The global energy storage for the Microgrids market size is expected to grow from USD 6.6 billion in 2017 to USD 21.2 billion by 2028, at a CAGR of 18.9% during the forecast period (2021-2028). The increasing demand for renewable and distributed generation sources has resulted in an increased need for a more reliable power supply that can meet the growing electricity demands without compromising on reliability.
This has led to the development of smart grids and microgrids which require high-quality energy storage solutions such as advanced lead-acid batteries, advanced lithium-ion batteries, flow batteries, sodium metal halide batteries, and flywheel, etc., thus propelling the growth of global energy storage for the microgrids market over the next decade. Microgrids are small, localized energy systems that can be linked together to form an interconnected system. The main goal of a microgrid is to provide the power source for critical loads and protect against failing public grids or individual grid components by providing reliability in the event of outages.
On the basis of Type, the market is segmented into Advanced Lead-acid Battery, Advanced Lithium-ion Battery, Flow Battery, Sodium Metal Halide Battery, and Flywheel.
The most common form of energy storage being adopted to create reliable power from renewable sources such as wind and solar systems is called an advanced lead-acid battery. Advanced Lead-acid Battery is a type of lead-acid battery that can be used for high discharge currents and cold temperature operations. Currently, Advanced Lead-acid Batteries are being adopted in residential microgrids due to their ability to provide reliable power at an affordable price. This kind of battery has high discharge currents, which means it's capable of supplying large amounts of electricity quickly, which makes them ideal for peak hour shaving or other forms of reactive services like black start situations where equipment needs to supply short bursts but not have long periods without charging up again.
Advanced Lithium-ion Battery is a type of rechargeable battery that can be charged and discharged many times.
Flow Battery is a type of battery that uses two chemical components dissolved in liquids instead of solid electrodes. Flow batteries have the ability to store more energy than conventional lead-acid or lithium-ion batteries and can be inexpensive
Sodium Metal Halide Battery is a type of rechargeable battery that can be recharged by the action of electrolysis.
A flywheel is a mechanical device that regulates the speed of an electric current. Some of these storage systems are more expensive than others, but they can provide lower operating costs for power generation and distribution because they do not require as much fuel to operate as other types of generators such as coal or gas-fired plants. Storage units typically use less electricity from their grid connections during off-peak hours when demand is low and push it back into the system at times of peak demand. That gives utilities some relief on handling those peaks in usage; this creates better reliability by ensuring there’s always enough power on hand when needed, even though that may mean paying higher prices for supplemental energy sources like natural gas peaker plants which only run briefly.
On the basis of Application, the market is segmented into Peak Hour Shaving, Volt Ampere Reactive Services, Black Start.
On the basis of Region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
North America: The U.S., Canada, and Mexico are expected to be major players in the global energy storage for microgrids market during the forecast period due to high adoption rates among power providers & gas utilities in these regions coupled with strong government initiatives towards clean energy solutions such as renewable resources that would help reduce carbon emissions from transport. The US market is projected to grow due to increasing investments by utilities into renewable resources following government initiatives such as the Clean Power Plan, Paris Agreement among others coupled with favorable regulatory conditions being offered towards the use of batteries and other related products enabling better utilization of sustainable energy sources thereby boosting sales significantly over the next few years. This region has been at the forefront in terms of rapid development and implementation of innovative technologies enabling efficient usage of energy sources hence driving demand for this product type.
Latin America: Argentina and Chile have witnessed significant growth owing to favorable regulatory conditions which offer incentives for the adoption of energy storage technologies. Energy efficiency is a major driver for the growth in this region as a significant number of households depend on private solar power generation systems and wind turbines coupled with biomass fuels to generate electricity.
Up Market Research published a new report titled “Energy Storage for Microgrids Market research report which is segmented by Types (Advanced Lead-acid Battery, Advanced Lithium-ion Battery, Flow Battery, Sodium Metal Halide Battery, Flywheel), By Applications (Peak Hour Shaving, Volt Ampere Reactive Services, Black Start), By Players/Companies ABB, EnStorage, General Electric Digital Energy, NEC, S&C Electric, Toshiba, Ampard, Aquion Energy, Greensmith Energy, Green Energy”.
|Report Attributes||Report Details|
|Report Title||Energy Storage for Microgrids Market Research Report|
|By Type||Advanced Lead-acid Battery, Advanced Lithium-ion Battery, Flow Battery, Sodium Metal Halide Battery, Flywheel|
|By Application||Peak Hour Shaving, Volt Ampere Reactive Services, Black Start|
|By Companies||ABB, EnStorage, General Electric Digital Energy, NEC, S&C Electric, Toshiba, Ampard, Aquion Energy, Greensmith Energy, Green Energy|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||234|
|Number of Tables & Figures||164|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Advanced Lead-acid Battery, Advanced Lithium-ion Battery, Flow Battery, Sodium Metal Halide Battery, Flywheel and By Application Peak Hour Shaving, Volt Ampere Reactive Services, Black Start.
Some of the companies that are profiled in this report are:
Energy Storage for Microgrids Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Energy Storage for Microgrids Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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