Battery Energy Storage Market 2020 | Trends, Growth Demand, Opportunities & Forecast To 2026
Pune, Maharashtra, India, September 16 2020 (Wiredrelease) Absolute Reports Pvt. Ltd :The global battery energy storage market is likely to gain momentum from a shortage of energy and peak demand reported worldwide. Fortune Business Insights, in a report, titled, Battery Energy Storage Market Size, Share and Global Trend by Technology (Lithium-Ion Battery, Lead Acid Battery, Flow Batteries, Sodium Sulphur Battery, Nickel Cadmium battery) by Application (On-grid, Off-grid, Automotive), and Geography Forecast till 2026, the populace across the globe are slowly shifting towards cleaner energy sources. This has led to a rise in the number of solar and wind energy power plants, which in turn, is increasing the demand for battery energy storage systems. This expected to boost the global battery energy storage market growth.
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Key Market Driver Rural electrification and installments of new renewable energy stations
Key Market Restraint High capital cost involved and lack of vendor supply
Increasing Awareness Programs Regarding the Usage of Renewable Energy to Propel Growth
The report also states that several countries are conducting awareness campaigns and the latest development programs to stimulate the use of renewable energy sources. This is causing a rise in the demand for battery energy storage systems around the world. The government of China, for instance, released a 15-year energy technology innovation action plan. It will help in conducting research and developed activities in advanced battery energy storage. Furthermore, the ever-increasing demand for energy has aided in forcing the populace to opt for energy storage systems that are self-reliant. The wind and solar power plants require a lot of storage systems to store the generated energy. All these factors are driving the global battery energy storage market sales.
Fortune Business Insights has profiled some of the key market players operating in the global battery energy storage market.
Siemens, Samsung SDI, ABB, General Electric, Peak NRG, Panasonic, Sunverge Energy Inc., Tesla, LG Chem, Bosch, NEC, Hitachi, Solar City Corp, AEG Power Solutions, JLM energy
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Rural Electrification and Increasing Number of Power Plants to Favor Growth in Asia Pacific
The global battery energy storage market is geographically divided into Asia Pacific, the Middle East and Africa, North America, Europe, and Latin America. Amongst these regions, in North America, the U.S. currently holds the largest global battery energy storage market share. Asia Pacific, on the other hand, has a huge potential to grow during the forecast period because of the increasing demand for energy in the region. This has further given the rise in the number of battery storage plants. Electrification in remote areas in countries, namely, India, China, and South Korea is another important factor that is likely to boost growth. There has been a rapid shift towards cleaner energy sources that is increasing the battery energy storage market revenue. Countries, such as France, the U.K., and Germany, on the other hand, make the maximum use of solar energy. This is the main factor driving the growth of the market in Europe.
Leading Market Players Aim to Drive Growth Through Strategic Collaboration and Expansion Programs
Tesvolt, a prominent producer of energy storage systems based on lithium batteries, based in Germany, announced in May 2019 that it can win in the intense race to build Gigafactory, Europes first lithium-ion storage system. The factory will be fully supplied by solar energy. The company, however, did not disclose a timeline for the completion of the production lines. It has stated that the workforce will double due to the expansion. The government of India announced in May 2019 that it is planning to establish a battery-making capacity of 40 gigawatts to drive the renewable energy and electric vehicle initiatives.
The government is expected to invest $40 million to attract the attention of the giant market players, such as Softbank and Tesla who operate in renewable energy and battery manufacturing sectors. Lithium Australia, a supplier of ethically and sustainably sourced materials, announced that it has signed a contract with DLG Battery Co Ltd., a leading manufacturer of Li-ion battery, based in China in May 2019. The collaboration took place to develop a 50-50 jointly owned business that would aid in the supply of lithium-ion batteries in Australia. It would also help to fast-track the commercialization of cathode powders.
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Key Industry Developments
In May 2019, The race to build Europes first lithium-ion storage system Gigafactory could be won by Tesvolt. As the German manufacturer announced a multi mullion euro investment in production lines in the same week. Tesvolt also claimed that this Gigafactory will be fully supplied by solar energy., In May 2019, The government of India announced its plans to establish a battery-making capacity of 40GW to give a boost to its electrical vehicles and renewable energy initiatives. The proposal is expected to entail investments of $40 million and attract interest from battery manufacturing firms and renewable energy players such as Tesla and SoftBank., In May 2019, Lithium Australia signed a contract with Chinese battery producer DLG Battery Co Ltd to establish a 50:50 owned business for the supply of lithium-ion batteries in Australia. The company has also formed a technological alliance that will fast-track the commercialization of VPSC Ltds patented cathode powders for use in DLG Batteries.
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