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Substation Battery Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: December, 2022
No of Pages: 164
Delivery Format: PDF+ Excel

$2,950.00

Substation Battery Market
1. Substation Battery Market Overview
A substation battery is a critical piece of equipment in any substation. It provides backup power in the event of a power outage, and helps to regulate the voltage and current in the substation. Without a substation battery, the substation would be unable to function.

The substation battery market is expected to grow at a CAGR of 6.3% from 2019 to 2024. The market is driven by the increasing need for uninterrupted power supply and the growing demand for renewable energy.

The substation battery market is segmented by type, application, and geography. By type, the market is segmented into lead-acid, nickel-cadmium, and lithium-ion. By application, the market is segmented into grid-connected and off-grid.

The lead-acid segment is expected to grow at the highest CAGR during the forecast period. Lead-acid batteries are the most commonly used type of substation battery due to their low cost and high reliability.

The grid-connected segment is expected to grow at the highest CAGR during the forecast period. Grid-connected substations are used to connect the electricity generated from renewable energy sources to the grid.

The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The market in the region is driven by the growing demand for electricity in countries such as China, India, and Japan.

Some of the key players in the substation battery market include EnerSys (US), Exide Technologies (US), GS Yuasa (Japan), NorthStar Battery Company (US), Saft (France), and Trojan Battery Company (US).

2. Substation Battery Market Segmentation
The substation battery market is segmented on the basis of technology, voltage, end-user, and geography.

On the basis of technology, the substation battery market is segmented into lead acid, nickel–cadmium, lithium ion, and others. Lead acid batteries are the most widely used technology in substation batteries owing to their low cost and high performance. On the other hand, lithium ion batteries are expected to grow at the highest CAGR during the forecast period owing to their superior performance as compared to lead acid batteries.

On the basis of voltage, the substation battery market is segmented into low voltage, medium voltage, and high voltage. The high voltage segment is expected to grow at the highest CAGR during the forecast period owing to the increase in investment in high voltage transmission & distribution projects globally.

On the basis of end-user, the substation battery market is segmented into utility, industrial, and others. The utility segment is expected to account for the largest share of the substation battery market in 2017. The high growth of this segment can be attributed to the increase in investment in the transmission & distribution sector globally.

On the basis of geography, the substation battery market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. North America is expected to account for the largest share of the substation battery market in 2017. The high growth of this region can be attributed to the presence of a large number of substations in the region and the increase in investment in the transmission & distribution sector.

3. Substation Battery Market Drivers
The substation battery market is anticipated to grow at a CAGR of around 5% during the forecast period of 2020-2025. The major drivers for the substation battery market are the rising demand for renewable energy, the increasing investment in smart grid technologies, and the need for grid stability.

The rising demand for renewable energy is one of the major drivers for the substation battery market. The increasing focus on reducing carbon emissions has led to a significant increase in the use of renewable energy sources such as solar and wind energy. The need for energy storage systems to store excess energy generated from renewable sources is driving the substation battery market.

The increasing investment in smart grid technologies is another major driver for the substation battery market. Smart grids enable two-way communication between the utility and the customer, and allow for the integration of renewable energy sources and electric vehicles. The need for energy storage systems to provide grid stability and support the integration of renewable energy sources is driving the substation battery market.

The need for grid stability is another major driver for the substation battery market. Grid stability is essential for the reliable and efficient operation of the power grid. Substations are susceptible to power outages due to voltage surges and other factors. The use of energy storage systems can help to provide grid stability and improve the reliability of the power grid.

4. Substation Battery Market Challenges
The global substation battery market is forecast to grow at a CAGR of around 5% during the period 2019-2024. The market is driven by the rising demand for electricity, increasing investments in transmission and distribution infrastructure, and the growing adoption of renewable energy sources.

However, the market faces some challenges, such as the high cost of batteries, the lack of standardization, and the difficulty in disposing of used batteries.

1. High Cost of Batteries

The high cost of batteries is a major challenge for the growth of the substation battery market. Batteries are a key component of substations, and their cost can account for a significant portion of the total cost of a substation.

The cost of batteries has been declining in recent years, but it is still high compared to other types of energy storage technologies. For example, the cost of lithium-ion batteries has fallen by more than 70% since 2010, but they still cost more than $300 per kilowatt-hour (kWh).

