Energy Storage in Microgrids Market Expansion to Be Persistent During 2016 to 2028

According to the latest report by Quince Market Insights, the Energy Storage Market in Microgrids is expected to promise high growth owing to the rising demand for reliable and secure power supply globally in recent years. Increasing demand from End-Use Industries / Applications including black start and peak hour shaving is expected to drive the growth of the energy storage market in the microgrids market.

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Developing regions including the Asia Pacific and the Middle East were among the high-potential, high-growth markets in some key economies. Due to the widespread urbanization and industrialization, the demand for energy is constantly increasing. Because of this, there has been growth in global energy storage on the microgrids market. The depletion of non-renewable energy sources has also positively affected the market.

Segmentation for better understanding of this market and its growth prospects

The global energy storage in the microgrids market has been segmented based on type and application. Based on type, the energy storage in the microgrids market has been divided into Li-ion battery and lead-acid battery. Although the li-ion batteries are expensive when compared to lead-acid batteries, they are still widely used and preferred, as li-ion batteries have a longer lifespan and are more maintenance-free than lead-acid batteries.

Based on application, the energy storage in the microgrids market has been segmented into peak hour shaving, volt-ampere reactive services, and black start. Peak shaving is used during the peak demand hours to reduce the amount of energy purchased from the utility company. The black start is majorly used in an electric power grid to recover and restore the power station from the total or partial shutdown.

Significant Factors Impacting Market Growth:
o Depletion of non-renewable energy sources
o Rising demand for reliable and secure power supply globally
o Widespread industrialization and growing population
o The convergence of IoT in enhancing microgrid connectivity

Insights about the regional distribution of market:
The regional outlook for the energy storage market in microgrids provides detailed information for markets including North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World. North America and Western Europe are estimated to be key regions for the energy storage market in microgrids during the forecast period. As it is one of the industrialized regions, the energy & power sector is important for the operations of various industries in this region. This is one of the important factors governing the growth of the energy storage market in microgrids in these regions. Some of the major countries covered in this region include the US, Germany, UK, France, Italy, Canada, and so on.

The Asia Pacific is estimated as one of the fastest-growing regions for the energy storage market in microgrids during the forecast period. Some of the fastest-growing economies and increasing demand for energy & power to cater to high population & industries are expected to drive the demand in this region. During the forecast period, China and India are projected to record high demand. Also, the Middle East which includes the UAE, Saudi Arabia, Iran, Qatar, and others promises high market potential. In terms of market demand, the rest of the world including South America and Africa are emerging regions.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. ABB Ltd.
2. Ampard
3. Aquion Energy
4. EnStorage
5. General Electric Digital Energy
6. Greensmith Energy
7. NEC
8. S&C Electric
9. Toshiba Corporation

Market Segmentation:
By Type:
o Li-ion Battery
o Lead Acid Battery
By Application:
o Peak Hour Shaving
o Volt Ampere Reactive Services
o Black Start
By Region:
o North America
o By Country (US, Canada, Mexico)
o By Type
o By Application
o Western Europe
o By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
o By Type
o By Application
o Eastern Europe
o By Country (Russia, Turkey, Rest of Eastern Europe)
o By Type
o By Application
o Asia Pacific
o By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
o By Type
o By Application
o Middle East
o By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
o By Type
o By Application
o Rest of the World
o By Region (South America, Africa)
o By Type
o By Application

Reasons to Buy This Report:
o Market size estimation of the global energy storage in the microgrids market on a regional and global basis.
o The unique research design for market size estimation and forecast.
o Profiling of major companies operating in the market with key developments.
o Broad scope to cover all the possible segments helping every stakeholder in the market.

Contact:

Quince Market Insights
Ajay D. (Knowledge Partner)
Office No- A109
Pune, Maharashtra 411028
Phone: +91 - 9850603687 / 7972869557
Email: sales@quincemarketinsights.com
Web: www.quincemarketinsights.com

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This release was published on openPR.