Research Nester published a report titled “Renewable Battery Storage Market: Global Demand Analysis & Opportunity Outlook 2019-2028” which delivers detailed overview of the global renewable battery storage market in terms of market segmentation by element, battery type, connection type, ownership, energy capacity, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global renewable battery storage market is segmented on the basis of battery type into lithium-ion batteries, lead-acid batteries, flow batteries, and others, out of which, the lithium-ion batteries segment is anticipated to hold the largest market share throughout the forecast period, backed by the high efficiency of these batteries, along with the lowering price of the batteries over the years, which is contributing to a greater adoption of lithium-ion cells. The segment is further anticipated to attain a market revenue of USD 9928.25 Million by the end of 2028 by growing at a CAGR of 27.53% during the forecast period, i.e., 2021-2028.
The global renewable battery storage market is estimated to grow with a CAGR of 37.29% during the forecast period, owing to the increasing adoption of battery storage systems, along with the shift in preference towards renewable energy sources. Moreover, growing demand for electricity from end users and the need for an uninterrupted power supply source is also anticipated to contribute to the market growth during the forecast period. The United States Energy Information Administration (EIA), in one of its statistics, stated that around the globe, the total electricity generated from non-hydroelectric renewable sources increased to 2588.14 Billion kWh in 2018 from 271.71 Billion kWh in 2000. The global renewable battery storage market is further projected to reach a value of USD 1630.2 Million by the end of 2021.
Based on region, the global renewable battery storage market is segmented into four major regions including North America, Europe, Asia Pacific, and Rest of the World, out of which, the market in the Asia Pacific region is estimated to hold the largest market share throughout the forecast period. The Asia Pacific renewable battery storage market is further projected to reach a value of USD 6110.48 Million by the end of 2028 by growing at the highest CAGR of 37.84% over the forecast period.
Rising Demand for Renewable Battery Energy Storage Systems Among the End-Users
Battery energy storage systems are evolving as one of the major solutions for the effective integration of solar and wind power renewables in the power systems across the world. Backed by the rapidly increasing demand for electricity, a surge in the deployment of renewable energy generation processes have been adopted amongst the end-users, which is anticipated to drive the demand for battery storage systems. On the other hand, owing to the numerous benefits associated with these battery systems, along with the increase in the number of energy-storage-as-a-service (ESaaS) providers, there is a rising demand for these battery systems, which is anticipated to drive the market growth during the forecast period.
However, the high upfront cost of investment required for manufacturing these battery storage systems is expected to operate as a key restraint to the growth of global renewable battery storage market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global renewable battery storage market which includes company profiling of ABB, Delta Electronics, Inc., Toshiba Corporation, General Electric, Hitachi, Ltd., Siemens Energy, LG Chem, Samsung SDI Co., Ltd., Panasonic Corporation, Tesla, Inc., AEG Power Solutions Group, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global renewable battery storage market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.