COVID-19 Impact on the Battery Energy Storage Market

Market Leadership - COVID-19 Impact on Battery Energy Storage Market

The global battery energy storage market size is projected to grow from USD 5.7 billion in 2020 to USD 7.3 billion by 2021, at a CAGR of 13.7% during the forecast period. The major factors driving the growth of the battery energy storage industry include the growing need for continuous power from critical infrastructure sectors and the rising need to integrate increasing renewable energy sources and rural electrification.

Critical infrastructure sectors include hospitals, data centers, military zones, and government cantonment zones. Hospitals require continuous power to treat patients and hence are expected to drive the demand for continuous power and energy storage systems. The implementation of battery energy storage systems in data center operations is increasing because of the need for a huge amount of power with high quality and reliability because of the increasing internet traffic and data communication activities.

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Some of the major players in the battery energy storage market are ABB (Switzerland), LG Chem (South Korea), NEC (Japan), Panasonic (Japan), Samsung SDI (South Korea), AEG Power Solutions (Netherlands), General Electric (US), Hitachi (Japan), Siemens (Germany), Tesla (US), and Schneider Electric (France), among others. These key companies in the battery energy storage market are coming up with different strategies to thrive during the pandemic.

ABB (Switzerland) was founded through a merger between Asea AB (Sweden) and BBC Brown Boveri AG (Switzerland). The company is fully engaged in power and automation technologies. It operates through four business segments, namely, electrification, industrial automation, motion, and robotics & discrete automation. The electrification products segment offers low- and medium-voltage products. The company offers Energy Storage Systems (ESS) under low-voltage products. The ESS that stores the electrical energy and transforms it into electrochemical energy by using battery systems and supply energy storage for a longer duration are known as battery energy storage system. The battery energy storage systems play a crucial role in all the parts of the electrification value chain, including generation, transmission, distribution, and end-use applications (utilities and residential). The use of a battery energy storage system in the electrification value chain increases the efficiency of the electricity grid at all levels, from generation to end-user. The battery energy storage system benefits the electrification value chain through frequency regulation, load leveling, and improving power quality. The large battery energy storage systems run typically under the voltages ranging from 750 VDC to 1,100 VDC or even more (up to 1,500 VDC) for long-duration energy storage. After the outbreak of COVID-19, ABB plans to maintain and supply critical infrastructure to provide essentials services and goods available. The company focuses on travel restriction, personal hygiene, and social distancing. It encourages its employees to work from home. Its geographical presence includes Asia, Middle East & Africa, Europe, and the Americas.

LG Chem(South Korea) is a chemical company that provides innovative materials and solutions. The company operates through five segments, namely, petrochemicals, energy solutions, advanced materials, life sciences & common, and others. The energy solutions segment of the company offers mobile batteries, automotive batteries, Electricity Storage Batteries (ESS), and others. It offers lithium-ion cylindrical batteries, lithium-ion polymer batteries, lithium-ion prismatic batteries, and medium & large batteries for the mobile, automotive, and energy storage systems battery markets. The battery is used on a residential scale for night-time usage, self-sufficient power generation, and backup power. LG Chem offers ESS to improve energy efficiency by enhancing the quality of renewable energy that results in the stabilization of the power supply system. ESS is the integration of the battery cell, battery pack, battery module, and battery rack system. The ESS is used in electric grids, homes, and UPS. After the COVID-19 outbreak, LG Chem partnered with Akshaya Patra Foundation to provides a million meals to people who are affected by the lockdown. The company also delivers durable consumer products to hospitals that allowed for quarantine isolation wards. The company has a geographical presence in China, Korea, Asia, Europe, the Americas, and others.

Related Reports:

COVID-19 Impact on Battery Energy Storage Market by Application (Residential, Nonresidential, and Utilities) and Region - Global Forecast to 2021

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Report Code
EP 7634
RI Published ON
4/28/2020
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