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Increased automation with the support of the latest technology escalates the market growth. According to Market Research Future (MRFR), the already booming substation batteries market is projected to grow at approximately 9.12% CAGR throughout the assessment period. Rising uses of substation batteries to maintain the DC electrical supply in sensitive equipment and devices in substations in the event of loss of the regular AC supply or failure of the battery charger.
The global substation batteries market is growing rapidly. The market growth attributes to the growing demand for energy led by the rapid industrialization and urbanization worldwide. Besides, the increasing demand for efficient utilization and operation of substation equipment drives the growth of the market. Substation batteries remain deep-rooted in the high-volume automotive industry, where reliability, cost-effectiveness, and the well-established supply chain are crucial.
Additionally, the need to maintain a steady power supply during electricity outages drives the growth of the market. Moreover, various major companies increasing their share in the market by integrating new battery technology foster the growth of the market. Furthermore, the growing demand for electricity and power generation capacity additions worldwide influences market growth. Also, the increasing industrialization across the globe impacts the global substation batteries market growth positively.
Global Substation Batteries Market - Segment
The report is segmented into two dynamics;
By Type : {Lead Acid Batteries (sealed and vented batteries) and Nickel Cadmium Batteries}
By Regions: North America, Europe, Asia Pacific, and Rest-of-the-World.
Global Substation Batteries Market -Regional Analysis
The Asia Pacific region dominates the global substation batteries market. Various major economies in the region witness revolutionary changes in terms of industrialization and urbanization. The largest market share attributes to the increasing focus on product development that can withstand high temperatures and extreme physical conditions.
Besides, key economies, including China, South Korea, India, and Australia, present market growth opportunities, heading with rapid industrialization. Moreover, promising government regulations substantiate market growth, encouraging investments from public-private partnerships and foreign direct investments (FDI). The APAC substation batteries market is projected to retain its dominance throughout the estimated period.
North American stands second n the global substation batteries market. The market growth is accelerated by the rising advances in storage technologies and capacities. Additionally, the increasing focus of governments towards reducing greenhouse gas emissions and the rise in the number of power outages boosts the regional market growth. The well-established infrastructure the region has supports the market growth, allowing faster implementation of advanced storage technologies.
Furthermore, growing numbers of lead-acid battery manufacturers providing comparatively lower prices act as a key growth driver for the regional market. The North American region substation batteries market is expected to create a substantial revenue pocket during the anticipated period.
Europe is emerging as a lucrative market for substation batteries globally. Factors such as increasing numbers of offshore and onshore renewable energy units and growing demand for power boost the regional market growth. Countries such as the U.K., Germany, Sweden, and Italy, backed by their respective, contribute to the market growth in the region. Moreover, the resurging economy supports market growth, boosting the automotive industry in the region.
Global Substation Batteries Market – Competitive Analysis
The global substation batteries market appears to be highly competitive and fragmented due to the presence of several well-established players. To gain a larger competitive share, players incorporate strategies such as acquisition, collaboration, partnership, expansion, and product & technology launch. They invest substantially in new product development and geographical expansion initiatives.
The market is anticipated to witness relentless innovations and new products, eventually intensifying competition among synchronous motor manufacturers. Some other growth strategies adopted by these market players include greater commercialization of their products, promotion initiatives through trade exhibitions, and increased collaboration. Manufacturers continue to refine the performance and design of their lead-acid batteries.
Developments in materials, such as incorporating more carbon into the negative plates of batteries, help improve performance parameters such as charging profiles and cranking capacity. Furthermore, makers are researching the feasibility of lead-acid and lead-carbon batteries as an alternative to lithium-ion in hybrid-electric vehicles.
Major Players:
Players leading the substation batteries market size include Exide Technologies, Johnson Controls Inc., GS Yuasa, Robert Bosch GmbH, Storage Battery Systems, LLC, Saft Groupe S.A., Tesla, and HBL Power Systems Ltd., among others.
Industry/ Innovation/ Related News:
October 20, 2020 ---- Eos Energy Storage LLC (the US), a leading manufacturer of safe, low-cost, and durable zinc battery storage systems, announced entering into an agreement with Carson Hybrid Energy Storage to supply six units of Eos Aurora® 500 kWh Zinc Hybrid Cathode Battery Energy Blocks. Eos would manufacture, design, and deliver its zinc-based battery solutions to CHES by early summer 2021.
These battery solutions would be used in parallel with existing power generation and substation architecture to store renewable energy generated capacity, providing power quality and better resilience to the California power grid. In September 2020, Eos entered a separate agreement with CHES to deliver 500 MWh of integrated AC battery energy storage systems starting in the first quarter of 2023.
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