Global Energy Storage For Microgrids Market 2024-2028
Technavio has been monitoring the energy storage for microgrids market and is forecast to grow by USD 2098.2 mn during 2023-2028, accelerating at a CAGR of 22.79% during the forecast period. Our report on the energy storage for microgrids market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing government support and microgrid energy storage installation projects, increasing economic benefits of energy storage microgrids, and surging use of microgrids for rural electrification.
Technavio's energy storage for microgrids market is segmented as below:
By Application
- Remote
- Community and utility
- Institution and campus
- Military
By Battery Type
- Lithium-ion batteries
- Lead-acid batteries
By Geography
- North America
- APAC
- Europe
- South America
- Middle East and Africa
This study identifies the advancements in technology as one of the prime reasons driving the energy storage for microgrids market growth during the next few years. Also, market attracting new vendors and rising demand for microgrids in military applications will lead to sizable demand in the market.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our report on the energy storage for microgrids market covers the following areas:
- Energy storage for microgrids market sizing
- Energy storage for microgrids market forecast
- Energy storage for microgrids market industry analysis
Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading energy storage for microgrids market vendors that include ABB Ltd., AEG Power Solutions BV, Aquion Energy, AT and T Inc., Beacon Power Systems, David MacBrayne Ltd., EnerSys, General Electric Co., GS Yuasa International Ltd., Hitachi Ltd., LG Corp., Mitsubishi Heavy Industries Ltd., Morimura Bros Inc., Panasonic Holdings Corp., S and C Electric Co., Samsung Electronics Co. Ltd., Shell plc, Sumitomo Electric Industries Ltd., Toshiba Corp., and TotalEnergies SE. Also, the energy storage for microgrids market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.