Solar energy storage market to derive commendable proceeds via increasing usage of lithium ion batteries through 2025
The global solar energy storage market size is expanding at an unprecedented pace owing to the increased adoption of renewable energy sources by various sectors of the economy to replace the traditional forms of energy usage. Additionally, numerous initiatives of businesses and government agencies to explore sustainable and efficient power sources and their storage has contributed to the enhancement of solar energy storage market share.
Global Solar Energy Storage Market Size, 2018 – 2025 (USD Million)
The demand for electric batteries to reduce the fuel cost has also witnessed a considerable growth mainly due to the proliferation of electric vehicles, which has driven companies to integrate storage units that are performance oriented. Consequentially, the usage of lithium ion battery storage systems across various business verticals is increasing. Apparently, these batteries are gradually replacing their substitutes for solar storage in grid connection.
The Li-ion batteries require low maintenance and do not require scheduled recycling. Their self-discharge technique is less as compared to other batteries making them well suited for modern fuel gauge applications. Several automotive companies are preferring Li-ion batteries, for instance, Toyota has deployed solar rooftops at its facilities and aims to explore synergies with lithium ion batteries. These module-based batteries will be provided with stationary storage for solar energy which may reduce the cost of energy storage. The need to store solar energy for further use by way of charging the electric vehicles will propel solar energy storage market outlook over the forecast years.
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In recent times, the implementation of roof top solar systems across residential and commercial spaces has fueled the product demand. For instance, India’s Ministry of New and Renewable Energy, under its National Solar Mission – aims to achieve 40-GW worth of power through solar rooftops by the year 2022. Owing to numerous advantages of rooftop solar panels such as cost savings, reduced carbon footprints, and relatively lower maintenance cost, several builders of residential or commercial establishments are installing solar rooftops. The need to store solar energy across these establishments is contributing to the overall solar energy storage industry share.
Speaking in terms of regional growth, Asia Pacific solar energy storage market share has witnessed a commendable expansion over the last few years owing to several government policies directed toward increasing the use of renewable sources of energy in these countries. Additionally, due to the increase in industrial sector, the builders/establishment owners are resorting to renewable sources for electricity due to its cost effectiveness and easy maintenance.
According to a study by India Brand Equity Foundation, the installed renewable power generation capacity in India recorded a CAGR of 19.78% between the year 2014 and 2018. Similarly, in order to boost the adoption of solar energy, the government is levying tax credits to people who install solar panels for commercial or residential purposes. In fact, according to the Ministry of New and Renewable Energy, the government pays 30% of the installation cost as a subsidy.
Apart from India, China has emerged as a leading producer, installer, and exporter of renewable energies like solar and wind power along with related technologies like electric vehicles and batteries. As of 2016, China has over 15,000 renewable energy patents and has a clear lead in terms of underlying technology. According to the National Energy Administration (NEA), in the first quarter of 2019, China added 5.2 GW of solar power capacity driven by new project launches in northern and eastern part of the country.
Large scale solar projects are being constructed across China and the country is venturing into the production of electric vehicles rapidly, with the government spending over USD 60 billion in the last decade to steer the electric cars industry by restricting the licenses for gas powered vehicles. Thus, the growing production of solar energy to fulfil the demand of solar infused products across China is propelling the APAC solar energy storage market size.
Owing to an increase in realization among the nations regarding climate change and its impact, there has been a considerable shift towards the adaption of renewable energy sources. Hence, with the rise in usage of natural source of energy like solar power there arises a need for storage in order to facilitate continuous usage.
Similarly, the adaption of solar power ranging from the production of electricity to its usage in electric cars has further steered solar energy storage industry trends. Several investments from major companies like Samsung, LG Chem, BMW, Maxwell Technologies, Primus Power and others have eased the availability of efficient storage solutions and created future opportunities in the sector. According to a report by Global Market Insights Inc., solar energy storage market is estimated to exceed an annual installation of 3 GW by 2025.
Author Name : Shreshtha Dhatrak
How will North America microgrid market go on to become a business vertical worth USD 7 billion by 2024?
Some of the pivotal factors that have propelled North America microgrid market growth over the recent years are the governmental & regulatory inclinations toward network expansion and the rising financial backing to support such projects. Increasingly becoming the most resilient and sustainable options for industries to provide continual operation during blackouts and natural disasters, microgrids are becoming the essentials of the energy and utilities sector. A substantiation validating the aforesaid is that of a report by the Federal Energy Regulatory Commission that claims the utilities across the U.S. to have invested nearly USD 35 billion in 2016 for the expansion of the energy transmission network.