2. Lack of Standardization

Another challenge for the substation battery market is the lack of standardization. There is no single type of battery that is suitable for all applications. Instead, different types of batteries are better suited for different applications, depending on factors such as the voltage and current requirements, the discharge time, and the temperature range.

As a result, there is no standardization among substation battery systems, which can make it difficult for utilities to compare and choose the best option for their needs.

3. Difficulty in Disposing of Used Batteries

Another challenge for the substation battery market is the difficulty in disposing of used batteries. Batteries contain a number of toxic chemicals, such as lead, cadmium, and sulfuric acid, which can be released into the environment if they are not disposed of properly.

As a result, there is a need for specialized facilities and processes for the disposal of used batteries, which can add to the cost of operating a substation.

4. Limited Storage Capacity

A final challenge for the substation battery market is the limited storage capacity

5. Substation Battery Market Opportunities
The substation battery market is expected to grow significantly in the next few years. This is because batteries are being increasingly used in substations to provide backup power and to improve the reliability of the electrical grid.

There are a number of factors that are driving the growth of the substation battery market. First, there is a increasing need for backup power in substations due to the growing number of outages and blackouts. Second, batteries can improve the reliability of the electrical grid by providing power during times of peak demand or when there is a sudden drop in power supply.

Third, batteries can help to reduce the carbon footprint of the power sector by providing power during times when renewable energy sources are not available. This is because batteries can store energy generated from renewable sources such as solar and wind power, and then release it when needed.

Fourth, the cost of batteries has been falling in recent years, making them more affordable for utilities and power companies. Finally, the development of new technologies is making batteries more efficient and longer lasting.

All of these factors are expected to lead to strong growth in the substation battery market in the coming years.

6. Substation Battery Market Trends
The global substation battery market is expected to grow at a CAGR of 6.85% from 2018 to 2023, to reach a market size of USD 1.89 billion by 2023. The increasing demand for renewable energy and the need for uninterrupted power supply are the major drivers for the substation battery market.

However, the high cost of batteries and the lack of awareness about their benefits are the major restraints for the substation battery market.

The lead-acid battery segment is expected to hold the largest market share of the substation battery market, by technology, during the forecast period. The lead-acid battery technology is the most widely used technology in substation batteries as it is cost-effective and provides long life.

The North American region is expected to hold the largest market share of the substation battery market, followed by Asia Pacific and Europe. The substation battery market in North America is expected to grow at a high rate due to the increasing demand for electricity, the presence of large number of manufacturers in the region, and the implementation of stringent environmental regulations.

Some of the key players in the substation battery market are ABB Ltd. (Switzerland), EnerSys (US), Exide Technologies (US), GS Yuasa Corporation (Japan), Hitachi Chemical Co., Ltd. (Japan), Hoppecke Batterien GmbH & Co. KG (Germany), Leclanché SA (Switzerland), NorthStar Battery Company, LLC (US), Saft Groupe S.A. (France), and Trojan Battery Company, LLC (US).

The substation battery market is expected to grow from USD 1.40 billion in 2018 to USD 1.89 billion by 2023, at a CAGR of 6.85%. The substation battery market is driven by factors such as the increasing demand for renewable energy and the need for uninterrupted power supply.

The lead-acid battery segment is expected to hold the largest market share of the substation battery market, by technology, during the forecast period. The lead-acid battery technology is the most widely used technology in substation batteries as it is cost-effective and provides

7. Substation Battery Market Size
The global substation battery market size is estimated to be valued at USD 1.2 billion in 2019 and is expected to grow at a CAGR of 5.6% from 2019 to 2026. A substation is an electrical component that is used to switch, regulate, and transform electrical energy in an electric power system. Substations are vital for the power grid as they ensure the continuity of electricity supply.

The substation battery market is driven by the growing demand for electricity across the globe. The rising industrialization and urbanization are resulting in the increased demand for electricity. This, in turn, is propelling the need for efficient substations. Substations batteries are used in substations to provide backup power during power outages and voltage fluctuations.

The substation battery market is segmented on the basis of type, voltage, application, and geography. On the basis of type, the substation battery market is classified into lead-acid battery, nickel-cadmium battery, and lithium-ion battery. On the basis of voltage, the market is classified into low voltage, medium voltage, and high voltage. On the basis of application, the substation battery market is classified into standby, continuous, and peak shaving.

