Dallas, Texas, May 21, 2021 (GLOBE NEWSWIRE) -- The “Global Energy Storage Battery Market Size 2018 by Type (Lithium Ion Battery, All-Vanadium Flow Battery, Zinc-Bromine Flow Battery, and Others), by Application (Utility Solution, Residential Solution, and Non-Residential), By Region and Forecast 2019 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.
The global energy storage battery market size is projected to be worth USD 7.99 billion by 2025 driven by the increasing need for reliable and flexible smart grid systems. Energy storage deployments have increased significantly over the past few years in conformity with the smart city initiatives, thus, driving the demand for smart power grids. This initiative has received overwhelming support from the regulatory bodies of various nations across the world. In 2015, abiding with the state policies, the US energy storage market expanded three times than the previous year due to increasing installations in residences. However, this is miniscule compared the total energy produced in the country. This implies the availability of tremendous opportunities for the energy storage market in the near future. Based on our study, the US battery energy storage market is estimated to be worth USD 5.09 billion by 2025.
Similarly, the adoption for grid technology to store generated electricity across borders has increased. Initiatives by governments to reduce the losses incurred due to the loss of electricity generated coupled with initiatives for electrification, especially in developing countries, is expected to drive the demand for energy storage batteries. Electricity storage is anticipated to play a crucial role as an enabler in the next phase of the energy transition.
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Energy storage batteries help in rapid decarburization in segments where these systems are used. In the transport sector, usage of battery energy storage in electric vehicles (EVs, HEVs and PHEVs) has been improving rapidly and the trend is anticipated to continue over the forecast period. Batteries are being increasingly installed in homes as they help in providing socio-economic benefits with fewer power outage interruptions. This scenario holds weightage despite the dependency of a home on electricity grid and/or renewable energy. In fact, installations of residential energy storage battery is expected to increase rapidly over the next seven years at an anticipated CAGR of 50.1% globally.
Lithium-ion, vanadium redox flow, and zinc-bromine flow are some of the widely used energy storage batteries across various industries. The usage of each of these battery types is determined by numerous factors such as energy density, discharge cycles, and maintenance among other factors. Batteries such as lithium-ion are used widely in consumer electronics, whereas vanadium redox flow batteries are installed in applications requiring multitudes of uninterrupted power supply such as a manufacturing area/district within a city.
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North America dominated the global energy storage battery market with 609.9 MW installed in 2017. The region is expected to be a leader within the global market over the forecast period. On the other hand, Asia Pacific which accounted for 36.7% of the total installations in 2017 is likely to witness the fastest growth up to 2025 due to huge investments made by various governments in this sector to integrate sustainable energy storage solutions.
The competitive landscape of the global energy storage battery market is marked by the presence of players catering to consumers locally as well as internationally. Companies including NGK Insulators Ltd., Sungrow-Samsung SDI Energy Storage Power Supply Co., SMA Solar Technology AG, Aggreko, SOCOMEC, ABB, AEG Power Solutions, Tesla Energy Operations Inc. (SolarCity), and ZEN have a broader presence within the global market.
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Major Points from Table of Contents:
Chapter 1 Introduction
Chapter 2 Executive summary
Chapter 3 Market outlook
Chapter 4 Energy Storage Battery Market Overview, By Type
Chapter 5 Energy Storage Battery Market Overview, By Application
Chapter 6 Energy Storage Battery Market Overview, By Region
Chapter 7 Industry Structure
Chapter 8 Company Profiles
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