U.S. Microgrid Market Size, By Storage Device, 2017 & 2024 (USD Million)
Rising adoption of renewable energy technologies to impel North America microgrid market size
Quite overtly, the spending on energy infrastructure to deliver power to businesses and households has increased remarkably in the past decade and is replacing the conventional poles, station equipment, and overhead lines and devices. With the rising penetration of renewable sources in the mainstream electricity supply, the operational dependability of the grid network has become an intricate issue for the power giants. In fact, several eminent companies are generously investing in microgrids for seamless integration and distribution of clean energy.
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Recently in 2017, Ameren Corporation unveiled the completion of one of the most highly advanced utility scale microgrids in the North America microgrid market. As a part of its commitment toward building a smart and clean energy infrastructure, Ameren has built a microgrid facility with advanced automation & battery storage. The facility will also test, monitor, and control methods for aggregating renewable & clean energy sources from natural gas, solar, and wind. Reports claim that the Ameren microgrid has a significant production potential of up to 1475 kilowatts, which is enough to power more than 190 households and will be contributing immensely to the expansion of North America microgrid industry share.
North America microgrid market to be swayed by the rise in product demand from the military
Greater reliance on fossil fuel in remote & rural regions in the world is a vulnerable point in military operations, and the results could be devastating, given the transportation challenges. A microgrid solution, in this regard, has not only enabled an installation to generate its own power for the military sector but has also provided protection against cybersecurity risks. These grids have significantly met the needs for stable electricity supply and that too without relying on a larger regional grid that is more averse to interruption and compromises.
To illustrate further, under its Smart Power Infrastructure Demonstration for Energy Reliability and Security (SPIDERS), the U.S. military is aiming to deploy microgrids to supply power in the event of attack or loss of the utility grid. The program is also focusing to integrate solar PV and the diesel backup generators in order to provide diverse fuel sources, enabling uninterrupted power and lower carbon emission.
Recently, the U.S. Department of Defense, in this regard has issued a solicitation for multiple microgrid projects in the military sector that will assess large-scale energy storage. It is also imperative to mention here that the U.S. DOD is the largest petroleum & fossil fuel consumer and greenhouse gas emitter in the world – which is also one of the many reasons why U.S. military are looking at renewable energy microgrids.
Taking into consideration the aforementioned scenario, it wouldn’t be wrong to say that the U.S. military has become one of the significant investment ground for potential North America microgrid industry investors. Further powered by government backing and funding advances, the military microgrid projects are expected to be more secure & reliable and are poised to be a lucrative sector of the North America microgrid industry, which according to reliable reports is expected to surpass 7 billion by 2024, with a capacity expansion of 3 GW.
Author Name :Ojaswita Kutepatil
Asia-Pacific microgrid market to register 22% CAGR through 2026
Rising reliability on electricity coupled with growing need for uninterrupted power supply are major factors driving microgrid market growth. Of late, the proliferating industrialization trends have paved the way for escalating investments in industrial and urban establishments. This has been observed especially in emerging economies, leading to an increase in the demand for electricity. This factor in tandem with favorable government initiatives in electrification of rural areas are augmenting the demand for microgrid connectivity across the globe.
Rapid deployment of captive power sources in tandem with rising integration of clean energy technologies is stimulating the microgrid market outlook. Growing consumer inclination towards natural gas-based power generation sources in consort with rising adoption of solar technology in industrial sector are also contributing toward the growth of the industry.
The expansion of solar energy sector worldwide is a major parameter driving the demand for microgrids. The global microgrid market will register considerable growth owing to favorable federal reforms including FITs, tax rebates and investment tax credits, which are being introduced to increase the deployment of solar PV as a power source. Also, the rapid decline in component prices along with robust R&D activities to improve operational flexibility and product quality of solar PVs will drive microgrid industry growth.
According to estimates, microgrid market will register an annual installation of 13 GW by the year 2026.
Based on storage, the microgrid market is categorized into lead acid, lithium-ion, flywheel and flow batteries segment. Of these, the lithium-ion segment is likely to depict significant growth, attributed to the fact that lithium-ion batteries have longer life cycle and offer efficient performance properties.
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Elaborating on the application spectrum, rising adoption of microgrid technology in remote areas owing to scarcity of electricity and fluctuating power supply will boost the growth of the remote application segment. Government officials are primarily focusing on introducing various programs in order to provide sustainable grid network solutions in off-grid areas. Escalating demand for electricity in isolated areas is thus compelling governments to focus on distributed power generation, increasing the demand for microgrids across remote locations.
Rising R&D activities along with surging investments by food & beverage, manufacturing and chemical companies is also contributing to the growth of the remote applications segment in microgrid market.
