Utility batteries market specifications and Trends.
Utility batteries are stationary batteries that are either connected to the distribution networks 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.
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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.
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.
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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.
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.
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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