Renewable Battery Storage Market

Renewable Battery Storage Market Segmentation by Element (Battery, and Other Element); by Battery Type (Lithium-Ion, Lead-Acid, Flow Batteries, and Others); by Connection Type (On-Grid, and Off-Grid Connection); by Ownership (Customer-Owned, Third-Party Owner, and Utility Owned); by Energy Capacity (Below 100MWh, Between 100 & 500 MWh, and Above 500 MWh); by Application (Residential, Commercial, and Utility) – Global Demand Analysis & Opportunity Outlook 2019-2028

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Report ID: 3121 | Published On: Feb 01, 2022
  1. Introduction
    • Market Definition
    • Market Segmentation
    • Product Overview
  2. Assumptions and Acronyms
  3. Research Methodology
  4. Research Process
    • Primary Research
    • Manufacturers
    • Distributors
    • End Users
    • Secondary Research
    • Market Size Estimation
  5. Executive Summary - Global Advanced Therapy Medicinal Products Market
  6. Analysis of Market Dynamics
  7. Drivers
  8. Trends
  9. Key Market Opportunities for Business Growth
  10. Major Roadblocks for the Market Growth
  11. Regulatory & Standard Landscape
  12. Value Chain Analysis
  13. Potential ATMP Treatment Analysis
  14. Pricing Analysis of Global Advanced Therapy Medicinal Products Market
  15. Use Case Analysis
  16. Pipeline Analysis
  17. Analysis on the Manufacturing Process
  18. Analysis of COVID-19 Impact on the Global Advanced Therapy Medicinal Products Market
  19. Analysis of End-User Market Share of Global Advanced Therapy Medicinal Products
  20. Competitive Positioning
  21. Competitive Landscape
  22. Market Share Analysis of Major Players (%), 2021
  23. Competitive Benchmarking
  24. Novartis AG.
  25. Takeda Pharmaceutical Company Limited
  26. Gilead Sciences, Inc.
  27. Bluebird Bio, Inc
  28. BioMarin Pharmaceutical Inc
  29. Vericel Corporation
  30. Mallinckrodt Pharmaceuticals
  31. UniQure N.V.
  32. JCR Pharmaceuticals Co., Ltd.
  33. Spark Therapeutics, Inc. (Parent Company: Roche)
  34. Kolon TissueGene, Inc.
  35. Global Advanced Therapy Medicinal Products Market Outlook
  36. By Value (USD million)
  37. By Product
  38. CAR-T Therapy, 2021-2031F (USD million)
  39. Gene Therapy, 2021-2031F (USD million)
  40. Cell Therapy, 2021-2031F (USD million)
  41. Tissue Engineered Product, 2021-2031F (USD million)
  42. By Disease
  43. Oncology, 2021-2031F (USD million)
  44. Genetic Disorders, 2021-2031F (USD million)
  45. CNS, 2021-2031F (USD million)
  46. Dermatology, 2021-2031F (USD million)
  47. Others, 2021-2031F (USD million)
  48. By End-User
  49. Hospitals & Clinics, 2021-2031F (USD million)
  50. Research & Academic Institutes, 2021-2031F (USD million)
  51. Global Advanced Therapy Medicinal Products Market by Region
  52. North America, 2021-2031F (USD million)
  53. Europe, 2021-2031F (USD million)
  54. Asia-Pacific, 2021-2031F (USD million)
  55. Latin America, 2021-2031F (USD million)
  56. Middle East & Africa, 2021-2031F (USD million)
  57. North America Advanced Therapy Medicinal Products Market Outlook
  58. By Value (USD million)
  59. By Product
  60. CAR-T Therapy, 2021-2031F (USD million
  61. Gene Therapy, 2021-2031F (USD million)
  62. Cell Therapy, 2021-2031F (USD million)
  63. Tissue Engineered Product, 2021-2031F (USD million)
  64. By Disease
  65. Oncology, 2021-2031F (USD million)
  66. Genetic Disorders, 2021-2031F (USD million)
  67. CNS, 2021-2031F (USD million)
  68. Dermatology, 2021-2031F (USD million)
  69. Others, 2021-2031F (USD million)
  70. By End-User
  71. Hospitals & Clinics, 2021-2031F (USD million)
  72. Research & Academic Institutes, 2021-2031F (USD million)
  73. By Country
  74. US, 2021-2031F (USD million)
  75. Canada, 2021-2031F (USD million)
  76. Europe Advanced Therapy Medicinal Products Market Outlook
  77. By Product
  78. By Disease
  79. By End User
  80. By Country
  81. UK, 2021-2031F (USD Million)
  82. Germany, 2021-2031F (USD Million)
  83. France, 2021-2031F (USD Million)
  84. Italy, 2021-2031F (USD Million)
  85. Spain, 2021-2031F (USD Million)
  86. Russia, 2021-2031F (USD Million)
  87. Netherlands, 2021-2031F (USD Million)
  88. Rest of Europe, 2021-2031F (USD Million)
  89. Asia Pacific Advanced Therapy Medicinal Products Market Outlook
  90. By Product
  91. By Disease
  92. By End User
  93. By Country
  94. China, 2021-2031F (USD Million)
  95. India, 2021-2031F (USD Million)
  96. Japan, 2021-2031F (USD Million)
  97. South Korea, 2021-2031F (USD Million)
  98. Singapore, 2021-2031F (USD Million)
  99. Australia, 2021-2031F (USD Million)
  100. Rest of Asia-Pacific, 2021-2031F (USD Million)
  101. Latin America Advanced Therapy Medicinal Products Market Outlook
  102. By Product
  103. By Disease
  104. By End User
  105. By Country
  106. Brazil, 2021-2031F (USD Million)
  107. Argentina, 2021-2031F (USD Million)
  108. Mexico, 2021-2031F (USD Million)
  109. Rest of Latin America, 2021-2031F (USD Million)
  110. Middle East & Africa Advanced Therapy Medicinal Products Market Outlook
  111. By Product
  112. By Disease
  113. By End User
  114. By Country
  115. GCC, 2021-2031F (USD Million)
  116. Israel, 2021-2031F (USD Million)
  117. South Africa, 2021-2031F (USD Million)
  118. Rest of Middle East & Africa, 2021-2031F (USD Million)