Considering the geographical landscape, estimates claim that the Asia-Pacific microgrid market is estimated to grow by 22% through the year 2026. Growing demand for electricity along with surging investments in urban and industrial development is driving the market growth. Moreover, the growth of Asia-Pacific market is credited to the increasing number of consumer awareness programs regarding the benefits of using renewable sources of energy.
For instance, South Korea and Japan are primarily focusing on integrating and supplying sustainable energy solutions in order to provide positive benefits to their respective citizens.
The governments of the emerging economies across APAC are also known to undertake efforts for bringing forth uninterrupted power supply in the region, which is further likely to drive the growth of this market in the years to come.
The prominent companies operating in microgrid market are Honeywell, Schneider, ABB and Siemens among others.
Author Name : Omkar Patwardhan
Global stationary battery storage market remuneration to hit a mammoth USD 170 billion by 2030, U.S. to emerge as a prominent regional contender
With grid connected battery storage systems getting into the mainstream power supply, stationary battery storage market is forecast to witness an upswing in the coming years. Energy storage has served as an interface between intermittent renewable power and the benefits of all time reliable, clean resilient energy supply. Utilities around the world are intrigued by the storage potential to address other needs such as releasing congestion and smoothening out power variations that occur even in renewable energy generation. One of the profound factors that is likely to act in favor of stationary battery storage industry augmentation is the unprecedented demand for electricity across the world. With the increasing global initiatives toward greenhouse gas emission abatement, a portion of the upcoming power generation should come from renewable sources.
Germany Stationary Battery Storage Market Size, By Battery, 2018 & 2030 (USD Billion)
Statistics claim, stationary battery storage market valuation is forecast to take a giant leap in the coming years in terms of revenue collection, with a target value of USD 170 billion by 2030. The industry landscape is quite regulatory driven, given that the system deployment has some profound environmental impact. The stringent regulatory framework and the economic structure that needs to be abided by at various stages in energy storage systems deployments determines the competitiveness of the stationary battery storage industry landscape.
Product differentiation is one of the prime strategies adopted by the stationary battery storage industry giants to sustain their position. For instance, Tesla’s lithium ion based battery storage products, ‘Powerwall’ is indeed a breakthrough in the industry. Recently, the American automaker has launched the upgraded version of the storage solution, Powerwall 2 of in South Australia, to mitigate the problem of increasing blackouts in the continent. Some of the other biggies involved in stationary battery storage market include Hitachi Maxell, Koninklijke Philips, Valence Technology, A123 Systems, and Exide Technologies.
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With energy crisis issue coming on board across various geographies across the world, stationary battery storage market is subsequently gaining a renewed traction. Battery technology, especially lithium ion based models have been gaining a remarkable attention of late and have progressed the furthest. Lithium ion batteries have extensively deployed in automotive and consumer electronics sectors over the recent years. As per estimates, lithium ion battery market is forecast to exceed a revenue of USD 60 billion by 2024. The growth scale certainly signals the commercialization of lithium ion based stationary battery storage market as well. Recently, in the first quarter of the year, Tesla has launched a grid connected lithium ion battery plant of 129 MWh in South Australia, which is claimed to be the world’s biggest battery storage plant. In addition, lithium ion batteries falling price trends are also expected to act in favor of stationary battery storage market expansion.
Responding to the environmental call, there has been a massive upsurge in the upgradation of conventional grid network model and refurbishment projects. This positive trend is certain to drive stationary battery storage industry share in the coming years. In fact, surveys claim that emerging nations with swiftly developing residential establishments will turn out profitable for the market growth. Frequent grid failures and power discrepancies are thus pushing the demand for stationary battery storage market from the UPS sector.
China, as per market experts, will prove to be a lucrative business ground for stationary battery storage market investors. A plethora of factors that can be placed behind this forecast include extensive commercialization, growing regional population coupled with surging demand for power, and Chinese government’s huge investment in grid upgradation. For instance, in 2017 China had decided to spend approximately USD 360 billion on renewable power technologies such as wind and solar by 2020. China Energy Storage Alliance (CNESA) in their recent report has forecast that the country will undergo a chain of trends in the coming years, pertaining to the energy industry, which undoubtedly will leave a perpetual impact on the regional stationary battery storage industry.
The U.S. belt has quite actively responded to the rising environmental needs, owing to which the region is forecast to be a potential business avenue for stationary battery storage industry. Driven by the refurbishment of current electrical networks as well as the launch of sustainable building codes and standards, the United States has been touted to emerge as a viable revenue pocket for this business space.
