FROST & SULLIVAN: REPORT 13
Batteries - looking at the next generation
for power grids Katie Fehrenbacher of GigaOm comments: “A next-generation smart grid without energy storage is like a computer without a hard drive -severely limited.”
According to market research firm IHS, the global energy storage market is growing exponentially - from an annual installation size of 6
What’s the future for batteries up to 2023? Frost & Sullivan offers a key report
Compound annual growth represents expansion over a period of years, with each year's growth added to the original value. This, according to Frost & Sullivan the world industrial battery market is a well-established one. Latest figures suggest this will expand at a CAGR of 7.1% between 2014 and 2023.
Essentially, the market can be divided
into two main segments: battery chemistry and end user applications. The major end user applications include batteries for telecom and data communication, UPS/backup, industrial equipment, aerospace & defence, medical, & battery energy storage for
gigawatts last year (2017) and over 40 GW by 2022 — from an initial base of only 0.34 GW installed in 2012 and 2013.
Flywheel and battery energy storage systems are operating today in the competitive ancillary services power market – providing a 10x faster and more accurate response to a power dispatcher’s signals compared to power turbine generators. PJM Interconnection projects made possible by additional storage projects - could result in $25-50 million in savings to residential, commercial and industrial consumers.
Overall, the demand for lead acid
batteries is expected to remain stable throughout the forecast period despite the rapid proliferation of lithium ion and primary lithium batteries, particularly in the healthcare, aerospace and defence, and energy storage arenas. The engine of change in the industrial
battery sector is demand from energy storage and stationary applications, reinforced by rapid advancements in battery technology. Industrial batteries for grid storage
represent a unique asset in the midst of the rising demand for electricity and the increasing penetration of renewable energy resources. We are seeing the highest growth rate in the industrial battery market during 2014 -2023 - this is mainly in the Asia Pacific region, although North America is also forecast to make steady revenue contributions. Drivers and restraints, competitive analysis, market trends, growth opportu- nities, battery chemistries, geographical trends, and revenue forecasts for the period 2014 to 2023 are also upbeat.
www.gmp.uk.com Worldwide Independent Power May 2018
grid applications. Various battery chemistries such as lead acid, lithium ion, primary lithium, nickel- based, and emerging chemistries will inevitably affect market prospects. The geographical scope of the F&S study includes North America, Europe, Asia Pacific, and the rest of the World. This study includes profiles of key
players in the global industrial battery market including EnerSys, Exide Technologies, SAFT, and GS Yuasa.
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