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Inflation and Looming Recession to Haunt Businesses:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


In The News

· June 26, 2020: Siemens Energy announced that it has launched an initiative called the “Future of Storage” which emphasizes to promote sustainable energy systems. The announcement also included a long-term cooperation with EnergyNest AS that focused on delivering thermal energy storage systems for industrial customers.

· March 11, 2020: Toshiba Infrastructure Systems & Solutions Corporation, a subsidiary of Toshiba Corporation, announced that it would deliver eight sets of traction energy storage systems (TESS) to Larsen & Toubro Limited (L&T) for the construction of metro rail in Dhaka, Bangladesh.


Global Renewable Battery Storage Market Highlights Over 2019-2028

The global renewable battery storage market is estimated to garner a revenue of USD 14984 Million by the end of 2028 from USD 902.7 Million in 2019 by growing at a CAGR of 37.29% over the forecast period, i.e., 2021 – 2028. The growth of the market can be attributed to increasing use of renewable energy worldwide and the rising adoption of battery storage systems. 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. Thus, the rapidly increasing demand for power has influenced the increased adoption of renewable battery energy storage systems in various end-use sectors. According to the statistics by the United States Energy Information Administration (EIA), electricity generated from non-hydroelectric renewables around the world grew from 271.71 Billion kWh in 2000 to 2588.14 Billion kWh in 2018.

Electricity Generation from Non-Hydroelectric Renewables GraphMoreover, increasing government incentives for renewable energy storage systems and the rising trends for energy-storage-as-a-service (ESaaS) services are also anticipated to contribute to the market growth during the forecast period. The market is further anticipated to reach a value of USD 1630.2 Million by the end of 2021.

