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Global demand for microgrid battery energy storage will reach $340 million by 2025, according to a researchreport released by international market research institute Qyresearchreports.
Demand for energy storage batteries in the global micro grid market was $190 million in 2017 and will reach $340 million by the end of 2025, with a compound annual growth rate of 7.5 percent in 2018-2025.
Energy storage batteries used in microgrids are energy storage devices that store and supply energy when needed.This battery system has the added advantage of matching the generation time with the usage time, and can realize peak-shaving application.Battery-based energy storage is more environmentally friendly than conventional diesel generators and significantly reduces the fuel and size requirements of conventional backup generators.Even small amounts of energy storage can have a significant impact on reducing fuel costs, maintenance and omissions for diesel or biodiesel generators.
At present, the main challenge affecting market growth is the limitation of the downstream market.Due to the high demand for energy storage products at home and abroad, many enterprises begin to enter this field.For example, China's energy storage batteries for microgrids are not only moving into renewable energy installations, but also into the downstream industrial chain.
From the perspective of market consumption, the United States and China are the main consumption areas of global energy storage batteries in the micro grid market.Energy storage batteries used in micro grid are mainly used in household, enterprise and public utilities.In 2017, the application market share of utilities was as high as 87.68%.