UK & Australia Power Energy Storage Battery for Renewables Market
Description
UK & Australia Power Energy Storage Battery for Renewables Market
The UK & Australia Power Energy Storage Battery for Renewables market size was valued at $218.30 million in 2020 growing at the CAGR of 37.59% from 2022 to 2032. This growth is attributed to several macro and microeconomic factors such as
The steep increase in the share of renewables in power generation
Over the years there has been a drastic shift in the source of energy consumption. With increasing environmental concerns and the growing adoption of sustainable alternatives, the usage of renewable energy has surged. Increasing population, soaring industrialization, and urbanization have led to a drastic increase in the demand for power, coupled with this is a saturation of other non-renewable energy sources market due to which renewables have become the most viable solution for feeding the energy demand. The growth in the market of the Power Energy Storage Battery for Renewables is directly proportional to the growth in the market of renewable energy, hence as renewable energy consumption has increased, it will propel the Energy Storage Battery market too.
Further several factors restraining the market growth include
High Initial Investment Cost
Energy storage is a major challenge for renewables such as solar and wind, especially since it's still expensive and technologically underdeveloped. Energy storage technologies are expensive because of the high energy density and enhanced performance offered by high-energy-density battery chemistries such as lithium-ion batteries. The low maintenance requirements and the ability for them to be cycled frequently without any loss in capacity make lithium-ion batteries a costly consideration. Lithium-ion batteries have historically been used for longer life cycles than other battery types which costs more money. An alternative is a nickel-metal hydride that offers lower discharge rates and costs less but has a shorter life cycle than lithium-ion. Therefore to utilize efficient and long-lasting batteries, there needs to be cost borne, which can cause hindrances in the market, as consumers would choose to shift to cheaper options. Using energy storage is not always a compulsion thus this can create options for people to opt out of the high initial investment.
Collaborations and Alliances in the Power Energy Storage Battery for Renewables market is expected to generate higher avenues during the forecast period.
In the wake of the COVID-19 pandemic, supply chain disruptions have led to supply shortages or lower demand in the Power Energy Storage Battery for Renewables market. The pandemic has caused a decline in new orders and a corresponding decrease in production.
This section will analyze how COVID-19 has impacted supply chains, leading to shortages and lower demand for Power Energy Storage Battery for Renewabless.
In terms of COVID 19 impact, the Power Energy Storage Battery for Renewables market report also includes the following data points:
Impact on Power Energy Storage Battery for Renewables market size
Operating Weights Trend, Preferences, and Budget Impact
Regulatory Framework/Government Policies
Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
Opportunity in Power Energy Storage Battery for Renewables market
Key Insight in the report:
The UK & Australia Power Energy Storage Battery for Renewables market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.
Our report covers extensive competitive intelligence which includes the following data points:
Business Overview
Business Segment Data
Financial Data
Product Segment Analysis and Specification
Recent Development and Company Strategy Analysis
SWOT Analysis
Power Energy Storage Battery for Renewables Market Segmentation:
Technology
Lithium-ion batteries
Lead-based batteries
Flow batteries
Sodium Sulphur batteries
Others
Energy Type
Solar
Wind
Hydro
Others
End User
Residential
Commercial
Industrial
Utility
Key Players Analyzed in the Report:
NEC Energy Solutions
LG Chem Ltd.
General Electric
Fluence
Parker Hannifin Corporation
BYD Company
Renewable Energy Systems Group
Schneider Electric
Tesla Inc.
Wartsila Corporation
REPORT CONTENT:
High-level analysis of the current and future market trends and opportunities
Detailed analysis on current market drivers, restraining factors, and opportunities in the future
Power Energy Storage Battery for Renewables market estimates for 2020 and forecast from 2022 to 2032
Vendor market share analysis at each product level
Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
Target Audience
Manufacturers
Suppliers and traders
Government, associations, and industrial bodies
Investors and trade experts
Consulting Firms or Individual Consultant
Anyone interested in understanding the industry dynamics of the Power Energy Storage Battery for Renewables market
The UK & Australia Power Energy Storage Battery for Renewables market size was valued at $218.30 million in 2020 growing at the CAGR of 37.59% from 2022 to 2032. This growth is attributed to several macro and microeconomic factors such as
The steep increase in the share of renewables in power generation
Over the years there has been a drastic shift in the source of energy consumption. With increasing environmental concerns and the growing adoption of sustainable alternatives, the usage of renewable energy has surged. Increasing population, soaring industrialization, and urbanization have led to a drastic increase in the demand for power, coupled with this is a saturation of other non-renewable energy sources market due to which renewables have become the most viable solution for feeding the energy demand. The growth in the market of the Power Energy Storage Battery for Renewables is directly proportional to the growth in the market of renewable energy, hence as renewable energy consumption has increased, it will propel the Energy Storage Battery market too.
