Apr 15, 2019 SOURCE: PR NewsWire

The utility battery market will register a CAGR of over 7% by 2023

NEW YORK, April 15, 2019 /PRNewswire/ --

About this market
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. Analysts have predicted that the utility battery market will register a CAGR of over 7% by 2023.

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Market Overview
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.
For the detailed list of factors that will drive and challenge the growth of the utility battery market during the 2019-2023, view our report.

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.

Read the full report: https://www.reportlinker.com/p05764059/?utm_source=PRN

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