Energy storage market for microgrids 2023-2027: A descriptive analysis of five forces model, market dynamics, and segmentation - Technavio

NEW YORK, Jan. 6, 2023 /PRNewswire/ -- According to Technavio, the size of the global energy storage market for microgrids is estimated to grow by USD 1,361.05 million from 2022 to 2027. The market is estimated to grow at a CAGR of 18.9% during the forecast period. Moreover, the growth momentum will accelerate. North America will account for 37 of the growth of the global market during the forecast period%. 

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Global energy storage market for microgrids - Five forces
The global energy storage market for microgrids is fragmented, and the five forces analysis covers – 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes
• For interpretation of Porter's five forces model – buy the report!

Global energy storage market for microgrids – Customer landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global energy storage market for microgrids - Segmentation assessment

Segment overview
Technavio has segmented the market based on application (remote, community and utility, institution and campus, and military) and battery type (lithium-ion batteries and lead-acid batteries). 

• Segment Description.

Geography overview
Based on geography, the global energy storage market for microgrids is segmented into North America, APAC, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global energy storage market for microgrids.

• The remote segment will grow at a significant rate during the forecast period.  Remote systems need a specified amount of electricity that can be generated through microgrids. The rise in use of remote microgrids lowers the total cost of electricity generation, as power is generated on-site. The transmission and distribution losses decline gradually, which has a positive impact on fossil fuel consumption and ensures prolonged equipment lifetime. Remote microgrids are mainly used in villages where grid-connected power is not accessible or is available only for a limited extent of time. These factors will drive the growth of this segment during the forecast period.

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Global energy storage market for microgrids – Market dynamics Key factor driving market growth

• The increasing number of government support and microgrid energy storage installation projects is driving market growth.
• Governments of various countries have introduced policies that promote and encourage the development of microgrids.
• As a result, the adoption of microgrids is increasing, which is leading to an increase in microgrid capacity.
• Microgrids combine renewable energy sources to produce clean electricity.
• This has led to a rise in the installation of energy storage systems to increase the penetration and profitability of renewable energy generation, which helps microgrids operate using only carbon-free natural resources.

Leading trends influencing the market 

• Advances in technology are a key trend in the market.
• Technological developments have improved the quality of power generation, which has helped vendors launch new microgrids that are highly efficient and have improved integration capabilities.
• The US DOE has a designated research and development program focused on developing the next generation of microgrids.
• Such factors will support the growth of the global market during the forecast period.

Major challenges hindering market growth

• High implementation costs b challenging the market growth.
• Microgrids have higher deployment costs than traditional centralized power grids.
• Moreover, microgrids are the most expensive when it comes to production resources such as solar panels, batteries, and/or CHP systems.
• In addition, significant capital is required for grid automation and microgrid control systems that can monitor and manage all components and control energy generation and production.
• These factors will hinder the growth of the market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find some insights from a sample report!

What are the key data covered in this energy storage market for microgrids report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the energy storage market for microgrids between 2023 and 2027
• Precise estimation of the size of the energy storage market for microgrids and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the energy storage market for microgrids across North America, APAC, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of vendors in the energy storage market for microgrids

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Battery Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global energy storage market for microgrids 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global energy storage market for microgrids 2017 - 2021 ($ million)

• 4.2 Application Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.3 Battery Type Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Battery Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments 
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Remote - Market size and forecast 2022-2027
• Exhibit 34: Chart on Remote - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Remote - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Remote - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Remote - Year-over-year growth 2022-2027 (%)

• 6.4 Community and utility - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Community and utility - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Community and utility - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Community and utility - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Community and utility - Year-over-year growth 2022-2027 (%)

• 6.5 Institution and campus - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Institution and campus - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Institution and campus - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Institution and campus - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Institution and campus - Year-over-year growth 2022-2027 (%)

• 6.6 Military - Market size and forecast 2022-2027
• Exhibit 46: Chart on Military - Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Data Table on Military - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Chart on Military - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Military - Year-over-year growth 2022-2027 (%)

• 6.7 Market opportunity by Application 
• Exhibit 50: Market opportunity by Application ($ million)

7 Market Segmentation by Battery Type

• 7.1 Market segments 
• Exhibit 51: Chart on Battery Type - Market share 2022-2027 (%)
• Exhibit 52: Data Table on Battery Type - Market share 2022-2027 (%)

• 7.2 Comparison by Battery Type 
• Exhibit 53: Chart on Comparison by Battery Type
• Exhibit 54: Data Table on Comparison by Battery Type

• 7.3 Lithium-ion batteries - Market size and forecast 2022-2027 
• Exhibit 55: Chart on Lithium-ion batteries - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Lithium-ion batteries - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Lithium-ion batteries - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Lithium-ion batteries - Year-over-year growth 2022-2027 (%)

• 7.4 Lead-acid batteries - Market size and forecast 2022-2027
• Exhibit 59: Chart on Lead-acid batteries - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Lead-acid batteries - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Lead-acid batteries - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Lead-acid batteries - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Battery Type 
• Exhibit 63: Market opportunity by Battery Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 65: Chart on Market share by geography 2022-2027 (%)
• Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 67: Chart on Geographic comparison
• Exhibit 68: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 69: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 APAC - Market size and forecast 2022-2027
• Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027
• Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 93: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 97: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 France - Market size and forecast 2022-2027
• Exhibit 101: Chart on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.12 Japan - Market size and forecast 2022-2027
• Exhibit 105: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 109: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 110: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 112: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 113: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 114: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 115: Matrix on vendor position and classification

