Global Decentralized Energy Storage Market 2019-2023
About this market
One of the major issues faced by the companies in the C&I sector is the downtime caused due to power outages. Even a small disruption in the supply of electricity in hospitals and nursing facilities can put lives at risk. Instances of power outages are resulting in significant losses for manufacturing companies as they are missing the timelines in delivering products to their customers. Power outages have led several manufacturing plants to shut down across the world. In December 2017, Delta Air Lines Inc. incurred a significant loss due to a power outage. Such financial catastrophes and business downtimes are creating a pressing requirement for investment in energy storage to overcome problems associated with power outages. This growing need for backup power is expected to drive the growth of the global decentralized energy storage market over the forecast period at a CAGR of over 18%. However, the market’s momentum will decelerate in the coming years because of the decrease in year-over-year growth.
Growing economic benefits of ESS
End-users are adopting ESS to store energy rather than depending on the power grid during peak power demand. This results in huge monetary savings as they reduce the peak demand charges they pay. Owing to such benefits, the demand for ESS is expected to increase over the forecast period and subsequently drive the growth of the global decentralized energy storage market size.
Stringent laws against lead pollution
Lead-acid batteries, that is one of the electrochemical energy storage technologies, contains sulfuric acid which is dumped in landfills contaminate groundwater reserves and drinking water supplies. Such improper disposal of the used lead-acid batteries is driving many countries to introduce stringent laws on the production and disposal of lead-acid batteries to reduce the risk of lead poisoning. For instance, China recently shut down many lead-acid battery plants and enforced strict regulations for the production of lead-acid batteries. This is expected to have a negative impact on the growth of the global decentralized energy storage market.
For the detailed list of factors that will drive and challenge the growth of the decentralized energy storage market size during 2019-2023, view our report.
The market appears to be fairly fragmented with several players occupying the market share. Companies such as CALMAC and Fluence Energy LLC have intensified the competition. Factors such as the rising need for backup power and the growing economic benefits of ESS will provide significant growth opportunities for decentralized energy storage companies. CALMAC, Fluence Energy LLC, LG Chem Ltd., NEC Corp., NGK Insulators Ltd., and SENER Ingeniería y Sistemas SA are some of the major companies covered in this report.
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