Qyresearchreports, an international market research firm, has published a research report on Microgrid Battery Energy Storage Market that says the global demand for Microgrid Battery Energy Storage will reach USD 340 million by 2025.
The global demand for energy storage batteries for microgrids market was 190 million USD in 2017 and will reach 340 million USD by the end of 2025, growing at a CAGR of 7.5% during 2018-2025.
Energy storage batteries used in microgrids are energy stores that store electrical energy and supply energy when needed. Such battery systems have the added benefit of matching generation to time of use and enable peaking applications. Battery-based energy storage is more environmentally friendly than traditional diesel generators and significantly reduces the fuel and size requirements of a typical standby generator. Even a small amount of energy storage can have a significant impact on reducing fuel costs, maintenance, and leakage of diesel or biodiesel generators.
Currently, the major challenge affecting the growth of the market is the limitation of downstream market. Due to the high demand for energy storage products both at home and abroad, many companies have started entering the field. For instance, China's energy storage batteries for microgrids are not only beginning to move into the renewable energy device sector, but are also extending into the downstream industry chain.
Global energy storage battery for microgrid industry players are mainly concentrated in the EU, the US, and Japan. The global leaders in this market are NGK Group, Samsung SDI, NEC, Panasonic, MHI, and Toshiba, among others, which accounted for 49.38% of the total global market revenue in 2015. In China, the market leaders are BYD, Ningde Times, and others.
In terms of market consumption, the U.S. and China are the major consuming regions for global energy storage batteries in the microgrid market. Energy storage batteries for microgrids are mainly used in households, businesses, and utilities.In 2017, the application market share of utilities was as high as 87.68%.