Dublin, April 17, 2019 (GLOBE NEWSWIRE) -- The "Global Utility Battery Market 2019-2023" report has been added to ResearchAndMarkets.com's offering.
The utility battery market will register a CAGR of over 7% by 2023.
Energy storage provides multiple economic benefits to utilities, such as electricity demand shift from on-peak to off-peak periods which reduces peak demand charges and results in cost savings for customers while reducing pressure on the grid.
Batteries are one of the widely used energy storage technologies across the world. Battery ESS are relatively less expensive than most of the other energy storage technologies. This will stimulate the demand for ESS in utilities, which will result in the growth of the global utility battery market during the forecast period.
Rapid Urbanization
There is a rapid increase in urbanization due to population growth, improvement in living standards, and the availability of improved facilities and infrastructure in urban areas. The rising urbanization indicates cities have become the key driver of the economic growth of countries.
Urbanization is dependent on several macro-economic factors such as national policymaking, governments. and the growth of the private sector. Therefore, the rise in urbanization will significantly drive the growth of the global utility battery market.
Widening lithium demand-supply gap
Lithium-ion (Li-ion) batteries were traditionally used in consumer electronics. However, from the last few years, these batteries are being used as ESS.
Moreover, the increase in applications of lithium in the automotive sector will create a shortage in the supply of lithium for utility-scale energy storage applications. This demand-supply gap can act as a barrier to the growth of the global utility battery market during the forecast period.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
Key Players
- BYD Company Ltd.
- Kokam
- LG Chem
- NGK Insulators Ltd.
- Samsung SDI Co. Ltd.
Topics Covered
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2018
- Market size and forecast 2018-2023
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY TECHNOLOGY
- Comparison by technology
- Lithium-based batteries - Market size and forecast 2018-2023
- Sodium-based batteries - Market size and forecast 2018-2023
- Others - Market size and forecast 2018-2023
- Market opportunity by technology
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
- Geographic comparison
- APAC - Market size and forecast 2018-2023
- Americas - Market size and forecast 2018-2023
- Europe - Market size and forecast 2018-2023
- MEA - Market size and forecast 2018-2023
- Key leading countries
- Market opportunity
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
- Reduced battery storage system costs
- Technological advances in battery ESS technologies
- Increased adoption of microgrids
PART 12: VENDOR LANDSCAPE
- Overview
- Landscape disruption
- Competitive scenario
PART 13: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- BYD Company Ltd.
- Kokam
- LG Chem
- NGK Insulators Ltd.
- Samsung SDI Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/m26d4o