Infinium Global Research’s recent report on “Energy Storage Battery for Microgrids Market ((By Type (Sodium-sulfur battery, Lithium-ion batteries, VRLA Lead Acid Batteries, Others), By Applications (Household/Residential, Enterprise, Utility)): Global Industry Analysis, Trends, Size, Share and Forecasts up to 2028” the provides a comprehensive outline of the factors responsible for the growth of the market. The revenue generated by the market was over USD 280 million in 2022 and is expected to reach more than USD 500 million in 2028 and is expected to grow with a CAGR of over 10% over the forecast period 2022-2028.
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Technological Advancements in Battery Storage Technology
Energy storage techniques for microgrids are a passionately discussed and very promising topic within the energy industry. Batteries can be used in microgrids as a form of energy storage. The generated energy is stored in battery energy storage systems (BESS) using lithium-ion, magnesium-ion, or another type of battery. Microgrid BESS may be the solution being investigated to reduce the strain of aging and demand on utility networks. Additionally, by tackling impending issues like peak demand, peak shaving, maintaining high and low voltage swings, and future power requirements, this strategy may prolong the useful life of the current grid system. The architecture and configuration of the microgrid BESS must take future use patterns of the community it serves into consideration. Rising electrification around the world and increasing adoption from industrial units are driving the market. Technological advancements in battery storage technology are further expected to provide new opportunities in the market.
The market for Energy Storage Batteries for Microgrids was negatively impacted by COVID-19. The swift deployment of physical constraints and the tight procedures for containing the COVID-19 infection have severely hampered efforts to install Energy Storage Battery for Microgrids. The scheduled activities must be postponed because of supply chain problems. As the social distance laws were put into effect, there was a very small pool of workers that were available. In addition, supply chain problems prevented the production of essential components. During the outbreak, there was a sharp increase in the need for electricity, although Microgrid power generation received very little attention.
Lithium-ion Batteries to Dominate the Type Segment of Market
Lithium-ion batteries dominate the Type of market. The last kilometer of the development of new energy is thought to be energy storage technologies. A microgrid is a compact form of power generation and distribution that includes distributed generation, energy storage, energy conversion, load, and monitoring and protection equipment. Lithium-ion (Li-ion) batteries among the current Energy Storage Systems offer exceptional features for their installation in Microgrids. A Li-ion battery can be utilized as an Energy Storage System regardless of the Microgrid size because of its wide size range. Additionally, this type of battery's usefulness is expanded by its declining price, improved performance, and lasting longer.
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Asia-Pacific to be the Dominant Region in Energy Storage Battery for Microgrids Market
Geographically, Asia-Pacific is projected to be the largest revenue-generating region in the market. In terms of revenue, Asia-Pacific dominated the market for energy storage batteries for microgrids. India and China, two developing nations in the Asia-Pacific, have accelerated their electrification efforts in an effort to bring energy to remote places. The old grids are under a lot of strain as a result of the growing electrification, and upgrades are being made. For emerging nations like India and China, solar energy has emerged as the simplest method for producing electricity. As a result, solar microgrids that power residential areas are using energy storage batteries. Furthermore, powerful market giants like Panasonic Corporation, Samsung SDI, NEC Corporation, and others have their headquarters in nations like Japan.
Companies in Energy Storage Battery for Microgrids Market to Focus on Winning Contracts and Acquisitions
The market for Energy Storage Battery for Microgrids is growing at a rapid pace with many players already offering heterogeneous products in the market. The companies have been working on developing new batteries that have a longer life and larger storage capacity and which are sustainable to produce. The market players have been more focused on winning contracts and acquisitions in order to strengthen their hold on the market. Major players in the market include Samsung SDI, NGK Group, LG Energy Solution, Panasonic Corporation, Toshiba Corporation, and others. In February 2022, LG Energy Solution acquired NEC Energy Solutions, a subsidiary of NEC Corporation operating in the US.
In January 2022, Toshiba signed a contract for supplying Micro Grid Energy Management System to the Maldives for which it adopted its SCiB™ Rechargeable Battery for this project. Infinium Global Research’s recent report on the Global Energy Storage Battery for Microgrids Market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the market and also estimates the impact of recent developments in the global market.
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=> Comprehensive analysis of global as well as regional markets of the energy storage battery for microgrids.
=> Complete coverage of all the product types and applications segments to analyze the trends, developments, and forecast of market size up to 2028.
=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand and/or diversify.
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