Another major driving force of the U.S. stationary battery storage industry is the increasing power consumption along with the pivotal upsurge in infrastructure development investments. In addition, the launch of highly favorable policies for the development of large scale energy storage projects will also augment the regional industry landscape. Say for instance, in the year 2017, December, the NY government declared numerous regulations targeted toward an energy storage deployment target of 1,500 MW by 2025.
Though stationary battery storage industry is forecast to penetrate most of the emerging nations across the world, the growth curve will vary significantly on a global level. A large number of factors that are underlining this growth variation as per region include regulatory landscape, grid infrastructure, supply framework, population demographics, and energy demand. However, keeping into consideration the aforementioned aspects, stationary battery storage industry is set to exhibit a lucrative road map in the coming time frame, with a remarkable annual growth rate over 2019-2030.
Author Name : Saipriya Iyer
Graphene Battery Market Outlook: Growing trend of Electric Vehicles to build a profitable industry roadmap
The growing trends of portable electronic devices and increasing electric vehicle demand will proliferate the graphene battery market growth in the coming years. According to Global Market Insights, Inc. “Graphene battery market size is estimated to witness a CAGR of 20% over the period of 2016-2024.” Graphene products are regarded as low emission versions and hence are being widely adopted to promote a green environment. Moreover, its advantages such as effectiveness in high temperatures, increased charge cycles, quick charging capacity, and extended charge holding capacity will enhance the graphene battery industry outlook over the coming years.
Europe Graphene Battery Market size, by application, (USD Million), (2014 – 2024)
Stringent regulatory norms to curb emissions and carbon footprint have positively influenced the graphene battery industry share. Batteries constitutes of lead and cadmium which releases pollutants in the environment. In this regard, in 2008, the U.S. EPA established the National Emission Standard for Hazardous Air Pollutants (NESHAP) to regulate the emissions during the battery manufacturing process. Furthermore, implementation of these strict norms to limit automobile emissions will also boost hybrid and electric vehicles demand.
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Graphene battery is one of the fastest energy storing solutions available, globally. Moreover, graphene has higher heat resistance with improved recharging efficiency making them a safer option for electric vehicles. Graphene is poised to change the future of batteries with 10x faster charging and making it more reliable, efficient, and strong.
Based on technology, the graphene battery market is segmented into Lithium Ion, Lead Acid, Lithium Sulfur, and Supercapacitors. Supercapacitors are overtaking the market due to its superior charging abilities and greater shelf life. Moreover, mobile manufactures are also widely adopting the supercapacitors for increasing operating battery life, which in turn is fueling the supercapacitors graphene battery industry share.
The beneficial properties of graphene are making it a promising material for a multitude of applications. The versatile use of graphene batteries in Automotive, Aerospace & Defense, Healthcare, Electronics, and Industrial Robotics industries has generated significant growth opportunities in graphene battery market. Aerospace & defense applications are likely to observe considerable growth with increased defense expenditure in developed nations.
Below are the key insights in terms of technology, applications, and regions pertaining to the global graphene battery industry trends.
- Graphene battery industry share from supercapacitors is anticipated to register a CAGR of 25% over the period of 2016-2024.
- Lithium ion battery segment worth USD 9 million in 2015, is projected to witness a significant growth, owing to its increasing adoption in healthcare and automobiles industry.
- UK is foreseen to witness a booming growth at over 20% over 2016-2024.
- Graphene battery industry share in healthcare sector is estimated to exceed USD 25 million by 2024. The business growth is favored by increasing emphasis on portable medical devices.
- Industrial robotics application will witness an annual growth rate of 10% over 2016-2024.
- Japan graphene battery market size is predicted to grow at over 25% over the period of 2016-2024. The growth can be attributed to increasing adoption of electric vehicles for public transport.
Taking into consideration the regional outlook, Asia Pacific market is set to grow significantly, subjected to heavy gains from Japan and China graphene battery market. China will observe considerable boost in manufacturing and production capacity, surpassing 2000 tons of graphene annually from 2016. Favorable government initiatives and introduction of strict regulations on the use of bio-hazardous batteries will bring positive impact on the growth of global graphene battery market. Increasing adoption of electric vehicles in the U.S. will drive the North America graphene battery industry revenue. Norway graphene battery market share will witness heavy gains as more than 20% of automobiles in Norway are hybrid or electric vehicles.
The notable industry players of graphene battery market worldwide are Cabot Corporation, XG Sciences, Inc., SiNode Systems, Inc., NanoXplore Group Inc., Graphenano, Graphene NonoChem, Graphene 3D Lab, Cambridge Nanosystems, etc. Cost-effective products and shorter delivery lead time will be the key business strategies adopted by the market participants over the coming years.
Author Name : Ojaswita Kutepatil