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GCC Battery Energy Storage Systems Market Worth USD 1067 Million in 2026 (Saudi Arabia, UAE) – GMI Research

GCC Battery Energy Storage Systems Market Worth USD 1067 Million in 2026 (Saudi Arabia, UAE) – GMI Research

March 20
16:32 2020
GCC Battery Energy Storage Systems Market Worth USD 1067 Million in 2026 (Saudi Arabia, UAE) - GMI Research

GCC (Saudi Arabia, UAE) Battery Energy Storage System Market Worth USD 1067 million in 2026 – GMI Research
New analysis from GMI Research, expects the revenue for the GCC Battery Energy Storage Systems market to reach USD 1067 million by 2026, growing at a very high compound annual growth rate (CAGR) during the forecast period 2019-2026.

Energy storage systems are a set of technology or system which are used to store various forms of energy for later use. A battery energy storage system refers to a system that stores energy using battery technology. It uses the rechargeable batteries for the energy storage, which includes lead-acid batteries, lithium-ion batteries, sodium-sulfur batteries, flow batteries, among others. This system offers flexibility to the energy system. It can be used for several applications, which includes transmission & distribution infrastructure deferral, frequency regulation, demand response and integration of renewable energy among others. The various battery technologies for the energy storage system can be differentiated based on charge & discharge, energy density, eco-friendliness and lifespan of the system

Request Sample Report of GCC Battery Energy Storage System Market:  https://www.gmiresearch.com/report/gcc-battery-energy-storage-system-market/sample-request

The major factors driving the growth of GCC battery energy storage system market includes the continuous expansion in the renewable energy sector across various countries including Saudi Arabia and UAE coupled with the upcoming mega projects such as Saudi Vision 2030, UAE Energy Strategy 2050, Bahrain’ Economic Vision 2030, Vision 2021, UAE Green Growth Strategy, UAE Future Strategy and UAE Centennial Plan among others.

In addition, the decline in price of lithium battery coupled with the increased usage of lithium-ion in major renewable energy projects are the other important factors fuelling the growth of the market.

Know more about the GCC Battery Energy Storage System Market: https://www.gmiresearch.com/report/gcc-battery-energy-storage-system-market/

In 2019, the Renewable Energy Project Development Office (Repdo) in Saudi Arabia outlined plans to develop 58.7GW of renewable energy capacity by 2030 and also increased the clean energy target till 2023 to 27.3 GW from the previous target of 9.5 GW. In addition, In Dubai DEWA is testing a 1.2MW/7.2MWh sodium-sulfur battery energy storage system and also released an EOI for 1.12MW/8MWh lithium-ion storage solution. These upcoming mega projects projects will further propel the growth of battery energy storage system in GCC region.

Battery element dominated the market in 2018 and is expected to grow at the highest CAGR during the forecast period owing to the maximum contribution to the overall cost of the battery energy storage system WHEN compared with hardware and other elements. The declining cost of the batteries especially lithium-ion will further propel the growth of this segment during the forecast period.

Sodium-Sulfur batteriesare expected to increase at the highest CAGR during the forecast period owing to the rising installation of sodium-sulfur battery energy storage plants in GCC countries. The various features of sodium sulfur battery which includes less sensitivity to external temperature conditions, high power density, long battery lifetime and high efficiency makes them ideal to be used in GCC countries.

On-Grid connection typecaptured the maximum share in the market in 2018 owing to the rising demand for the grid connected solutions. The battery energy storage system offers various advantages to the grid-connection solutions which includes renewable capacity firming, electric energy time shift, renewable energy time shift and peak shaving & baseload levelling.

Utilitiesapplicationcaptured the maximum share of the market in 2018 due to high adoption of battery energy storage system in this application to address the issues of unreliability of the grid in GCC countries. The battery energy storage system controls the ramping up and down of the wind and solar generation and also smoothens the renewables output. The utility operates use this system for their resource planning process which decreases the cost of system and also increases the storage capacity. The battery energy storage offers several benefits to the electrical grid which includes frequency regulation, increased capacity, grid congestion alleviation, enhanced efficiencies of existing generators and renewable energy enablement which lead to an increase in the adoption of such system in this sector.

Third-Party Owned is anticipated to grow at the highest CAGR during the forecast period as it enables the businesses or homeowners to save the upfront cost and the hassle of maintaining and buying a renewable energy system.

