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Grid-Connected Battery Storage Market | global manufacturing size of key players, share analysis, cost structure, price and revenue forecast, 2022
Grid-Connected Battery Storage Market
This particular technology chemically stores energy and are located at the grid level where there is a point of demand. From technological side, battery storage is mature market with many suppliers providing reliable systems. Several issues related to battery storage such as performance, safety and regulatory, need to be handled before it is integrated into the power grids.
Its use saves large amounts of renewable electricity and increases the system reliability. Battery storage offers positive as well as negative regulation capacity and faster ramp rate as compared to fossil fuel power plants which are constrained by a minimum operating level necessity below which the operation as well as maintenance costs would agonize.
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Battery storage provides flexibility to the grid systems across the end use applications. It is deployed mainly to aid solar and wind power energy as they are variable renewable sources and their production fluctuates with the unpredictable availability.
The various application areas where the storage batteries are deployed for variable renewable energy savings include off-grid electrification with renewable energy, households using solar photovoltaic and in short term electricity supply in ancillary market. The battery storage system consists of various components such as battery enclosures, battery charge controller and sub panels for load circuits.
The grid connected battery storage systems provides uninterruptible power and reduces the energy costs leading to better power management. The disadvantages of these battery storage system include additional battery costs and loss of efficiency while battery charging. In power sector, storage batteries can also be used for electricity frequency regulation. In addition to that, battery storage may stop the need for combustion turbines being online hence avoiding the excess emission of greenhouse gases from the grid plants.
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The increasing demand for renewable energy and rising diesel costs are significantly intensifying the need for battery storage systems in the power grids. Increased knowledge of the benefits provided by these installations among the utilities would make these storage batteries more competitive in the market.
The growth in manufacturing sectors as well as technological advancements in power grids has propelled the grid-connected battery storage market. The government is also taking initiatives by providing subsidies as well as regulating the tariffs to elevate the market for grid-connected battery storage.
In May 2015, Tesla Motors, Inc. an electric vehicle manufacturer launched battery storage offerings, with usage ranging from commercial to utility storage systems. In May 2015, the company along with Gaelectric Energy Storage Ltd announced the collaboration for developing multiple battery projects in Ireland in order to build new transmission services for integrating renewable energy such as solar and wind.
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The market for grid connected battery storage is highly fragmented and includes various key players such as NGK Insulators, Ltd. Samsung SDI Co Ltd, Younicos, LG Chem Ltd., Johnson Controls, Inc., SANYO Electric Co., Ltd. (Panasonic), GS Yuasa Corporation, Sumitomo Corporation, BYD Auto Co., Ltd., AES Corporation and A123 Systems, LLC.
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