Global Grid-scale Battery Market 2020-2024: COVID-19 Business Continuity Plan | Forecasting Strategies for New Normal | Technavio

The grid-scale battery market is expected to grow by USD 2.86 billion, progressing at a CAGR of over 22% during the forecast period. The market is expected to have a negative impact due to the spread of COVID -19, according to Technavio's research. The imposition of lockdowns worldwide resulted in a sharp decline in market demand as many businesses experienced a partial or complete shutdown. However, progressive steps are being taken by governments across the world to contain the spread of the pandemic. With businesses resuming their operations and situations getting back to normal, the market is expected to witness healthy growth during the forecast period.

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Technavio has announced its latest market research report titled Global Grid-scale Battery Market 2020-2024 (Graphic: Business Wire)

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The growing ESS demand from utilities is one of the major factors propelling the market growth. Utility companies are focusing on diversifying their power generation portfolios with increased emphasis on renewable sources. They are integrating the latest technologies such as IoT with energy storage systems to understand energy usage. The information generated from IoT enabled ESS helps utility companies to reduce the need to build peaking power plants and substations and streamline power generation activities. This is increasing the demand for advanced battery-based ESS, which is fostering the market growth. However, the growing competition from fuel cells might hamper the growth.

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Grid-scale Battery Market: Type Landscape

Based on the type, the market saw maximum growth in the lithium-based segment. This due to the increased adoption of lithium-based batteries owing to their low self-discharge rate when compared to most other batteries such as NiCd and NiMH batteries

Grid-scale Battery Market: Geographic Landscape

By geography, APAC is going to have a lucrative growth during the forecast period. About 57% of the market’s overall growth is expected to originate from APAC. Factors such as the rising energy demand and the increasing installation of microgrids and renewable-energy power plants are fostering the growth of the market in APAC.

China and South Korea (Republic of Korea) are the key markets for grid-scale batteries in APAC. Market growth in this region will be faster than the growth of the market in other regions.

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Companies Covered:

• ABB Ltd.
• BYD Co. Ltd.
• Contemporary Amperex Technology Co. Ltd.
• General Electric Co.
• Kokam Co. Ltd.
• LG Chem Ltd.
• NGK Insulators Ltd.
• Samsung SDI Co. Ltd.
• Sumitomo Electric Industries Ltd.
• Tesla Inc.

What our reports offer:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers market data for 2019, 2020, until 2024
• Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Key Topics Covered:

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

• 2.1 Preface
• 2.2 Currency conversion rates for US$

PART 03: MARKET LANDSCAPE

• Market ecosystem
• Market characteristics
• Value chain analysis
• Market segmentation analysis

PART 04: MARKET SIZING

• Market definition
• Market sizing 2019
• Market outlook
• Market size and forecast 2019-2024

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: CUSTOMER LANDSCAPE

PART 07: GEOGRAPHIC LANDSCAPE

• Geographic segmentation
• Geographic comparison
• APAC - Market size and forecast 2019-2024
• Americas - Market size and forecast 2019-2024
• EMEA - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity

PART 08: MARKET SEGMENTATION BY BATTERY TYPE

• Market segmentation by battery type
• Comparison by battery type
• Lithium-based - Market size and forecast 2019-2024
• Others - Market size and forecast 2019-2024
• Market opportunity by battery type

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

• Market drivers
• Market challenges

PART 11: MARKET TRENDS

• Declining costs of battery storage systems
• Declining cost of renewable power generation
• Increasing installation of microgrids

PART 12: VENDOR LANDSCAPE

• Overview
• Landscape disruption
• Competitive scenario

PART 13: VENDOR ANALYSIS

• Vendors covered
• Vendor classification
• Market positioning of vendors
• ABB Ltd.
• BYD Co. Ltd.
• Contemporary Amperex Technology Co. Ltd.
• General Electric Co.
• Kokam Co. Ltd.
• LG Chem Ltd.
• NGK Insulators Ltd.
• Samsung SDI Co. Ltd.
• Sumitomo Electric Industries Ltd.
• Tesla Inc.

PART 14: APPENDIX

• Research methodology
• List of abbreviations
• Definition of market positioning of vendors

PART 15: EXPLORE TECHNAVIO

About Us

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View source version on businesswire.com: https://www.businesswire.com/news/home/20201123005388/en/