UK & Australia Power Energy Storage Battery for Renewables Market

UK & Australia Power Energy Storage Battery for Renewables Market

The UK & Australia Power Energy Storage Battery for Renewables market size was valued at $218.30 million in 2020 growing at the CAGR of 37.59% from 2022 to 2032. This growth is attributed to several macro and microeconomic factors such as

The steep increase in the share of renewables in power generation

Over the years there has been a drastic shift in the source of energy consumption. With increasing environmental concerns and the growing adoption of sustainable alternatives, the usage of renewable energy has surged. Increasing population, soaring industrialization, and urbanization have led to a drastic increase in the demand for power, coupled with this is a saturation of other non-renewable energy sources market due to which renewables have become the most viable solution for feeding the energy demand. The growth in the market of the Power Energy Storage Battery for Renewables is directly proportional to the growth in the market of renewable energy, hence as renewable energy consumption has increased, it will propel the Energy Storage Battery market too.

Further several factors restraining the market growth include

High Initial Investment Cost

Energy storage is a major challenge for renewables such as solar and wind, especially since it's still expensive and technologically underdeveloped. Energy storage technologies are expensive because of the high energy density and enhanced performance offered by high-energy-density battery chemistries such as lithium-ion batteries. The low maintenance requirements and the ability for them to be cycled frequently without any loss in capacity make lithium-ion batteries a costly consideration. Lithium-ion batteries have historically been used for longer life cycles than other battery types which costs more money. An alternative is a nickel-metal hydride that offers lower discharge rates and costs less but has a shorter life cycle than lithium-ion. Therefore to utilize efficient and long-lasting batteries, there needs to be cost borne, which can cause hindrances in the market, as consumers would choose to shift to cheaper options. Using energy storage is not always a compulsion thus this can create options for people to opt out of the high initial investment.

Collaborations and Alliances in the Power Energy Storage Battery for Renewables market is expected to generate higher avenues during the forecast period.

In the wake of the COVID-19 pandemic, supply chain disruptions have led to supply shortages or lower demand in the Power Energy Storage Battery for Renewables market. The pandemic has caused a decline in new orders and a corresponding decrease in production.

This section will analyze how COVID-19 has impacted supply chains, leading to shortages and lower demand for Power Energy Storage Battery for Renewabless.

In terms of COVID 19 impact, the Power Energy Storage Battery for Renewables market report also includes the following data points:

Impact on Power Energy Storage Battery for Renewables market size
Operating Weights Trend, Preferences, and Budget Impact
Regulatory Framework/Government Policies
Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
Opportunity in Power Energy Storage Battery for Renewables market

Key Insight in the report:
The UK & Australia Power Energy Storage Battery for Renewables market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.

Our report covers extensive competitive intelligence which includes the following data points:

Business Overview
Business Segment Data
Financial Data
Product Segment Analysis and Specification
Recent Development and Company Strategy Analysis
SWOT Analysis

Power Energy Storage Battery for Renewables Market Segmentation:

Technology
Lithium-ion batteries
Lead-based batteries
Flow batteries
Sodium Sulphur batteries
Others
Energy Type
Solar
Wind
Hydro
Others
End User
Residential
Commercial
Industrial
Utility

Key Players Analyzed in the Report:

NEC Energy Solutions
LG Chem Ltd.
General Electric
Fluence
Parker Hannifin Corporation
BYD Company
Renewable Energy Systems Group
Schneider Electric
Tesla Inc.
Wartsila Corporation

REPORT CONTENT:

High-level analysis of the current and future market trends and opportunities
Detailed analysis on current market drivers, restraining factors, and opportunities in the future
Power Energy Storage Battery for Renewables market estimates for 2020 and forecast from 2022 to 2032
Vendor market share analysis at each product level
Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.

Target Audience

Manufacturers
Suppliers and traders
Government, associations, and industrial bodies
Investors and trade experts
Consulting Firms or Individual Consultant
Anyone interested in understanding the industry dynamics of the Power Energy Storage Battery for Renewables market