USD 9.5 Million
Utility Battery Market Size, Share, Growth Analysis, By Type(Lithium-based Batteries, Sodium-based Batteries, and Others), By Application(Power Industry, Telecommunication, Public Transportation, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2237 |
Region:
Global |
Published Date: April, 2024
Pages:
193
|Tables:
64
|Figures:
72
Utility Battery Market Insights
Global Utility Battery Market size was valued at USD 9.5 Million in 2022 and is poised to grow from USD 9.98 Million in 2023 to USD 14.86 Million by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).
Increasing adoption of renewable energy sources such as solar and wind power is a major driver of the market. High-performance batteries play an important role in storing excess energy generated by renewable energy sources during periods of peak generation and disposing of them during periods of high or low demand, thus ensuring grid stability and reliability. Global grid modernization efforts aimed at increasing grid flexibility, resilience and efficiency are driving demand for batteries. The batteries are used for frequency regulation, voltage control, peak shaving and load balancing to help utilities optimize grid performance and better manage supply and demand fluctuations. Declining costs of battery technology driven by advances in materials, processes, and economics make energy storage solutions economically feasible largely as battery prices fall and utilities and grid manufacturers are increasingly investing in energy storage, driving market growth.
Increased focus on renewable energy is driving growth in the market. Increasing adoption of microgrids is expected to boost the global market. There is increasing interest in fossil fuel power generation because greenhouse gases are released through the use and combustion of petroleum products. Considering the cost of energy from sustainable electricity as biomass, solar radiation, wind etc., necessitating energy storage systems. Besides, the growth of the market depends on the growth of energy options during the forecast period.
Market Snapshot - (2024-2031)
Global Market Size
Largest Segment
Power
Fastest Growth
Public Transport
Growth Rate
5.1% CAGR
Global Utility Battery Market ($ Bn)
Country Share for North America Region (%)
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Utility Battery Market Segmental Analysis
Based on type, the global utility battery market is segmented into lithium-based batteries, sodium-based batteries, and others. Based on application, the global market is segmented into power industry, telecommunication, public transportation, and others. Based on region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Type
Lithium-based batteries are widely used in portable devices such as smartphones and tablets, due to their high capacity. These batteries also have the advantage of being rechargeable, further increasing demand over the forecast period. Lithium-based batteries are also used in electric vehicles. It should be noted that lithium-ion batteries are not the only batteries in electric vehicles; Other types of batteries, such as nickel-cadmium and lead-acid, are popular.
Sodium-based batteries are used in the consumer battery market because of their high energy density, cost-effectiveness, and efficiency. These batteries find use in setting up power for forklift trucks, golf carts, computers, and other electronic devices. Sodium sulfur batteries are one of the types of sodium-based batteries that find use in uninterruptible power supply (UPS) systems as well as fuel cells.
Analysis by Application
The power industry segment dominated the global utility battery market, accounting for more than 85% of the revenue share in 2021. The growth can be attributed to wind and solar power generation and nuclear power plants a demand increases Rapid urbanization with rising electricity costs is driving the need for renewable energy sources such as solar and wind, which are then used to generate electricity to power homes, businesses and electric vehicles. Observation allows this trend to generate demand over the forecast period and therefore benefit manufacturers.
The public transport segment is expected to grow at a CAGR of 5.1% from 2024 to 2031. This is due to the increasing number of people using public transport for business travel coupled with the growing e-commerce and travel industries around. Public transport plays an increasingly important role in the battery market as cities and governments around the world prioritize sustainability and reduce emissions to achieve those goals this by converting public transport systems such as buses and trains to electricity.
Global Utility Battery Market By Application (%)
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Utility Battery Market Regional Insights
North America dominated the global utility battery market. North America, particularly the US, is leading the way in deploying energy storage, with better regulatory frameworks, incentives and more focus on grid modern renewable energy ambitions. Supported by Asia Pacific including China, Japan and South Korea. Rapid expansion is seen as driven by energy targets, government investment and increasing demand for grid stability and reliability.
Asia Pacific is the fastest growing region in the global utility battery market. The region’s rapid economic growth, coupled with increasing urbanization and industrialization, is driving strong electricity needs, grid expansion and moreover, ambitious renewable energy targets and government backing programs for utility batteries across Asia Pacific. China is leading the way in utility-scale information energy storage adoption, followed by Japan and South Korea. The Asia-Pacific region, is a key region for market growth and innovation in utility battery technology.
