LONDON–(BUSINESS WIRE)–The global utility battery market size is expected to grow by 784.47 MW as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, the market is expected to decelerate at a CAGR of 5%. Request Free Sample Report on COVID-19 Impacts
Read the 120-page report with TOC on “Utility Battery Market Analysis Report by Technology (Lithium-based batteries, Sodium-based batteries, and Others) and Geography (APAC, North America, Europe, MEA, and South America), and the Segment Forecasts, 2020-2024”.
The market is driven by the increasing focus on renewable energy generation. In addition, the increased adoption of microgrids is anticipated to boost the growth of the Utility Battery Market.
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.
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
Major Five Utility Battery Companies:
BYD Co. 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.
Hitachi Chemical Co. Ltd.
Hitachi Chemical Co. Ltd. has business operations under two segments: advanced components and systems, and functional materials. The company offers a line of industrial batteries such as stationary VRLA batteries for power storage (LL-W), traction battery SUPER < LIFT TOP > ECO, and industrial Li-ion batteries among others.
Kokam Co. Ltd.
Kokam Co. Ltd. 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, named K-UPS.
LG Chem Ltd.
LG Chem Ltd. is headquartered in South Korea and has business operations under various segments: 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. operates its business through the following business segments: Energy solutions and Electronic material. The company provides Energy Platform, which is an ESS platform with high energy density.
Register for a free trial today and gain instant access to 17,000+ market research reports.
Utility Battery Market Technology Outlook (Revenue, MW, 2020-2024)
Utility Battery Market Regional Outlook (Revenue, MW, 2020-2024)
Technavioâ€™s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavioâ€™s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavioâ€™s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.