Further several factors restraining the market growth include
High Initial Investment Cost
Energy storage is a major challenge for renewables such as solar and wind, especially since it's still expensive and technologically underdeveloped. Energy storage technologies are expensive because of the high energy density and enhanced performance offered by high-energy-density battery chemistries such as lithium-ion batteries. The low maintenance requirements and the ability for them to be cycled frequently without any loss in capacity make lithium-ion batteries a costly consideration. Lithium-ion batteries have historically been used for longer life cycles than other battery types which costs more money. An alternative is a nickel-metal hydride that offers lower discharge rates and costs less but has a shorter life cycle than lithium-ion. Therefore to utilize efficient and long-lasting batteries, there needs to be cost borne, which can cause hindrances in the market, as consumers would choose to shift to cheaper options. Using energy storage is not always a compulsion thus this can create options for people to opt out of the high initial investment.
Collaborations and Alliances in the Power Energy Storage Battery for Renewables market is expected to generate higher avenues during the forecast period.
In the wake of the COVID-19 pandemic, supply chain disruptions have led to supply shortages or lower demand in the Power Energy Storage Battery for Renewables market. The pandemic has caused a decline in new orders and a corresponding decrease in production.
This section will analyze how COVID-19 has impacted supply chains, leading to shortages and lower demand for Power Energy Storage Battery for Renewabless.
In terms of COVID 19 impact, the Power Energy Storage Battery for Renewables market report also includes the following data points:
Impact on Power Energy Storage Battery for Renewables market size
Operating Weights Trend, Preferences, and Budget Impact
Regulatory Framework/Government Policies
Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
Opportunity in Power Energy Storage Battery for Renewables market
Key Insight in the report:
The UK & Australia Power Energy Storage Battery for Renewables market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.
Our report covers extensive competitive intelligence which includes the following data points:
Business Overview
Business Segment Data
Financial Data
Product Segment Analysis and Specification
Recent Development and Company Strategy Analysis
SWOT Analysis
Power Energy Storage Battery for Renewables Market Segmentation:
Technology
Lithium-ion batteries
Lead-based batteries
Flow batteries
Sodium Sulphur batteries
Others
Energy Type
Solar
Wind
Hydro
Others
End User
Residential
Commercial
Industrial
Utility
Key Players Analyzed in the Report:
NEC Energy Solutions
LG Chem Ltd.
General Electric
Fluence
Parker Hannifin Corporation
BYD Company
Renewable Energy Systems Group
Schneider Electric
Tesla Inc.
Wartsila Corporation
REPORT CONTENT:
High-level analysis of the current and future market trends and opportunities
Detailed analysis on current market drivers, restraining factors, and opportunities in the future
Power Energy Storage Battery for Renewables market estimates for 2020 and forecast from 2022 to 2032
Vendor market share analysis at each product level
Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
Target Audience
Manufacturers
Suppliers and traders
Government, associations, and industrial bodies
Investors and trade experts
Consulting Firms or Individual Consultant
Anyone interested in understanding the industry dynamics of the Power Energy Storage Battery for Renewables market
Table of Contents
66 Pages
- CHAPTER 1. Executive Summary
- CHAPTER 2. Scope of the Study
- 2.1. Market Definition
- 2.2. Market Scope & Segmentation
- 2.2.1. Objective of Report
- CHAPTER 3. Evolve BI Methodology
- 3.1. Data Collection & Validation Approach
- 3.2. Market Size Estimation and Forecast
- CHAPTER 4. Market Insights and Trends
- 4.1. Value Chain Analysis
- 4.1.1. Raw Material
- 4.1.2. Manufacturing Process
- 4.1.3. Distribution Channel
- 4.1.4. End-User
- 4.2. Porter’s Five Forces Analysis
- 4.2.1. Bargaining Power of Buyers
