Grid Connected Battery Energy Storage Market
Global grid connected battery energy storage market is expected to exhibit CAGR of 20.0% in the forecast period, according to a new market research report, Global Grid Connected Battery Energy Storage Market, By Battery Type (Lithium Ion Battery, Lead Acid Battery, and Others), By End Users (Residential, Industrial, Utilities, and Others) and by Geography.
Increasing demand for grid connected solutions is one of the major driving factors for growth of the market. The integration of grid connected system with renewable energy permits to provide the power/electricity to building, houses etc. For instance, in 2016, the Government of India announced that, Indian government and the World Bank singed a US$ 625 million credit agreement, which is expected to help Indian government to generate an electricity from widespread installation of rooftop solar photo voltaic. The project financed installation of 400 MW of grid connected rooftop solar photovoltaic in India. Hence, this increasing installation of solar photo voltaic provides clean, renewable energy, and reduce greenhouse gas emissions by displacing thermal generation.
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Key Takeaways of the Market:
- On the basis of battery type, the lithium-ion battery held the dominant position in 2017 in the market and is expected to retain its dominance throughout the forecast period. This is owing to various advantages such as high energy and power density in terms of volume, high charge and discharge efficiency, low maintenance, and lighter weight as compared to nickel metal-hydride and nickel-cadmium batteries. Therefore, lithium ion battery is increasing been adopted in grid connected battery storage, thus aiding in growth of the segment.
- Asia Pacific grid connected battery energy storage market held the dominant position in 2017 and is expected to retain its dominance throughout the forecast period. India, China, and Japan are some of the major countries in this region. Increasing electricity production in the region for various applications is a major factor aiding growth of the market in the region. According to Coherent Market Insights, in 2017, near 11,578 terawatt hours of electricity has been produced in Asia Pacific region up from 10,996 terawatt hours electricity production in 2016. By 2022, it is estimated that the Asia Pacific electricity production will reach up to 14,184 terawatt hours. In addition to this, increasing government investment for production of renewable energy also accelerates growth of the market in this region. For instance, in February 2018, the Government of India announced that they have launched the world largest solar park in Karnataka, India. The world largest solar park was set up at an investment of US$ 2.53 billion.
- North America held the second position in the global grid connected battery energy storage market. The U.S. and Canada are growth engines in the North America market. Increasing production of renewable energy in this region plays a key role for growth of the market. For instance, according to Coherent Market Insights, in 2017, the North America production of electricity from renewable resources was 1,228 terawatt hours and is expected to reach 1,283 terawatt hours by 2022.
- Major players operating in the global grid connected battery energy market include NGK Insulators Ltd., BYD Company, NEC Corporation, Samsung SDI Co., LG Electronics Inc., Xtreme Power, Saft Groupe S.A., AES Energy Storage, Alevo, Delco, Altair Nanotechnologies Inc., EnerDel, GNB Corporation, Ecoult, and Powertree Services Inc.
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