Global Utility Battery Market By Geography
- Largest
- Fastest
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Utility Battery Market Dynamics
Drivers
Government Initiatives and Policies
- Government policies that encourage integration of renewable energy and shift towards clean energy sources are important drivers of the consumer battery market Incentives, support and mandates aimed at promoting the use of energy storage for enterprises to invest in battery storage systems to improve grid stability, increase reliability and encourage efficiency.
Falling Costs and Technological Advances
- Continuous advancements in the battery era, coupled with declining expenses of lithium-ion batteries and different strength garage technology, are riding the increase of the utility battery marketplace. Improved strength density, longer cycle life, and decreased production expenses make energy storage answers greater economically viable for utilities, main to accelerated adoption and deployment.
Restraints
Challenges of Periodic Grid Integration
- Renewable energy like solar and wind ultimately like grid stability and integration are challenged by Utilities in terms of challenges in fluctuations in power supply analyzed solutions, thereby the efficiency of energy storage systems can be affected. Meeting these integration challenges requires advanced communication infrastructure and sophisticated control systems, which add complexity and cost to utility battery projects.
- Regulatory Framework Uncertainty
Regulatory uncertainty and evolving energy policies pose barriers to widespread adoption of utility battery storage. Inconsistent regulations, permitting processes, and uncertain market policies can hamper the path of investment in energy storage projects.
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Utility Battery Market Competitive Landscape
The competitive scenario of the global utility battery market is characterized by leading manufacturers of batteries, energy storage system integrators and consumer services focused on research and development for the battery industry improve, reduce costs and increase grid connectivity. Collaborations and partnerships between battery suppliers, technology suppliers and users are common ways to address market challenges and expand markets.
Top Player’s Company Profiles
- BYD Co. Ltd.
- Hitachi Chemical Co. Ltd.
- Kokam Co. Ltd.
- LG Chem Ltd.
- NGK Insulators Ltd.
- Samsung SDI Co. Ltd.
- Sumitomo Electric Industries Ltd.
- Tesla Inc.
- Toshiba Corp.
- Total SA
- Johnson Controls
- WanXiang Group
- GS Yuasa
- Saft
- EnerDel
- Boston Power
- SolarEdge (Kokam)
Recent Developments
- In December 2021, TotalEnergies completed a battery energy storage facility in Dunkirk, France. The plant has a capacity of 61 MW and a total capacity of 61 MWh (MWh). The project was selected as part of a long-term plan announced by the French electricity network (RTE) in January 2020. The commissioning of the site is believed to be a development that will increase TotalEnergies battery energy storage capacity.
- In April 2021, ABB Power Grids announced that a joint venture with Atlas Renewable Energy to develop and develop a battery energy storage system (BESS) for its renewable energy generation will provide investment funding.
- On April 11, 2022, Offgrid Energy Laboratories, a leading Utility Battery manufacturer, announced the launch of its unique zinc gel Utility Battery to supply the Indian EV battery conversion industry in partnership with transportation partners plans to develop solutions for vehicles powered by low-energy electric vehicles such as two- or three-wheelers. Compared to lithium-ion lead-acid batteries, zinc gel Utility Battery is less corrosive and environmentally friendly learn Offgrid Energy Labs hopes to have commercial zinc gel products in India by 2023.
Utility Battery Key Market Trends
- New Product Launches to Improve the Market Growth: Energy storage as a service (ESaaS) simply means advanced energy storage systems, energy management systems, and service contracts that add value to a business through reliable energy offered at low cost. Companies like Power Electronics are working on dual-solar inverters incorporating storage, and Victron Energy is expanding its infrastructure and expanding its solar installations when it comes to battery technology, in flammable lithium-ion environments. Batteries are becoming dangerous, new lithium ions are being sought like zinc technology. Tesla, Inc. plans to eliminate the use of cobalt in the batteries used in its energy vehicles, replacing it with lithium iron phosphate and other lithium metal technologies This is expected to result in significant cost savings because it is affordable and helps reduce battery costs.
Utility Battery Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global utility battery market is experiencing significant growth driven by government initiatives encouraging integration of renewable energy sources, decreasing battery costs and technological advancements but challenges such as disruption, grid integration, regulatory uncertainty, policy constraints remain a major barrier to market expansion. Addressing these challenges will be critical to unlocking the potential of all consumer storage batteries and realize a sustainable and sustainable energy future tip.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 9.5 Million |
| Market size value in 2031 | USD 14.86 Million |
| Growth Rate | 5.1% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Utility Battery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Utility Battery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Utility Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Utility Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Utility Battery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Utility Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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