Global Utility Battery Market 2020-2024
Technavio has been monitoring the utility battery market and it is poised to grow by 784.47 MW during 2020-2024 progressing at a CAGR of 5% during the forecast period. Our reports on utility battery market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the growing ESS demand from utilities, increasing focus on renewable energy generation, and growing urbanization and electricity demand.
The utility battery market analysis includes technology segment and geographic landscape.
Technavio's utility battery market is segmented as below:
- Lithium-based batteries
- Sodium-based batteries
By Geographic Landscapes
- North America
- South America
This study identifies the increased adoption of microgrids as one of the prime reasons driving the utility battery market growth during the next few years. Also, technological advances in battery ESS technologies and decreasing cost of battery storage systems will lead to sizable demand in the market.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our utility battery market covers the following areas:
- Utility battery market sizing
- Utility battery market forecast
- Utility battery market industry analysis
Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading utility battery market vendors that include BYD Co. Ltd., Hitachi Chemical Co. Ltd., Kokam Co. Ltd., LG Chem Ltd., NGK Insulators Ltd., Samsung SDI Co. Ltd., Sumitomo Electric Industries Ltd., Tesla Inc., Toshiba Corp., and Total SA. Also, the utility battery market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast an accurate market growth.