LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global utility battery market, and the market is poised to grow by 969.72 MW during 2019-2023, decelerating at a CAGR of over 7% during the forecast period. Request Free Sample Pages
Read the 119-page research report with TOC on "Utility Battery Market Analysis Report by technology (lithium-based batteries, sodium-based batteries, and others) by Geography (Americas, APAC, Europe, and MEA), and Segment Forecasts, 2019 - 2023".
The market is driven by the rising adoption of renewables. Also, the increased adoption of microgrids is anticipated to boost the growth of the utility battery market further.
There is an increase in the demand for renewable energy resources for generating electricity because the use and combustion of fossil fuels lead to GHGs emissions. However, the intermittent nature of power that is generated from renewable energy resources such as biomass, solar, and wind is driving the need for energy storage systems. This is increasing the demand for battery energy storage solutions in both utilities and off-grid locations. Thus, the rising adoption of renewables is expected to drive market growth during the forecast period.
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Major Five Utility Battery Market Companies:
BYD Company Ltd.
BYD Company Ltd. is headquartered in China and operates the business under various segments such as Automobiles and related products; Mobile handset components and assembly service; and Rechargeable batteries and photovoltaic business. The company provides microgrid systems for utilities.
Kokam is headquartered in South Korea and offers products such as Kokam Containerized, Energy Storage System (KCE), and Kokam All in One series. The company has launched a new line of Li-ion high power UPS battery racks, which is named K-UPS.
LG Chem is headquartered in South Korea and has business operations under various segments, namely Basic materials & Chemicals, Energy solutions, IT & Electronic materials and Advanced materials, Life sciences, and Common and others. The company provides efficient energy solutions for utilities.
NGK INSULATORS, LTD.
NGK INSULATORS, LTD. is headquartered in Japan and offers services through the following segments: Power, Ceramics, Electronics, and Process Technology. The company provides NAS battery ESS, which is a large-scale battery system with many advantages such as high power and long-life expectancy.
SAMSUNG SDI CO. LTD.
SAMSUNG SDI CO. LTD. is headquartered in South Korea and offers services through the following business segments: Energy solutions and Electronic material. The company provides Energy Platform, which is an ESS platform with high energy density.
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Utility Battery Technology Outlook (Revenue, USD Million, 2019 - 2023)
- Lithium-based batteries
- Sodium-based batteries
Utility Battery Regional Outlook (Revenue, USD Million, 2019 - 2023)
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Related Reports on Utilities are:
Battery Separator Market – Battery Separator Market by type (lithium-ion battery, lead-acid battery, and others) and geography (the Americas, APAC, and EMEA).
Advanced Lead-acid Battery Market – Advanced Lead-acid Battery Market by geography (the Americas, APAC, and EMEA), application (automotive, stationary, and others).
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