Energy is vital to conduct daily life operations across the industrial, commercial, residential, and other verticals. Several companies along with the government are trying to innovate novel technologies to meet the surging power demand across different sectors.
The growing demand for grid energy storage systems all around the globe due to grid modernization is likely to fuel the growth of the global power energy storage battery market significantly. Solar and wind energy are some of the vital renewable energy stored in grids. But however, due to the sun being concealed by clouds and variating wind currents, there is high variation in the energy generation process. Such fluctuations are effectively creating demand for a flexible grid system that can store energy.
Therefore, a battery energy storage system assists grid operators in storing energy. However, such a system also enhances the flexibility and reliability of electric power systems pertaining to the distribution, transmission, and generation of electric power. In addition, the continuous demand for power supply from the data center is likely to create several lucrative growth opportunities in the global power energy storage battery market. Data centers utilize an uninterrupted power supply to offer power in case of an emergency where the power supply fails. Battery energy storage systems function as a vital element in eliminating the electricity fluctuation in data centers.
The global power energy storage battery market can be segmented into application, energy capacity, ownership, connection type, battery, element, and region.
By application, the market is segmented into utilities, commercial, and residential.
By energy capacity, the market can be segmented into above 500 MWh, between 100 and 500 MWh, and below 100mwh.
By ownership, the market can be segmented into utility, third party, and customer.
By connection type, the market can be segmented into off-grid and on-grid connections.
By battery, the market can be segmented into flow batteries, lead-acid batteries, lithium-ion batteries, and others.
By element, the market can be segmented into batteries and others.
Asia Pacific accounts for the largest share in the global power energy storage battery market as the region is known to be the hub of the battery energy storage system sector. The region is also expected to present plans for electrification in remote areas, which in turn will also accelerate the growth of the regional market. In addition, the growing energy storage investment in the region is likely to enhance sustainability and fuel the regional market.
Some of the significant players in the global power energy storage battery market are OutBack, NEC, Imergy, Princeton, Absolute Renewable Energy (UK) Ltd, ABB, EOS, ZEN, GE, SAMSUNG SDI, and S&C Electric Company. To cite, Exide Industries Ltd in 2018 signed a joint venture (JV) with Leclanché SA, global leading energy storage solution companies, headquartered in Switzerland.