factors driving the global energy storage in microgrids?
• What are the key market trends impacting the growth of the global energy storage in microgrids?
• What are the challenges to market growth?
• Who are the key vendors in the global energy storage in microgrids?
• What are the market opportunities and threats faced by the vendors in the global energy storage in microgrids?
• Trending factors influencing the market shares of the EMEA, Americas, and APAC?
• What are the key outcomes of the five forces analysis of the global energy storage in microgrids?

Technavio also offers customization on reports based on specific client requirement.

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