Geographically, the substation battery market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific is expected to be the largest market for substation batteries owing to the growing demand for electricity in the region. The substation battery market in North America is expected to grow at a significant rate owing to the stringent government regulations regarding the quality of power supply.

The major players operating in the substation battery market are Saft Groupe S.A., EnerSys, GS Yuasa Corporation, NorthStar Battery Company, LLC, Crown Battery Manufacturing Company, Exide Technologies, East Penn Manufacturing Company, Inc., and OptimumNano Energy Co., Ltd.

8. Substation Battery Market Growth
The 8 substation battery market is expected to grow significantly in the coming years. This is due to the various benefits offered by these batteries, such as their ability to store large amounts of energy, their high efficiency, and their low maintenance requirements. In addition, the increasing demand for renewable energy sources is expected to drive the growth of the 8 substation battery market.

The 8 substation battery market can be segmented based on type, application, and geography. Based on type, the market can be classified into lead-acid, nickel-cadmium, lithium-ion, and others. Lead-acid batteries are the most commonly used type of batteries in substations, as they are relatively cheaper than other types of batteries. However, lithium-ion batteries are expected to witness the highest growth in the coming years, owing to their superior performance and longer life span.

On the basis of application, the 8 substation battery market can be divided into grid-tied applications and off-grid applications. Grid-tied applications are expected to account for the largest share of the market, as these batteries are used for storing excess energy generated from renewable sources, such as solar and wind. Off-grid applications are expected to witness the highest growth, as these batteries can be used in remote locations where there is no access to the grid.

The 8 substation battery market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to be the leading market for 8 substation batteries, due to the presence of a large number of manufacturers in the region. In addition, the region is also home to a large number of substations. Europe is expected to be the second-largest market, due to the growing demand for renewable energy in the region.

The key players operating in the 8 substation battery market include GS Yuasa International Ltd., EnerSys, Saft Groupe S.A., Samsung SDI Co. Ltd., LG Chem Ltd., and Panasonic Corporation.

9. Substation Battery Market Share
The substation battery market share is expected to grow at a CAGR of around 9% during the forecast period. The market is driven by the growing demand for electricity, which is expected to lead to an increase in the number of substations.

The substation battery market is segmented by type, voltage, application, and geography. The lead-acid battery segment is expected to hold the largest market share, due to its low cost and high reliability. The lithium-ion battery segment is expected to grow at the highest CAGR, due to its high energy density and long life span.

The market for substation batteries is expected to be driven by the growing demand for electricity. The increase in the number of substations is expected to lead to an increase in the demand for substation batteries. The Asia-Pacific region is expected to hold the largest market share, due to the growing demand for electricity in the region.

The key players in the substation battery market are Saft Groupe S.A. (France), EnerSys (US), GS Yuasa Corporation (Japan), Exide Technologies (US), and Hitachi Chemical Co., Ltd. (Japan).

Key Players Covered

 

Exide Technologies, GS Yuasa International Ltd., Saft, Robert Bosch GmbH, Johnson Controls, Amara Raja Group, EnerSys, Luminous Power Technologies (P) Ltd, Trojan Battery Company, Exide Industries, SolarEdge Technologies, Tesla, HBL Power Systems Ltd.

 

Segmentation

 

 

ATTRIBUTE

 

 DETAILS
 

By Type

 

 

    • Nickel Cadmium Battery
    • Lead Acid Batter
    • Sealed Lead Acid Battery
    • Vented Lead Acid Battery
    • Others

 

 

 

By Application

 

 

    • Residential & Commercial
    • Industrial
    • Utilities

 

 

 

By Geography

 

 

    • North America (the USA and Canada)
    • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
    • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
    • Latin America (Brazil, Mexico and Rest of Latin America)
    • Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)

 

 

 

 

By Type

 

 

    • Nickel Cadmium Battery
    • Lead Acid Batter
    • Sealed Lead Acid Battery
    • Vented Lead Acid Battery
    • Others

 

 

 

By Application

 

 

    • Residential & Commercial
    • Industrial
    • Utilities

 

 

Exide Technologies, GS Yuasa International Ltd., Saft, Robert Bosch GmbH, Johnson Controls, Amara Raja Group, EnerSys, Luminous Power Technologies (P) Ltd, Trojan Battery Company, Exide Industries, SolarEdge Technologies, Tesla, HBL Power Systems Ltd.

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