Utility batteries are stationary batteries that are either connected to the distribution networks or are connected to the power-generation assets. They can have a capacity that ranges from several megawatt -hour to a hundred. The utility batteries store the energy and provide it to the distribution networks when required. They use a renewable source of energy and helps to meet the increase in energy demand. These batteries respond fast with high cycle efficiency.
Utility-scale battery system framework can empower more notable entrance of variable environment-friendly power into the matrix by putting away the surplusage and by firming the environment -friendly power yield. Factors that drive the utility battery market are increase in demand for the uninterrupted power & energy, grid modernization, and renewable source of energy. The energy stored in the batteries is from the renewable sources like solar energy and wind energy which is delivered to the grid when there is an excess need or demand and thus, a balance is maintained when the demand is increased.
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COVID-19 Impact Analysis
- The global utility battery market is expected to grow in the upcoming years. This growth will be very significant to the growth estimated in 2019 due to the impact of the COVID-19 pandemic in the first part of 2020.
- With the major countries under lockdown, the global utility market has faced a decline during the COVID-19 pandemic due to the restrictions on supply of batteries and the other required components.
- As majority of raw material was supplied by China, , the manufacturing business was heavily affected because the supply was interrupted which hampered the manufacturing process.
- The demand for utility batteries is expected to increase at a uniform rate now as lockdown has been uplifted from the major countries .
Top Impacting Factor
The market experiences growth owing to the increase in focus on renewable energy generation. The growth of the utility battery market is expected to increase due to rise in adoption of microgrid. There is an increased interest for environment -friendly power assets for generating power because the utilization and burning of petroleum products lead to discharge of greenhouse gases. The unusual idea of force that is produced from sustainable power assets like biomass, sunlight based, and wind, drives the requirement for energy storage system. This increases the interest for battery energy storage arrangements in the two utilities and off-framework areas. Subsequently, developments in the market depend on the rise in selection of renewables during the forecast period.
Market Trend
New Product Launched to Flourish the Market
- Energy storage as a service (ESaaS) simply refers to a combination of an advanced energy storage system, an energy management system, and a service contract which delivers value to a business by providing reliable power more economically.
- Companies, such as Power Electronics are working on dual solar-inverter-plus-storage products, and Victron Energy is expanding its solar charging by extending its product portfolio. When it comes to battery technology, there is an increase in the demand for alternative for lithium-ion such as zinc technology, especially in fire-sensitive areas where lithium-ion batteries are risky to use.
- Tesla, Inc. plans to eliminate the use of cobalt in the batteries used in its energy vehicles, and instead use the lithium-iron technologies such as lithium iron phosphate. This is anticipated to lead to significant cost savings as it is economical and helps to reduce the cost of batteries.
- The use of lithium-based solid-state batteries rather than using liquid electrolytes such as those in the lithium-ion cells, boost the use of smaller batteries with higher energy density, a longer lifespan, and a more attractive safety profile.
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Key Segments Covered
Technology
- Lithium-ion Battery
- Lead-acid Battery
- Flow Batteries
- Others
Application
- Residential
- Commercial
- Utility
Industry Vertical
- Energy & Power
- Utilities
- Automotive
Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
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Key Benefits of the Report
- This study presents the analytical depiction of the utility battery market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the utility battery market share.
- The current market is quantitatively analysed from 2020 to 2030 to highlight the utility battery market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed utility battery market analysis based on competitive intensity and the competition that will take shape in upcoming years.
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