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Energy Storage for Microgrids Market 2023-2027: A Descriptive Analysis of the Five Forces Model, Market Dynamics and Segmentation

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NEW YORK, January 6, 2023 /PRNewswire/ — According to Technavio, the size of the global energy storage market for microgrids should grow by $1,361.05 million from 2022 to 2027. The market is estimated to grow at a CAGR of 18.9% during the forecast period. In addition, the growth dynamic will accelerate. North America will account for 37% of the global market growth during the forecast period.

Technavio has announced its latest market research report titled Global Energy Storage Market for Microgrids 2023-2027

Technavio has announced its latest market research report titled Global Energy Storage Market for Microgrids 2023-2027

For more information on market size, request a sample report

Global Microgrid Energy Storage Market – Five Forces
The global microgrid energy storage market is fragmented and the five forces analysis covers –

  • The bargaining power of buyers

  • The threat of new entrants

  • Threat of rivalry

  • Bargaining power of suppliers

  • The threat of substitutes

  • For the interpretation of Porter’s Five Forces Model – buy the report!

Global Microgrid Energy Storage Market – Customer Landscape

The report includes the market adoption lifecycle, from innovator to laggard. It focuses on adoption rates in different regions based on penetration. In addition, the report also includes key purchase criteria and price sensitivity factors to help companies assess and develop their growth strategies.

Global Microgrid Energy Storage Market – Segmentation Assessment

Overview of segments
Technavio has segmented the market based on application (remote, community and utility, institution and campus, and military) and battery type (lithium-ion batteries and lead-acid batteries).

Geographic overview
Based on geography, the global energy storage for microgrids market is segmented into North AmericaACPA, Europe, South Americaand Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global Microgrid Energy Storage Market.

  • The remote segment will grow at a significant rate during the forecast period. Remote systems need a specific amount of electricity which can be generated through microgrids. The increased use of remote micro-grids reduces the total cost of electricity generation, as the electricity is generated on site. Transmission and distribution losses gradually decrease, which has a positive impact on fossil energy consumption and ensures an extended life of equipment. Remote micro-grids are mainly used in villages where grid-connected electricity is not accessible or only available for a limited time. These factors will drive the growth of this segment over the forecast period.

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Global energy storage market for microgridsMarket dynamics Key driver of market growth

  • The growing number of government aid projects and microgrid energy storage installation is driving the growth of the market.

  • Governments in various countries have put in place policies that promote and encourage the development of microgrids.

  • As a result, the adoption of microgrids is increasing, which leads to an increase in the capacity of microgrids.

  • Microgrids combine renewable energy sources to produce clean electricity.

  • This has led to an increase in the installation of energy storage systems to increase the penetration and profitability of renewable energy generation, which helps micro-grids to operate using only carbon-free natural resources.

Main trends influencing the market

  • Advances in technology are a key market trend.

  • Technological developments have improved the quality of power generation, which has helped suppliers launch new, highly efficient microgrids with improved integration capabilities.

  • The US DOE has a dedicated research and development program focused on developing the next generation of microgrids.

  • These factors will support the growth of the global market during the forecast period.

Major challenges hampering the growth of the market

  • High implementation costs b challenge market growth.

  • Microgrids have higher deployment costs than traditional centralized power grids.

  • In addition, microgrids are the most expensive in terms of generation resources such as solar panels, batteries and/or cogeneration systems.

  • In addition, significant capital is required for grid automation and microgrid control systems capable of monitoring and managing all components and controlling power generation and production.

  • These factors will hamper the growth of the market over the forecast period.

Drivers, trends, and challenges impact market dynamics, which can impact businesses. Discover some ideas from a sample report!

What are the key data covered in this Microgrid Energy Storage market report?

  • CAGR of the market over the forecast period

  • In-depth information on the factors that will drive the growth of the Microgrid Energy Storage Market between 2023 and 2027

  • Accurate estimation of the Microgrid Energy Storage market size and its contribution to the parent market

  • Accurate predictions on upcoming trends and changes in consumer behavior

  • Growth of the energy storage market for microgrids through North AmericaACPA, Europe, South Americaand Middle East and Africa

  • An in-depth analysis of the market competitive landscape and detailed vendor information

  • Comprehensive analysis of factors that will challenge the growth of the vendors in the Microgrid Energy Storage Market

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Energy storage market for microgrids

Report cover

Details

Page number

182

base year

2022

Historical period

2017-2021

Forecast period

2023-2027

Growth momentum and CAGR

Accelerate at a CAGR of 18.9%

Market Growth 2023-2027

$1,361.05 million

Market structure

Fragmented

Annual growth 2022-2023 (%)

18.5

Regional analysis

North America, APAC, Europe, South America, Middle East and Africa

Successful market contribution

North America at 37%

Key countries

United States, China, Japan, Germany and France

Competitive landscape

Major Vendors, Vendor Market Positioning, Competitive Strategies and Industry Risks

Profiled Key Companies

ABB Ltd., AEG Power Solutions BV, Aquion Energy, AT and T Inc., Beacon Power Systems, David MacBrayne Ltd., EnerSys, General Electric Co., GS Yuasa Corp., 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

Market dynamics

Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, COVID-19 Impact and Recovery Analysis and Future Consumer Dynamics, and Market Conditions Analysis for the forecast period.

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

Explore Technavio’s Industrial Market Reports

Contents

1. Summary

2 Market landscape

3 Market sizing

4 Historical market size

5 Five forces analysis

6 Market Segmentation by Application

7 Market Segmentation by Battery Type

8 Customer Landscape

9 Geographic landscape

10 drivers, challenges and trends

11 Supplier landscape

12 Vendor Analysis

13 Appendix

About Us

Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s reporting library consists of over 17,000 reports and counts, spanning 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Manager
USA: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Global Microgrid Energy Storage Market 2023-2027

Global Microgrid Energy Storage Market 2023-2027

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