UAE is expected to dominate the battery energy storage system market in 2018 owing to the high adoption of battery energy storage system in the renewable energy projects such as Abu Dhabi 108MW / 648MWh plant, among others. The country has the highest deployed battery energy storage when compared with the other GCC countries to support its grid during the high demand hours.

Major key players in GCC battery energy storage system market include ABB, NEC Corporation, General Electric, Siemens AG, AEG Power Solutions, Abdul Latif Jameel Energy, SoleilPower and Saft among others.

GCC battery energy storage system market is categorized on the basis of element, battery type, connection type, end-user and ownership. Based on element, the market is segmented into battery, hardware and other elements. On the basis of battery type, the market is segmented into lithium-ion batteries, advanced lead acid batteries, sodium-sulfur batteries, flow batteries and others. Based on connection type, the market is segmented into on-grid connection and off-grid connection. Based on end-user, the market is segmented into utilities, residential, commercial & industrial and others. On the basis of ownership, the market is segmented into utility-owned, customer owned and third-party owned.

 

GCC Battery Energy Storage Systems Market Segmentation

 

GCC Battery Energy Storage Systems Market by Element

  • Battery GCC Battery Energy Storage Systems Market
  • Hardware  GCC Battery Energy Storage Systems Market
  • Other Elements  GCC Battery Energy Storage Systems Market

GCC Battery Energy Storage Systems Market by Battery Type

  • Lithium-Ion Batteries  GCC Battery Energy Storage Systems Market
  • Advanced Lead Acid Batteries  GCC Battery Energy Storage Systems Market
  • Sodium-Sulfur Batteries GCC Battery Energy Storage Systems Market
  • Flow Batteries  GCC Battery Energy Storage Systems Market
  • Others GCC Battery Energy Storage Systems Market

GCC Battery Energy Storage Systems Market by Connection Type

  • On-Grid Connection GCC Battery Energy Storage Systems Market
  • Off-Grid Connection GCC Battery Energy Storage Systems Market

GCC Battery Energy Storage Systems Market by End-User

  • Utilities GCC Battery Energy Storage Systems Market
  • Residential GCC Battery Energy Storage Systems Market
  • Non-Residential GCC Battery Energy Storage Systems Market
  • Others GCC Battery Energy Storage Systems Market

GCC Battery Energy Storage Systems Market by Ownership

  • Utility-Owned GCC Battery Energy Storage Systems Market
  • Customer Owned GCC Battery Energy Storage Systems Market
  • Third-Party Owned GCC Battery Energy Storage Systems Market

GCC Battery Energy Storage Systems Market by Region

•            UAE Battery Energy Storage Systems Market

               Option 1: As a part of the free 25% customization

  • By Element
  • By Battery Type
  • By Connection Type
  • By End-User
  • By Ownership

•            Saudi Arabia Battery Energy Storage Systems Market

               Option 2: As a part of the free 25% Customization

  • By Element
  • By Battery Type
  • By Connection Type
  • By End-User
  • By Ownership

•            Bahrain Battery Energy Storage Systems Market

               Option 3: As a part of the free 25% Customization

  • By Element
  • By Battery Type
  • By Connection Type
  • By End-User
  • By Ownership

•            Kuwait Battery Energy Storage Systems Market

               Option 4: As a part of the free 25% Customization

  • By Element
  • By Battery Type
  • By Connection Type
  • By End-User
  • By Ownership
  •              Rest of GCC Battery Energy Storage Systems Market

             Option 5: As a part of the free 25% customization

  • By Element
  • By Battery Type
  • By Connection Type
  • By End-User
  • By Ownership

Leading market players(Option 6: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

  • ABB
  • NEC Corporation
  • General Electric
  • Siemens AG
  • AEG Power Solutions
  • Abdul Latif Jameel Energy
  • SoleilPower
  • Saft

 

About GMI Research:

GMI Research is a market research & consulting firm which helps its client to address their most pressing strategic and business challenges. GMI Research leverages its industry expertise and experience to identify the industry trends, big opportunities and potential growth areas across industries. Our Syndicated reports provide actionable insights and covers industry trends, market drivers & restraints, macroeconomic factors, market estimates & forecasts, competitive landscape etc. which helps our clients to strengthen its market position by deploying specific strategies and actions that will lead to higher growth.

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