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The utility battery market size has the potential to grow by 784.47 MW during 2020-2024, and the market's growth momentum will decelerate during the forecast period.
This report provides a detailed analysis of the market by technology (lithium-based batteries, sodium-based batteries, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including BYD Co. Ltd., Hitachi Chemical Co. Ltd., Kokam Co. Ltd., LG Chem Ltd., NGK Insulators Ltd., Samsung SDI Co. Ltd., Sumitomo Electric Industries Ltd., Tesla Inc., Toshiba Corp., and Total SA.
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The utility battery market is fragmented and comprises well-established players that are into the production of utility batteries for utility companies across the world. Utility battery manufacturers are continuously working on developing efficient and high-performing utility batteries for their customers. The prominent vendors are focusing on developing efficient battery solutions during the forecast period. BYD Co. Ltd., Hitachi Chemical Co. Ltd., and Kokam Co. Ltd. are some of the major market participants. Although the growing ESS demand from utilities will offer immense growth opportunities, the regulatory barriers faced by utility battery manufacturers will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this utility battery market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this utility battery market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
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APAC was the largest utility battery market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rising energy demand and the increase in the installation of microgrids in APAC will significantly drive utility battery market growth in this region over the forecast period.
57% of the market's growth will originate from APAC during the forecast period. South Korea (Republic of Korea), Australia, and Japan are the key markets for utility batteries in APAC. Market growth in this region will be faster than the growth of the market in Europe, MEA, and North America.
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The key benefit of Li-ion batteries is that they have high energy density. As ESSs need to store a large amount of power, Li-ion batteries have high demand because of their high energy density and energy storing capacity. Utilities and ESS manufacturers are working together to build a large number of Li-ion battery energy storage facilities. Therefore, the rise in utility battery ESS installations is driving the growth of the global utility battery market by lithium-based battery technology. However, market growth in this segment will be slower than the growth of the market in the sodium-based batteries and other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the utility battery market size.
The rising adoption of renewables is one of the critical reasons that will drive the utility battery market growth in teh coming years. Governments across the world are promoting the use of renewable energy resources such as wind, solar, and biomass to minimize greenhouse gas emissions and promote a sustainable environment. This has led to a change in the global energy mix. The renewable energy industry is witnessing heavy investments. As a result, the adoption of ESS solutions to smoothen the intermittent energy supply of renewable energy sources has increased. Battery energy storage is one such solution that is used in both off-grid locations and utilities.
Renewable energy sources such as wind and solar are being increasingly used to minimize the application of fossil fuels. It is due to the presence of relatively unstable power grids and frequent power outages in many areas. This will further boost the adoption of ESS including battery energy storage such as sodium-based batteries. Microgrids can be operated in both island, and grid-connected modes and are independent of other electricity grids. The increased adoption of microgrids will boost the need for utility batteries and drive the utility battery market growth at a CAGR of over 5% during the forecast period. However, the market's momentum will decelerate in the coming years because of the decrease in year-over-year growth.
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Technology
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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