- 4.2.2. Bargaining Power of Suppliers
- 4.2.3. Threat of New Entrant
- 4.2.4. Threat of Substitute
- 4.2.5. Industry Rivalry
- 4.3. COVID-19 Impact and Post COVID Scenario on Power Energy Storage Battery for Renewables Market
- 4.3.1. Impact of COVID-19
- 4.3.2. Government Aids and Policies for Industry Revival
- 4.3.3. Companies Recent Developments to Tackle Negative Impact
- 4.3.4. Opportunity Window & Post COVID Trend
- CHAPTER 5. Market Dynamics
- 5.1. Introduction
- 5.2. Drivers
- 5.2.1. The steep increase in the share of renewables in power generation
- 5.2.2. Advancing grid modernization paving the way for increasing requirements of energy storage systems
- 5.3. Restraints
- 5.3.1. High Initial Investment Cost
- 5.4. Opportunity
- 5.4.1. Increasing necessity for continuous power supply in various applications
- 5.4.2. Increasing government support policies to encourage renewable energy
- CHAPTER 6. UK Power Energy Storage Battery for Renewables Market
- 6.1. UK Power Energy Storage Battery for Renewables Market, By Technology
- 6.2. UK Power Energy Storage Battery for Renewables Market, By Energy Type
- 6.3. UK Power Energy Storage Battery for Renewables Market, By End-Use
- CHAPTER 7. Australia Power Energy Storage Battery for Renewables Market
- 7.1. Australia Power Energy Storage Battery for Renewables Market, By Technology
- 7.2. Australia Power Energy Storage Battery for Renewables Market, By Energy Type
- 7.3. Australia Power Energy Storage Battery for Renewables Market, By End-Use
- CHAPTER 8. Company Landscape
- 8.1. UK & Australia Power Energy Storage Battery for Renewables Market Share Analysis
- CHAPTER 9. Company Profiles
- 9.1. NEC ENERGY SOLUTIONS (Subsidiary of NEC Corporation)
- 9.1.1. Business Overview
- 9.1.2. Financial Analysis
- 9.1.2.1. Business Segment Revenue, 2020
- 9.1.2.2. NEC Corporation Geographic Revenue Mix, 2020
- 9.1.3. Product Portfolio
- 9.1.4. Recent Development and Strategies Adopted
- 9.2. LG CHEM, LTD.
- 9.2.1. Business Overview
- 9.2.2. Financial Analysis
- 9.2.2.1. LG Chem, Business Segment Revenue, 2020
- 9.2.2.2. Geographic Revenue Mix, 2020
- 9.2.3. Product Portfolio
- 9.2.4. Recent Development and Strategies Adopted
- 9.2.5. SWOT Analysis
- 9.3. GENERAL ELECTRIC COMPANY
- 9.3.1. Business Overview
- 9.3.2. Financial Analysis
- 9.3.2.1. GENERAL ELECTRIC COMPANY, Business Segment Revenue 2020
- 9.3.2.2. GENERAL ELECTRIC COMPANY Geographic Revenue Mix, 2020
- 9.3.3. Product Portfolio
- 9.3.4. Recent Development and Strategies Adopted
- 9.3.5. SWOT Analysis
- 9.4. FLUENCE
- 9.4.1. Business Overview
- 9.4.2. Product Portfolio
- 9.4.3. Recent Development and Strategies Adopted
- 9.5. PARKER HANNIFIN
- 9.5.1. Business Overview
- 9.5.2. Financial Analysis
- 9.5.2.1. Parker Hannifin Corp, Business Segment Revenue 2020, $ Million
- 9.5.2.2. Geographic Revenue Mix, 2020
- 9.5.3. Product Portfolio
- 9.5.4. Recent Development and Strategies Adopted
- 9.6. BYD COMPANY
- 9.6.1. Business Overview
- 9.6.2. Financial Analysis
- 9.6.2.1. BYD Company Limited, Business Segment Revenue 2020, $ Million
- 9.6.2.2. BYD Company Limited, Geographic Revenue Mix, 2020
- 9.6.3. Product Portfolio
- 9.6.4. Recent Development and Strategies Adopted
- 9.7. RES
- 9.7.1. Business Overview
- 9.7.2. Product Portfolio
- 9.7.3. Recent Development and Strategies Adopted
- 9.7.4. SWOT Analysis
- 9.8. SCHNEIDER ELECTRIC
- 9.8.1. Business Overview
- 9.8.2. Financial Analysis
- 9.8.2.1. SCHNEIDER ELECTRIC, Business Segment Revenue 2020
- 9.8.2.2. SCHNEIDER ELECTRIC Geographic Revenue Mix, 2020
- 9.8.3. Product Portfolio
- 9.8.4. Recent Development and Strategies Adopted
- 9.8.5. SWOT Analysis
- 9.9. TESLA INC.
- 9.9.1. Business Overview
- 9.9.2. Financial Analysis
- 9.9.2.1. TESLA INC, Business Segment Revenue 2020, $ Million
- 9.9.2.2. TESLA INC Geographic Revenue Mix, 2020
- 9.9.3. Product Portfolio
- 9.10. WARTSILA COMPANY
- 9.10.1. Business Overview
- 9.10.2. Financial Analysis
- 9.10.2.1. Wartsila Corporation, Business Segment Revenue 2020, $ Million
- 9.10.2.2. Geographic Revenue Mix, 2020
- 9.10.3. Product Portfolio
- 9.10.4. Recent Development and Strategies Adopted
- 9.10.5. SWOT Analysis
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