Renewable Battery Storage Market  Graph


Global Renewable Battery Storage Market Regional Synopsis

Regionally, the global renewable battery storage market is segmented into four major regions including North America, Europe, Asia Pacific, and Rest of the World. The market in the Asia Pacific region is estimated to hold the largest market share throughout the forecast period and further 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. On the other hand, the market in North America is anticipated to register a revenue of USD 164.18 Million by the end of 2021. The market in North America is growing on account of the rising demand for renewable energy sources and the increasing need for uninterrupted power sources, backed by the concern for the aging grid infrastructure. Moreover, growing awareness on reducing the congestion on grid power by the use of renewable battery storage systems amongst the end users, is also anticipated to drive the growth of the market in the region. Further, there is growing demand for renewable battery storage systems amongst the end-users for use in applications, such as e-mobility, utility scales, and others, which is also anticipated to contribute to the growth of the market in North America. The market in North America is further segmented by country into the U.S. and Canada, out of which the market in the U.S. is anticipated to grab the largest market share of 94.54% by the end of 2028. Alternatively, the market in Canada is projected to grow with the largest CAGR of 37.04% during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT

The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Renewable Battery Storage Market Size Image


Growth Drivers and Challenges Impacting the Growth of the Global Renewable Battery Storage Market

Growth Drivers

  • Rapidly Growing Adoption of Lithium-Ion Battery in Renewable Energy Sector
  • Growing Demand for Renewable Battery Energy Storage Systems

Challenges

  • High Upfront Cost of Investment
  • High Maintenance Cost of Renewable Battery Storage Systems


Electricity Generation from Non-Hydroelectric Renewables Graph
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Global Renewable Battery Storage Market Segmentation Synopsis

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. Amongst these segments, the lithium-ion batteries segment is anticipated to hold the largest market share throughout the forecast period and further 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. Lithium-ion batteries are known to have high energy efficiency, long life cycle, and high energy density. Further, the lowering price of lithium-ion batteries over the years is also anticipated to contribute to the growth of the segment in the coming years. The market is further segmented by element into battery and other element, out of which, the battery segment is anticipated to hold the largest market share throughout the forecast period. On the basis of connection type, the market is segmented into on-grid and off-grid connection, out of which, the on-grid connection segment is anticipated to grow with the highest CAGR of 37.66% during the forecast period. Further, the market is segmented by ownership into customer-owned, third-party owned, and utility-owned. Amongst these three segments, the customer-owned segment is projected to grab the largest market revenue of USD 998.0 Million by the end of 2021. By energy capacity, the market is segmented into below 100MWh, between 100 and 500MWh, and above 500MWh, out of which, the below 100MWh segment is projected to grow at a significant rate during the forecast period. Moreover, the market is also segmented by application into residential, commercial, and utilities, out of which, the utilities segment is anticipated to attain the largest revenue of USD 6538.25 Million by the end of 2028.


Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global renewable battery storage market that are included in our report are 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.


Renewable Battery Storage Market  Graph

Key Questions Answered in the Report

1) What are the major factors driving the growth of the renewable battery storage market?

Ans: The growing adoption of lithium-ion battery in renewable energy sector, along with the rising demand for renewable battery energy storage systems amongst the end users are some of the major factors anticipated to drive the market growth.

2) What would be the CAGR of renewable battery storage market over the forecast period?

Ans: The market is anticipated to attain a CAGR of 37.29% over the forecast period, i.e., 2021-2028.

3) What are the challenges affecting the renewable battery storage market growth?

Ans: The high upfront cost of investment for manufacturing renewable battery storage systems is one of the major factors estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of renewable battery storage market in future?

Ans: The market in North America is projected to provide more business opportunities throughout the forecast period. Further, the market is anticipated to attain a revenue of USD 164.18 Million by the end of 2021.

5) Who are the major players dominating the renewable battery storage market?

Ans: The major players in the market are ABB, Delta Electronics, Inc., Toshiba Corporation, General Electric, Hitachi, Ltd., Siemens Energy, LG Chem, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the renewable battery storage market?

Ans: The market is segmented by element, battery type, connection type, ownership, energy capacity, application, and by region.

8) Which segment captures the largest market size in battery type segment in the renewable battery storage market?

Ans: The lithium-ion segment is anticipated to hold largest market size and further attain a revenue of USD 9928.25 Million by 2028.

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