LONDON–(BUSINESS WIRE)–lt;a href="https://twitter.com/hashtag/Research?src=hash" target="_blank"gt;#Researchlt;/agt;–The global utility battery market is expected to post a CAGR of more
than 7% during the period 2019-2023, according to the latest market
research report by Technavio.
However, the market’s momentum will decelerate in the coming years
because of the decrease in year-over-year growth.

A key factor driving the growth of the global utility battery market is
the rising adoption of renewables. Although fossil fuels have been
holding a leading share in energy landscape over the years, there have
been rising concerns regarding the emission of greenhouse gases (GHGs)
which increases with the combustion of fossil fuels for electricity
generation. As a result, governments across the world are focusing on
renewable energy sources such as solar, wind, and biomass, which help in
reducing GHG emissions for a sustainable environment. The intermittent
power generation from renewables will drive the need for solutions such
as battery energy storage in both utilities and off-grid

As per Technavio, the reduced battery storage system costs will have a
positive impact on the market and contribute to its growth significantly
over the forecast period. This global
utility battery market 2019-2023 research report also
analyzes other important trends and market drivers that will affect
market growth over 2019-2023.

Global utility battery market: Increased
adoption of microgrids

The adoption of microgrids is increasing at a rapid pace. Microgrids
have their power generation and storage resources and can operate
independently and collaboratively with other electricity grids. They are
increasingly using renewable energy sources such as wind and solar to
reduce the use of fossil fuels.

Furthermore, microgrids have strong endurance capabilities during
natural disasters, which is encouraging governments across the world to
support their adoption. Microgrids also help utilities in increasing
energy resilience and delivering reliable power to customers. Such
benefits of microgrids are propelling their adoption in the utility
sector, which may affect the growth of the utility battery market during
the forecast period.

“With the rapid growth in the global population, improvement in
living standards, and the availability of improved facilities,
urbanization is increasing at a rapid pace across the world. The rise in
urbanization stimulates the need for basic facilities such as public
infrastructure and house, which will result in the rise in power
consumption from C&I users. This, in turn, will create the need for ESS
by utilities for frequency regulation and backup power. As a result, the
sales of batteries and storage systems for energy storage in utilities
will increase significantly,” says a senior research analyst at
Technavio.

Global utility battery market: Segmentation
analysis

This market research report segments the global utility battery market
by technology (lithium-based batteries, sodium-based batteries, and
others) and geographic regions (APAC, the Americas, Europe, and MEA).

The lithium-based batteries segment held the largest utility battery
market share in 2018. The growth of the lithium-based batteries segment
is mainly driven by the rise in utility battery ESS installations.

The APAC region led the market in 2018 with a market share of close to
45%, followed by the Americas, Europe, and MEA respectively. The market
growth in APAC can be attributed to the rising energy demand in the
region owing to its growing population. South Korea, Australia, and
Japan are the key countries contributing to the utility battery market
in APAC.

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Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Technavio

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