• 12.3 ABB Ltd. 
• Exhibit 116: ABB Ltd. - Overview
• Exhibit 117: ABB Ltd. - Business segments
• Exhibit 118: ABB Ltd. - Key offerings
• Exhibit 119: ABB Ltd. - Segment focus

• 12.4 Aquion Energy 
• Exhibit 120: Aquion Energy - Overview
• Exhibit 121: Aquion Energy - Product / Service
• Exhibit 122: Aquion Energy - Key offerings

• 12.5 AT and T Inc. 
• Exhibit 123: AT and T Inc. - Overview
• Exhibit 124: AT and T Inc. - Business segments
• Exhibit 125: AT and T Inc. - Key news
• Exhibit 126: AT and T Inc. - Key offerings
• Exhibit 127: AT and T Inc. - Segment focus

• 12.6 David MacBrayne Ltd. 
• Exhibit 128: David MacBrayne Ltd. - Overview
• Exhibit 129: David MacBrayne Ltd. - Business segments
• Exhibit 130: David MacBrayne Ltd. - Key offerings
• Exhibit 131: David MacBrayne Ltd. - Segment focus

• 12.7 General Electric Co. 
• Exhibit 132: General Electric Co. - Overview
• Exhibit 133: General Electric Co. - Business segments
• Exhibit 134: General Electric Co. - Key news
• Exhibit 135: General Electric Co. - Key offerings
• Exhibit 136: General Electric Co. - Segment focus

• 12.8 LG Corp. 
• Exhibit 137: LG Corp. - Overview
• Exhibit 138: LG Corp. - Business segments
• Exhibit 139: LG Corp. - Key offerings
• Exhibit 140: LG Corp. - Segment focus

• 12.9 Mitsubishi Heavy Industries Ltd. 
• Exhibit 141: Mitsubishi Heavy Industries Ltd. - Overview
• Exhibit 142: Mitsubishi Heavy Industries Ltd. - Business segments
• Exhibit 143: Mitsubishi Heavy Industries Ltd. - Key news
• Exhibit 144: Mitsubishi Heavy Industries Ltd. - Key offerings
• Exhibit 145: Mitsubishi Heavy Industries Ltd. - Segment focus

• 12.10 Morimura Bros Inc. 
• Exhibit 146: Morimura Bros Inc. - Overview
• Exhibit 147: Morimura Bros Inc. - Product / Service
• Exhibit 148: Morimura Bros Inc. - Key offerings

• 12.11 Panasonic Holdings Corp. 
• Exhibit 149: Panasonic Holdings Corp. - Overview
• Exhibit 150: Panasonic Holdings Corp. - Business segments
• Exhibit 151: Panasonic Holdings Corp. - Key news
• Exhibit 152: Panasonic Holdings Corp. - Key offerings
• Exhibit 153: Panasonic Holdings Corp. - Segment focus

• 12.12 S and C Electric Co. 
• Exhibit 154: S and C Electric Co. - Overview
• Exhibit 155: S and C Electric Co. - Product / Service
• Exhibit 156: S and C Electric Co. - Key offerings

• 12.13 Samsung Electronics Co. Ltd. 
• Exhibit 157: Samsung Electronics Co. Ltd. - Overview
• Exhibit 158: Samsung Electronics Co. Ltd. - Business segments
• Exhibit 159: Samsung Electronics Co. Ltd. - Key news
• Exhibit 160: Samsung Electronics Co. Ltd. - Key offerings
• Exhibit 161: Samsung Electronics Co. Ltd. - Segment focus

• 12.14 Shell plc 
• Exhibit 162: Shell plc - Overview
• Exhibit 163: Shell plc - Business segments
• Exhibit 164: Shell plc - Key news
• Exhibit 165: Shell plc - Key offerings
• Exhibit 166: Shell plc - Segment focus

• 12.15 Sumitomo Electric Industries Ltd. 
• Exhibit 167: Sumitomo Electric Industries Ltd. - Overview
• Exhibit 168: Sumitomo Electric Industries Ltd. - Business segments
• Exhibit 169: Sumitomo Electric Industries Ltd. - Key news
• Exhibit 170: Sumitomo Electric Industries Ltd. - Key offerings
• Exhibit 171: Sumitomo Electric Industries Ltd. - Segment focus

• 12.16 Toshiba Corp. 
• Exhibit 172: Toshiba Corp. - Overview
• Exhibit 173: Toshiba Corp. - Business segments
• Exhibit 174: Toshiba Corp. - Key offerings
• Exhibit 175: Toshiba Corp. - Segment focus

• 12.17 TotalEnergies SE 
• Exhibit 176: TotalEnergies SE - Overview
• Exhibit 177: TotalEnergies SE - Business segments
• Exhibit 178: TotalEnergies SE - Key news
• Exhibit 179: TotalEnergies SE - Key offerings
• Exhibit 180: TotalEnergies SE - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 181: Inclusions checklist
• Exhibit 182: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 183: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 184: Research methodology
• Exhibit 185: Validation techniques employed for market sizing
• Exhibit 186: Information sources

• 13.5 List of abbreviations 
• Exhibit 187: List of abbreviations

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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